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Thread: Cash injection for Cork City

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    Cash injection for Cork City

    Cork City and Preston North End have signed off on a deal which is believed to be worth in the region of €500,000 to the League of Ireland club.

    https://www.irishexaminer.com/breaki...ty-981453.html

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    Like the Fonz. Only a dog. Mr A's Avatar
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    Former Leeds United chairman Peter Ridsdale, who acts an advisor to Preston and its billionaire owner Trevor Hemmings

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    If the revenue just got sorted Cork must have been down to the wire to get a licence, no tax clearance cert, no licence

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    All sorted, bills paid, revenue happy, so we got our licence.

    In Fenn we thrust!

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    Seasoned Pro Nesta99's Avatar
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    The more things change the more they stay the same - was it Kevin Doyle's sell on clause that Cork City needed to seek to be bought out in short term firefighting so lost out on a larger figure in subsequent years. If Maguire gets a decent injury free run or Preston get promoted and he shows some ability in the EPL then 500k could be a snip for PNE on him alone when strikers prices are generally inflated to silly money. But if needs must and its the difference between getting a licence or not then you have to be pragmatic. I do find it odd that lightening has struck twice to some extent since FORAS took the reigns and that financial prudence was the keystone to their purpose?!

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    Tommy No Bobs sold out the previous clauses so he could put the money in his own pocket. Cork City would never have gotten the sell on fee given what happened that year.
    This money is for both Maguire and Alan Browne. Browne has a year left on his deal, and could potentially go for ~10m this summer, or they could get promoted and we could get nothing when he signs a new deal. Sligo have been waiting a decade for a Seamus Coleman sell on to no avail.

    Maguire doesn't have a tonne of value right now given his injuries and lack of goals this season.

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    Seasoned Pro oriel's Avatar
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    Not sure this is a good deal, I think Id have preferred seek alternative investment in Ireland as opposed to this. This does show how a club can suffer though after euro monies flowing in regularly from 2015-2018, then down to zero, and unless they overhaul their recruitment next few years, it might be a good few more years until euro cash returns.

    Maguire could easily move to a bigger club than PNE, and youd hate to think what they would miss out on then, also looks like their members were not consulted before this? He may not be scoring for fun, but he has potential, I would have waited.
    #DundalkFC 5 titles in 6 years 2014/2015/2016/2018/2019

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    Quote Originally Posted by El-Pietro View Post
    Tommy No Bobs sold out the previous clauses so he could put the money in his own pocket. Cork City would never have gotten the sell on fee given what happened that year.
    This money is for both Maguire and Alan Browne. Browne has a year left on his deal, and could potentially go for ~10m this summer, or they could get promoted and we could get nothing when he signs a new deal. Sligo have been waiting a decade for a Seamus Coleman sell on to no avail.

    Maguire doesn't have a tonne of value right now given his injuries and lack of goals this season.
    I agree entirely that there is risk of getting nothing. Add-on clauses is an area that all LoI people have identified as a weakness over decades as as soon as the finances get rockey then we go cashing in early for a lot less. Im not condemning it as clubs have to be pragmatic at times. Yup that era was a lost one for Cork City on so many levels. But (yes there is always one) for years since FORAS has roared from the rooftops that there would be no repeat, the financial security of the club comes first even if that involves conservative playing budgets. But what appears to have happened is prior to last seasons slump, a tax bill wasnt paid, and then was compounded by fines and the 2019 shortfalls, to the extent of risking the club or relegation on financial issues. I'd be sure that the necessary money would have been generated irrespective of this 500k but what happened to the FORAS financial safety checks? An area that there was undoubted pride that the future of the club was secure and far more important than chasing silverware. The very core principle of FORAS went awol!
    Last edited by Nesta99; 13/02/2020 at 1:36 PM.

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    Maguire is not the cash cow. Alan Brown was the one we were hoping for.

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    International Prospect Lim till i die's Avatar
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    Al least Pat Dolan isn't getting rich this time.

    We can all agree that's progress of sorts.

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    So Cork were forced into this or else they would not have got a licence for this season?

    "The FAI informed Cork City last week that they would not be granted a licence for the 2020 season if they failed to settle a debt with Revenue, and it was at that point that Cork reached out to Preston to negotiate over the sell-on clauses."

    https://www.the42.ie/cork-city-prest...urce=shortlink

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    I'm glad Cork got themselves sorted out but its a good sign if the "New FAI" are making clubs sort themselves out before giving out licences.
    Previously id say the FAI would have run a mile from pulling the plug on a club like Cork.

    We'll have to come up with a better name than "New FAI"
    FAI abu?

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    International Prospect Martinho II's Avatar
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    Will Jonathan OBrien go back to Foras now hes quit as TD. Seen him in his Cork city top celebrating Sinn Feins win in Co Cork on the telly!
    Daire Doyles red and black army

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    Quote Originally Posted by oriel View Post

    ...also looks like their members were not consulted before this?
    Why would we be? This is essentially a transfer negotiation.
    ...Schwanholz, Herisau: a little bit of heaven...

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    Its a board decision not a members decision.
    "Now jump up there and stuff that son of a bitch in the basket, chief"

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    Quote Originally Posted by Martinho II View Post
    Will Jonathan OBrien go back to Foras now hes quit as TD. Seen him in his Cork city top celebrating Sinn Feins win in Co Cork on the telly!
    Would mind if he did. He would do a great job.
    CTID
    "Now jump up there and stuff that son of a bitch in the basket, chief"

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    Why did he not run as a TD he would have been elected easy

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    International Prospect outspoken's Avatar
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    Quote Originally Posted by sbgawa View Post
    Why did he not run as a TD he would have been elected easy
    Think he suffered a family bereavement last year and citied wanting to spend more time with family.

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    "Cork City’s involvement with Preston North End could extend to a full takeover by the English club, The Echo has learned."

    https://www.echolive.ie/corksport/Ci...269d0c31e69-ds

    That escalated very quickly.

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    Seasoned Pro Nesta99's Avatar
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    Quote Originally Posted by pateen View Post
    Its a board decision not a members decision.
    Members can surely call the board to task if there has been mismanagement or they have not followed instruction form the membership otherwise what's the point in the supporter owned model. Do general policies not get set at AGMs eg keeping x money in reserve? If I were a member of a club that was nearly stopped from competing i'd expect members to call an EGM. To have to approach PNE looking for money that there was no certainty of getting seems like last resort stuff. It totally flies in the face of what FORAS has been about and achieved previously. At CCFC's peak era including the 2017 double winning year a revenue bill has just been resolved to obtain a licence. What has happened to Foras and the people who started it off, they'd be livid or should be.
    Last edited by Nesta99; 13/02/2020 at 9:29 PM.

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