QuoteOuch! You mean save in US taxes?Originally Posted by Kiki Balboa
I don't see how tbh. Either way he's racking up a big loss. Why not sell it for €1?
Is he worried if he declares personal bankruptcy that they'll seize his assets to repay creditors? Is Dundalk really an asset? What's there - a few jerseys?
Ouch! You mean save in US taxes?
That's the rumours.
It's not about siezing assets... But gaining tax relief in future from liquidated assest from bankruptcy in the American system.
The problem with any option like examinership, Scarp etc is there has to be at least enough money to keep paying the bills including Revenue (current sums).
An examiner wont start the process unless there is a way of paying bills including his own fees as they fall due so if BA isnt willing or capable of paying saleries etc you cant enter these processes.
Maybe he can get someone to come in who will guarantee to pay these bills while the club goes through the process of examinership and gets the debts written off.
Couple of problems with that will be the losses during examinership including the fees will probably be a few hundred grand.
Also an examiner is legally obliged to get the best deal for the creditors so someone could agree to front the losses during examinership and then find themselves in a compeitition with another party who enters the fray looking to pick up the club on the cheap without paying the examinership costs and covering losses during the period in question.
On the plus side if you look at the losses plus costs as being the purchase cost of buying a debt free Dundalk its cheap enough and might interest wealthy fans,
Based on multiple examples of how real world sh!!t has turned out? Yes.
Whether practically achievable or not, doesn't that reflect the major flaw in the LOI set-up as it stands?
That is, in the absence of a pyramid, there is no overriding "moral hazard" for an owner, whether by incompetence or worse, screwing with the finances of a club, since he knows that the club will be able to reform as a "phoenix", whether he is still at the helm or not? This is unlike eg Spain, whereby if a club goes into examinership, La Liga will impose two relegations i.e. out of La Liga entirely and into the regional leagues below, which are part-time.
Nor will there likely be any other replacement clubs able/willing to step up from below and take their place in the LOI.
Neither is there the "safety net" of lower league football available for a team to drop down to while they address their financial problems and turn the club around etc. In England for example, you see clubs like Luton, Stockport, Chesterfield, Wrexham etc, drop out of the EFL entirely, without it being the death sentence it used to be. And even in the little 'ol Irish League, when eg Bangor got into financial difficulties in the Premiership in 2015/16, they held their hands up, managed their debts and saw out their fixtures until the end of the season. They then declined to apply for an IL licence the following season, even for the Championship, instead dropping down into Intermediate football. Since when they have regrouped and are now back up in the Championship again, pressing hard for promotion to the Premiership.
So that unless or until the FAI/LOI successfully address this defect, however difficult and long it takes, the league is surely always going to be prone to this sort of problem.
My ire had to do with EYG commenting at every opportunity about P6, and now, where was the foresight to make absolutely legitimate calls of doom with BA last winter. There is no comparison between current and previous owners and P6 when only one in that group did what was demanded by fans and didnt leave the club on the brink. Flawed but not the chancers that they were labled the day they bought the club. The madness of things is that it wouldnt be a shock if there were people in common if there was a white knight effort however little im actuay expecting that to happen. What was different about BA, hope I suppose, what he was saying made sense, no big promises, cliched soundbites - I never said never with this guy, I do try to give things a chance before rolling out the 'careful now' signs.
I also dont see it as particularly unusual for football fans to bask in the glory of a successful era - whats the point otherwise. I dont recall and winding up of rival fans that was any different to other eras and bya and large on here its good natured and civil.
You will have to be more specific about the latter highlighted comment!?
So you state the obvious then?
Things still up in the air but sounds a hell of a lot brighter than it did this morning in terms of attracting a new owner. How trustworthy this new group of yanks is is another story…
https://www.irishexaminer.com/sport/...-41477140.html
Paaatrick's Agletic
We have no wriggle room to consider to too much depth, the trustworthiness of prospective new owners, survive and maybe fans might unite for he future. It was the same with BA, it was presumed about P6 and local ownership were automatically passed.
If it happens it will once again be a case of wait and see how owners perform - there is no crysal ball, it may work out it may not, it may kill the club or it might be the time where the deadwood will be cast aside.
It remind me a bit of an old property developer tactic, propose a totally unacceptable situation, create outrage, offer a compromise plan which was always the actual plan all along but there are no objections as its better than other proposal. Fans, even those with pre-existing anti American attitudes, non sport related, may take this rather than no club at all. Not planned obviously but billionaire known Americn P6 to unknown American consortium via an unknown American based and local dysfunctional owner.....fr away fields and all that.
So if this takeover goes through will your fans finally see some sense and start building a rainy day fund in case this 4th attempt at new ownership goes tits up?
I certainly hope so!! But I also think we are a long way from having Sligo levels of willing to commit and fundraise which just on population we should be aiming to beat, miles form Bohs membership and community engagement. There will be the let someone else do it among the fanbase and may even be some of the most vocal with gripes. There is a lack of unity that maybe just maybe if we survive that it might put people on the same page with the kick in the aras!
Horrible horrible day, and wouldn't wish that on any LOI fan, so hard to work and not be side tracked by the stress and worry of the whole day.
To be still alive and kicking and past the dreaded 5pm deadline is all and more than we could have asked for. Then the news of the 500k grant from Govt / Dept of Sports for pitch and lights as long we are still in biz around mid afternoon was a real boost and probably meant this story moved on a bit, as it has become a little less scary.
https://www.irishexaminer.com/sport/...-41477140.html
Not out of the woods yet, work to do (a lot) but still alive.
#DundalkFC - First Irish club to win an away game in Europe (1963), only Irish club to win a game / points in Europa League Group Stage (2016).
But isnt the grant to another entity - not sure how that helps the current situation.
The floodlights and pitch need replacing at end of this season.
Anyone potentially taking over knows they have 500k towards this guaranteed now. I remember reading it was going to cost 700k to get both done
Of course, and has to be ring fenced for ground stuff, but it has to be a help in any takeover people coming in, as that is probably 50-65% already funded going towards the pitch and lights bill, so less for any new group to spend, but a reminder we are not out of the woods yet, the grant only pays if we are still in business !
News tonight seems a takeover will happen tomorrow, wed at latest, but we have been here before, and nothing to be taken for granted until its signed and sealed.
Last edited by oriel; 16/09/2024 at 8:52 PM.
#DundalkFC - First Irish club to win an away game in Europe (1963), only Irish club to win a game / points in Europa League Group Stage (2016).
Yes. But you still argue the toss over the obvious.
Commenting about P6 at every opportunity? WTF?! I honestly think this BA situation at Dundalk is affecting your mental health
BTW - Anyone done a welfare check on Maxi and called in on local petrol stations to see if he's been round yet?
Lads all this bickering, am I the only one who thinks the league, be it premier or first will be worse without a Dundalk team, time to circle the waggons whether you like them or not, we've all known for years that the model wasn't going to work but would you rather go to gortakeegan than Oriel
No your not. We have lost clubs before but losing Dundalk would be a disaster in my view - our second most successful club, with a long and distinguished history in Irish soccer. You dont want that to become a footnote, and equally I dont want to see them do a Cork or Galway and break from the league even for 1 year.
My club is only 40 years in the LOI, and shockingly only 11 clubs have a longer continual league presence than us.
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