QuoteIts not a buiy out, they're buying the ground. Massive difference. Oh and don't you already have a 10,000 seater stadium. Another delusional fan.Originally Posted by thejollyrodger
A €30 million buy out is just what shels need. We can build a new 10,000 seater stadium, have an academy and maybe make it the group stages of the UEFA Cup or possibily Champions League.U2’s former accountant privately funds Shelbourne FC
http://www.thepost.ie/post/pages/p/s...967-qqqx=1.asp
11 June 2006 By Ian Kehoe
The Sunday Business Post has learned that a company called Coneforth Trading has a charge over the deeds of Tolka Park in Richmond Road, north Dublin, and has signed a contract with the club to buy the stadium.
The directors of Coneforth are Ossie Kilkenny, the ISC chairman and one-timeU2 accountant; Ivano Cafolla, a high-profile Dublin businessman; and Jerry O’Reilly, one of the state’s wealthiest property developers. The consortium plans to turn the stadium into a residential development.
The trio signed a contract with Shelbourne to buy Tolka Park for between €25 million and €30 million two years ago and have been providing bridging capital to the club on an ad hoc basis since then. On foot of part of this funding it took a charge over the stadium. Coneforth will formally take possession of the stadium when Shelbourne concludes talks on a new ground.
The Dublin club is in talks with several other Eircom League clubs about ground sharing agreements, including a potential link-up with Shamrock Rovers at a new stadium in Tallaght. Asked about the club’s relationship with Coneforth, Shelbourne chief executive Ollie Byrne said: ‘‘I don’t know what you are on about there. There is no deal done.”
However, documents obtained by this newspaper show that Coneforth registered a charge against the property in October 6, 2004. Coneforth made the agreement with Ollie Byrne of Accolade, which is the holding company behind Shelbourne.
Earlier this year, the Revenue Commissioners applied to the High Court to wind up Accolade, after the company defaulted on a tax debt. The petition was later dropped after Shelbourne paid the Revenue €300,000.
At the time, it emerged that the club intended to sell its stadium for €30 million in an effort to resolve its financial difficulties. The Coneforth consortium was put together by Cafolla, who is a former managing director of Leisure Corp, the new York listed company that developed Q-Zar, the interactive laser tag game. He also has extensive property interests.
O’Reilly was recently in the headlines when he and property adviser David Courtney agreed to pay the equivalent of €95 million an acre for the Faculty Building site in Ballsbridge, Dublin 4. They are paying €35.8 million for the 0.378-acre site.
He is involved in a number of developments with builder Bernard McNamara, including the Shelbourne Hotel and the Radisson SAS hotel in Galway.
He is also the lead developer in the consortium developing the Elm Park scheme on the Merrion Road in Dublin.
Kilkenny has worked with rock stars including Bryan Adams and Oasis.
Its not a buiy out, they're buying the ground. Massive difference. Oh and don't you already have a 10,000 seater stadium. Another delusional fan.
54,321 sold - wws will never die - ***
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st pats , stick to the running.
I dont know the ins and outs of it but surely we will get most of the cash from the deal.
The €30m is for the full value of the site. Most of it will go to the Dublin Corp as Shels only have a lease on it. The value of Shels bit is rumoured to be around €12m or so, depending on the density of PP approved for the site.
€12million is peanuts.
The split will be roughly half and half,give or take a little!
It will not be enough to build a new stadium but i now know where Ollie got the 300K
So the 300k is eating into whatever Shels are due when they leave Tolka?
"The trio signed a contract with Shelbourne to buy Tolka Park for between €25 million and €30 million two years ago and have been providing bridging capital to the club on an ad hoc basis since then."
This sentence makes it sound like the 300k isn't the only money they've received.
Tolka's days are numbered then. Shels are most likely consigned to a future of groundsharing.
Yeah,well we knew that long ago!
I know, but it's nice to have it out in the open and not be branded some conspiracy theorist. So how do you feel about this Anto?
No, you get about 30%
30 months ago when this story first broke Shels fans and officials denied any such negotiations were underway.
http://www.soccercentral.ie/viewstor...&viewstory=yes
http://pix.ie/widgets/generate/accou...000-F5F5FF.jpg
"It's time for the FAI to grow up." John O'Donoghue, Minister for Sport, RTE , Sunday 7 Nov 2004
To be honest im open to anything that secures the future of Shels.Getting a new home is very critical to securing that future,Groundsharing with Rovers in Tallaght is the last thing i want but if needs must.....
Two Questions no one seems to have an answer for
1. What percentage cut with shels get from sale of tolka?
2. How much have shels been forwarded already in advance of the sale?
If you know the answer for those you those then we'd all know how many millions shels will have left NET. I suspect the answer to no.2 is the millions already.
BTW never surprised by the blind optimism of some shels fans.
I wouldnt call it blind optimism,for instance,remember a couple of months back when we owed 300k and every fan of every other club had practically already said their goodbyes to Shels and all us Shels fans didnt seem bothered in the slightest,well whatever came of that?
No matter what obstacles are put in front of Shels,we find a way over or around,Thanks in part to one Mr Oliver Byrne!
Jeez anyone can sell you land with no plan to go anywhere. Hardly the work of a genius.
His genius was in getting us to that position!Hardly the work of a genius.
hahaha shels head in the sand as usual.
shels get 1/3 of the money.
sunday business posts pevious article about a year ago mentioned a figure of E21M and shels to get a third of it. dublin city council get a lot of the money as well.possibly the land has increased in value in the mean time or else negotiations have seen the figure rise.
shels have been getting bailed out on countless occasions by this coneforth crowd. all of which has eaten into your cut of the end figure. remember you couldnt afford to pay your programme printers up until a week ago
you shels clowns should be worried, not f*cking delighted
Last edited by anto eile; 11/06/2006 at 4:43 PM.
Not forgetting to subtract the large amounts of unpaid revenue money they had to loan Shels with in order to ensure they were able to get their hands on Tolka
So if shels due 7m cut then i think conservative estimate would be to deduct 2m from that. This would come into the 5m Shels were willing to pay Bohs in Dalymount deal. 5m won't get even 1 side of a stadoum build in Dublin.
Given shels continued haemorghing of cash I don't think the increase in land value will increase the net payout for them.
Yeah, I agree. Shels are living on borrowed time. They're spending more than they take in and not exactly seeing some success for their wild risks as of late. They've boxed themselves in. They have no money for a new ground and even if they get into Tallaght it doesn't seem like a great location for them to move given that their fanbase would be more centrally or North Dublin based.
It only takes a matter of a few weeks or months to trim down the squad if needs be.
Your living on borrowed time is wishful thinking for the fans of the other 21 EL clubs. You would like nothing more then to watch the best team in the country run into money problems, nothing new there!
and of late shels have been very successful thank you very much.
Nothing in that article is new by the way...
It been talked about here for years and the article doesnt give any direct quotes to back up what they say, actually they dont say too much at all.
As for Bohs Cork and UCD fans trying to predict how much Shels get from the supposed deal
Where are you getting these % cut figures ???
John Delaney!! GET OUT!!!
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