Cork Winding up Notice?

**Terry** · 01/07/2006, 9:33 AM

Originally Posted by bohs til i die

I am told two other clubs are going to hit trouble before the end of the year.

was just informed that Athlone are also in trouble

**Dodge** · 01/07/2006, 11:26 AM

LOFL!!!

I think you need one of these to get into Delaney's SuperPremiraSerieBundesliga

**Battery Rover** · 01/07/2006, 11:29 AM

Originally Posted by Terry

was just informed that Athlone are also in trouble

Informed by what source?

Haven't heard anything about that as yet. But we have been in trouble financially for years, thus the reason this season to go virtually all local and west of the Shannon.

If it is us these would go back years when we had a team of Dublin mercenaries playing for the team with no pride in the club.

Luckilly enough we have completely restructured this year with a team of big businessmen at the top executive table.

**A face** · 01/07/2006, 12:30 PM

Originally Posted by bohs til i die

higgins
A Face
soccerc has posted the notice that I was told last night would appear in tomorrow's Sunday Business Post. I assume soccerc has taken it from the Indo website

http://www.loadza.com/search.php?key...tegory=Notices

Yeah, no worries fella. Just didn't want this to blow out of proportion without a source.

**A face** · 01/07/2006, 12:35 PM

Originally Posted by Terry

was just informed that Athlone are also in trouble

Terry ... what is the source ??

Moderation :

People, can you quote sources when adding anything to this. If not we'll have to delete the posts.

**Anto McC** · 01/07/2006, 1:27 PM

Originally Posted by A face

Moderation :

People, can you quote sources when adding anything to this. If not we'll have to delete the posts.

Can you go over to the Shels forum and post this up in thread entitled "muppet Fenlon to play for a draw with 4-5-1" please!

**Student Mullet** · 01/07/2006, 10:27 PM

Cork didn't have a program for this weekend's game.

There's an article in the SBP about it. Says the debt is 160,000 or something like that and quotes Lennox as saying that it's an historical debt from a while back and will be paid in two weeks.

**pineapple stu** · 02/07/2006, 9:57 AM

Originally Posted by Student Mullet

Cork didn't have a program for this weekend's game.

There's an article in the SBP about it. Says the debt is 160,000 or something like that and quotes Lennox as saying that it's an historical debt from a while back and will be paid in two weeks.

Originally Posted by Business Post

Brian Lennox, Cork City's chairman, said that the debt would be paid in the next two weeks and insisted the club would not be wound up.
[...]
"A lot of it goes back to the bad old days when most clubs did not maintain proper books", he said. "There were some problems over historic PAYE and PRSI payments and we are trying to sort it all out."
Representatives of the club met Revenue officials in recent weeks in an effort to resolve the issue. However, no agreement was brokered, prompting Revenue to issue the petition.
[...]
According to its most recent accounts, Cork City Investment FC had retained losses of �140,000 at the end of 2004 after making a loss of �66,000 during the year.

I think what would sort all these problems out is a new league where small clubs and clubs from areas where there's already other clubs should be kicked out of the Premier Division. That would make everything better. Or else point out what a sham (a) FAI Licencing, (b) the new FAI league and (c) the FAI in general are. The league seriously needs strict financial control - all clubs to get back to solvent status and stay that way under penalty of at least a points deduction and at most relegation. If this means most clubs taking backwards steps akin to Waterford (who made a profit in their last accounts), then so be it. We are currently living in a state of delusion about how good our league really is - it's like saying Ireland had a strong economy in the early 80s.

From looking at club accounts (and I mentioned that Cork might have problems on their forum a couple of months back), Pat's (owe E228,000) and Dublin City (owe E70,000) probably should be nervous. Bohs (owe E460,000) already had issues with Revenue, I think? Either way, they'll be OK once the E2m comes in (when does this happen, incidentally?)

Incidentally, I wonder is there an apology coming from those who dismissed this thread as doom mongering?

**Gareth** · 02/07/2006, 11:41 AM

What amazes me is the fatc that the same, and I mean exact same, thread but relating to Shels on this site spawned tons of pages, threads opening up everywhere and general comment on how Shels were mismanaging when compared to the rest of the league. How with this news, but with Cork, we have 3 pages. Shels fans were accused of heads in the sand as well so I expect Cork fans to match down to Turners Cross and protest etc etc. Like what us Shels fans failed to do???

Next time don't throw stones in glass houses....

I do hope Cork sort it all out though , and I am sure they will get all our support!!! None of this hoping they go under. Benefits none of us.

**TheOwl** · 02/07/2006, 11:41 AM

Good luck to Cork in sorting all this out - I have no doubt you will.

**Drumcondra Red** · 02/07/2006, 11:42 AM

Originally Posted by pete

I don't think city fans were laughing at shels or anything - it was more the head in the sand attitude of the shels fans that we laughed at.

We didn't have a head in the sand attitude, we were given answers, just because they weren't shared with you means sweet fcuk all!

**TheOwl** · 02/07/2006, 11:43 AM

Originally Posted by Gareth

What amazes me is the fatc that the same, and I mean exact same, thread but relating to Shels on this site spawned tons of pages, threads opening up everywhere and general comment on how Shels were mismanaging when compared to the rest of the league. How with this news, but with Cork, we have 3 pages. Shels fans were accused of heads in the sand as well so I expect Cork fans to match down to Turners Cross and protest etc etc. Like what us Shels fans failed to do???

Next time don't throw stones in glass houses....

I wouldn't even bring all that up Gareth - it is not worth the trouble of an arguement.

**pete** · 02/07/2006, 12:17 PM

Word is that its 160k and not 400k which i think makes a huge difference.

I think people were critical of Shels because you have rumoured to have lost 1m last season alone yet continued to spend money on player you not even playing (large squad by eL standards).

Cork City has been run a tight enough budget in recent years so its unlikely that the debt from recent years - probably a Revenue investigation into the past.

Once again we see the unprofessional nature of civil servants (this time the Revenue Commissioners) as employees leaking information to their friends which is illegal. Surely a sacking offence but i;m sure the unions would protect him/her.

**Dodge** · 02/07/2006, 12:17 PM

Originally Posted by Gareth

What amazes me is the fatc that the same, and I mean exact same, thread but relating to Shels on this site spawned tons of pages, threads opening up everywhere and general comment on how Shels were mismanaging when compared to the rest of the league. How with this news, but with Cork, we have 3 pages.

Most of those pages were Shels fans arguing/denying everything. Cork fans staying quiet here. Thats the difference

**pete** · 02/07/2006, 12:19 PM

From the Sunday business post

High Court petition to wind up Cork City football club

02 July 2006 By Ian Kehoe
The Revenue Commissioners have taken legal steps to shut down the Eircom League soccer champions, Cork City.

They ha ve brought a High Court petition to wind up the club after an intensive audit of its financial records. During the audit, it emerged that Cork City owes the Revenue about �160,000 in outstanding taxes. The Revenue is seeking to dissolve Cork City Investment FC, the holding company behind the club.

The petition will be heard by the High Court on July17, unless a s ett lement can be reached before then. Brian Lennox, Cork City�s chairman, said that the debt would be paid in the next two weeks and insisted the club would not be wound up. Lennox said a lot of the debt was historic and that the club had taken a number of steps to shore up its finances in recent years.

��A lot of it goes back to the bad old days where most clubs did not maintain proper books,� he said. ��There were some problems over historic PAYE and PRSI payments and we are trying to sort it all out.�

Representatives of the club met Revenue officials in recent weeks in an effort to resolve the issue. However, no agreement was brokered, prompting the Revenue to issue the petition. Cork City Investments FC was incorporated three years ago as the holding company for the club. Lennox owns 99 per cent of the company. He said it was almost impossible to make money from an Eircom League club and said the government should provide financial support to the league. Cork City is believed to have one of the biggest wage bills in the league.

According to its most recent accounts, Cork City Investment FC had retained losses of �140,000 at the end of 2004 after making a loss of �66,000 during the year. This is the second petition the Revenue has brought against an Eircom League club. In March, it brought a petition to wind up Accolade, the company behind Shelbourne Football Club.

The petition was later dropped after Shelbourne paid the Revenue �300,000. The Revenue has launched a major investigation into the financial affairs and tax liabilities of soccer clubs in the Eircom League.

The Revenue designated the 22-team league as an ��area of specific risk��, and is conducting audits on a number of clubs within the league.

**passerrby** · 02/07/2006, 12:27 PM

I think them fine people in the revenue are doing a great job.. Fair play

**pete** · 02/07/2006, 12:39 PM

When the Revenue are finished with the eL will they investigate the GAAs "expenses" payments to players and in particular managers?

**R�iteoir** · 02/07/2006, 12:58 PM

Originally Posted by pete

When the Revenue are finished with the eL will they investigate the GAAs "expenses" payments to players and in particular managers?

will they bol...

**higgins** · 02/07/2006, 1:07 PM

Originally Posted by pineapple stu

I think what would sort all these problems out is a new league where small clubs and clubs from areas where there's already other clubs should be kicked out of the Premier Division. That would make everything better. Or else point out what a sham (a) FAI Licencing, (b) the new FAI league and (c) the FAI in general are. The league seriously needs strict financial control - all clubs to get back to solvent status and stay that way under penalty of at least a points deduction and at most relegation. If this means most clubs taking backwards steps akin to Waterford (who made a profit in their last accounts), then so be it. We are currently living in a state of delusion about how good our league really is - it's like saying Ireland had a strong economy in the early 80s.

From looking at club accounts (and I mentioned that Cork might have problems on their forum a couple of months back), Pat's (owe E228,000) and Dublin City (owe E70,000) probably should be nervous. Bohs (owe E460,000) already had issues with Revenue, I think? Either way, they'll be OK once the E2m comes in (when does this happen, incidentally?)

Incidentally, I wonder is there an apology coming from those who dismissed this thread as doom mongering?

Why is it a sham ???
Licensing says you need a TCC doesnt it?

Shels and Cork would have got this on the basis they had agreed a repayment structure with the tax man. This is carried out once a season and nothing the FAI could have done about it.

If you want a rule brought in stating a club with a winding up order against it gets punishment then fine say it, but under current rules Shels or Cork done nothing wrong.

Shels bill has been paid!
Wheres your problem??????

Its like paying any other bill only the tax man can and now will issue winding up orders to get their money.

**Poor Student** · 02/07/2006, 2:23 PM

Just back from Cork, but I heard about this at the game on Friday. A bit shocked to hear this given that Lennox always seemed to be going on about fiscal prudence and Cork haven't really been in the market for snapping up the league's top stars. I assume like Shels they have defaulted on their agreed payment scheme with the revenue? How did this happen? Poor budgeting? Unlike Shels, Cork have no assets to play with. Will this be paid straight from Lennox's pocket?