More trouble for Shels?

**Risteard** · 16/08/2007, 12:30 PM

Originally Posted by Theskinloyal

Unlike teams from Cork once the finances go bit a rye (to say the least) they don't fold, dissapear and start up a new club a la Cork Hibernians, Cork United, Cork Celtic etc.

Fair enough but it would have been interesting to see if City got a First Division licence had they been up to the tricks Ollie was pulling and in your situation at the start of the season.

**LeixlipRed** · 16/08/2007, 4:44 PM

Not sure who the other Director of Accolade is. Ollie owns all the shares bar one afaik. It may be Andy Byrne but my memory is not too clear on that. higgins might know if he's around somewhere

**Theskinloyal** · 16/08/2007, 4:59 PM

Besides everyone knows it wasn't Ollie, it was the one armed man

**dcfcsteve** · 16/08/2007, 5:07 PM

Originally Posted by LeixlipRed

Not sure who the other Director of Accolade is. Ollie owns all the shares bar one afaik. It may be Andy Byrne but my memory is not too clear on that. higgins might know if he's around somewhere

Would anyone be shocked if it transpired that there was only one director at Shels.....?

**Anto McC** · 16/08/2007, 6:05 PM

Andy wasn't a director at Shels when Ollie was there.

**Dodge** · 16/08/2007, 7:15 PM

Originally Posted by dcfcsteve

Would anyone be shocked if it transpired that there was only one director at Shels.....?

The second one was his wife. And no, I'm not kidding

**Buile Shuibhne** · 16/08/2007, 8:14 PM

Two former directors of Shels - LO'C & RC - were also directors of Accolade originally.

They handed over their shares in Accolade to Tony Donnelly when he became involved in Shels.

Since TD died in the mid 90's, his family passed a lot of those shares back to Ollie.

Up to last year they retained a very minor token share in Accolade.

None of the present Board of Management are involved in Accolade - although I understand that nephew Andy Byrne is representing Ollie's interests on the board. Not sure if he has official or legal 'Power of Attorney' though?

**Stato** · 16/08/2007, 9:22 PM

I found a company search dated July 2003 which names Richard Campbell and Brian Nathan as directors of Accolade along with Ollie. Anyone know them? Campbell owned 5 shares at the time, Theresa Donnelly listed as owning 14985.

**LeixlipRed** · 16/08/2007, 10:35 PM

Don't know Campbell. Nathan was and may still be on the board. Related to Breda Nathan who wrote Footballics Anonymous. Great read btw

**Dr.Nightdub** · 16/08/2007, 10:45 PM

Directors needn't be shareholders and vice-versa.

**dcfcsteve** · 17/08/2007, 12:33 AM

Originally Posted by Dodge

The second one was his wife. And no, I'm not kidding

Who's wife ?? I thought Olly didn't marry....!?!

**truered** · 17/08/2007, 5:01 AM

Originally Posted by Fintan Cassidy

Two former directors of Shels - LO'C & RC - were also directors of Accolade originally.

They handed over their shares in Accolade to Tony Donnelly when he became involved in Shels.

Since TD died in the mid 90's, his family passed a lot of those shares back to Ollie.

Up to last year they retained a very minor token share in Accolade.

None of the present Board of Management are involved in Accolade - although I understand that nephew Andy Byrne is representing Ollie's interests on the board. Not sure if he has official or legal 'Power of Attorney' though?

I believe Brian Nathan and Andy Byrne are both directors of Accolade, the lather was made a Director when he was given power of attorney. Lads ollie isnt married.

**paudie** · 17/08/2007, 8:43 PM

According to the annual return dated 11/7/07 in the Companies office the directors of Accolade Ltd are:

Ollie Byrne
Andrew Byrne
Richard Campbell
Brian Nathan

Ollie Byrne is the company secretary.

**A face** · 17/08/2007, 11:19 PM

Originally Posted by Risteard

Fair enough but it would have been interesting to see if City got a First Division licence had they been up to the tricks Ollie was pulling and in your situation at the start of the season.

Ain't that the truth. And if you know your history you'll know why there were so many Cork clubs too.

The FAI were entrusted with the interests of ALL football teams on this island for many many years.

**higgins** · 18/08/2007, 1:48 AM

Originally Posted by bohs til i die

........ it matters because I would assume Shels are still trading under the name Accolade?

You know what they say about people who assume ?

**pineapple stu** · 18/08/2007, 8:35 AM

You can easily check it out on the CRO.

**dcfcsteve** · 18/08/2007, 1:39 PM

Originally Posted by A face

The FAI were entrusted with the interests of ALL football teams on this island for many many years.

Were they though ? The League ran itself until the recent merger.

**pineapple stu** · 25/08/2007, 2:40 AM

There's a bit about this in the current issue of Phoenix magazine. Apparently E604k of cash is unaccounted for at Shels. The directors are to go up in front of the High Court soon to explain themselves. Apparently Shels spent E3.8m last season - a phenomenal figure. The article notes that they're still dependent on cash advances from Kilkenny, so basically they're still killing themselves, just slower.

The most likely place missing cash has gone to is player wages. If that's the case, Shels would have to pay tax on the cash at 46/54ths (i.e. regross it up). That'd be E500k plus interest plus penalties. A serious amount of money. The straw to break Shels' back can't be too far away at this stage, it seems.

**Mr A** · 25/08/2007, 2:37 PM

Stu- Why would the figure owed in tax be so high if the 604k was on wages?

**pineapple stu** · 25/08/2007, 2:52 PM

First off, this is all hypothetical, obviously.

But if the missing cash has gone to players for their wages, then they've just been paid nett. Tax is 46% (41% PAYE and 5% PRSI). So to pay someone E54 into their hand, you have to actually pay them E100, and then stop E46 in tax. Similarly, to pay someone E604k cash (which is what's happened in this scenario), you have to actually pay them E1.11m, and then stop E511k tax.