We have to wait and see. Maybe an oil and gas tycoon is about to buy them outOriginally Posted by razor
Interestingly there's not mention of Brian Lennox's resignation as a director in the statement.
If I was a Corkie (heaven forbid) that's what I'd be most worried about.
He obviously had something to lose by holding the directorship.
Watch out for Paul Appleby
Arkaga were really pushing the AIL, it was obvious they thought there was profit to be had from having Cork City in it, especially if the club was running up this amount of debt in the LoI. Now that the AIL is shown to pie in the sky talk (Eufa and the IFA would not allow it, the plans looked like they had been dreamed up by a 12 year old) they've realised it's best to get out now, rather than incur more debt
Still not obvious. I have never ever heard the words profit and football mentioned either in the context of an AIL or the EL or indeed anywhere else in the globe. In my experience clubs, at best, aspire to break even and thus that show a small profit in some years do so by accident rather than design.
Methinks your view is a bit clouded by your anti-AIL obsession.
FAI Statement on Cork City FC
The Football Association of Ireland has been in regular contact with the Arkaga fund and Cork City Investment FC Ltd (the company operating Cork City Football Club) in relation to financial difficulties facing the Cork City Football Club. The FAI has contacted the Arkaga fund with regards to a written undertaking made by one of its companies to guarantee all liabilities arising from Cork City Investment FC Ltd for a twelve month period from 29th January 2008 through to 29th January 2009.
It is the FAI’s view that the club’s sustainability depends on its investors and Directors managing the company’s affairs as a sensible business. We await news of what the Arkaga Fund, as investors in Cork City Investment FC Ltd intend to do. If Cork City Investment FC Ltd is in financial difficulty, then the onus is on the club’s investors and Directors to take all necessary corrective action to ensure its survival. The FAI has been and will continue to provide professional assistance to assist the club in any way possible at this difficult time.
Clubs do, but companies don't. The likes of Real Madrid, Man Utd, etc are companies run for profit. Success on the field is a by-product.
Not sure if the implication is that AIL clubs would be limited companies or not.
Pardon my ignorance, but Cork out of all the teams in the Lge have made more money on transfers than anyone else(did they get a fee for Meyler btw) how are they in so much debt????
"if I close my eyes, its not illegal...."
Who are the 6 you would drop/ask to merge?
"Billy Corgan, Smashing Pumpkins."
"Homer Simpson, smiling politely."
Cork Ramblers is on the horizon
There won't be a relegation by the time we get to the end of the season because 3 teams will have dropped out.
Were definetley going to lose one team before the end of the season anyway. Leaving 2 relegation spots and Ramblers will still get fookin releagted.
Last edited by rambler14; 14/08/2008 at 1:09 PM.
LESS OF THE BULL NOW!
First, almost every club is a company, but thats irrelevant.
Second, I thought Real Madrid were owned by the members, like Barca?
Football clubs, like airlines, are very, very rarely profitable in anything other than the short-term, based on historical performance.
At the rate we're going, the six clubs will pick themselves...
Presumably this is how Cork got around Licencing and the wage cap? With Arkaga guaranteeing all expenses over the season, they could spend what they liked? I'd imagine something similar is in force at Drogheda and Pat's too, if so.The FAI has contacted the Arkaga fund with regards to a written undertaking made by one of its companies to guarantee all liabilities arising from Cork City Investment FC Ltd for a twelve month period from 29th January 2008 through to 29th January 2009.
Read the AIL proposal in full, they mention profit quite a few times, in fact they give it as their sole reason for entering the league. Might want to do a bit of reading before commenting in future eh?
Personally I don't think there's much room for GalwayJoke before anyone jumps on my back. I honestly don't know, it would be a hard decision either way and a lot of clubs and fans would be left upset. I'd look to drop Monaghan, Kildare, Cobh, ask Sporting Fingal to merge into Shelbourne and after that I don't know. People will say UCD, but given how well they are run, and the carrot of offering scholarships to part time players, I would look to keep them. I really don't know though, you could nearly make a case for dropping 75% of the teams in this league, Limerick included, so it would have to be up the FAI to make the hard decision
We are in the positionw e are in because of mismanagement, pure and simple. Clowns claiming to be professionals screwing us over.
having the highest attendances is irrelevant in this situation. It doesnt mean the league is screwed or that other teams have to go the same way. it means teams need to take a look and make sure it cant happen to them.
Run yourselves properly like Rovers or UCD
Is it possible for you ever to keep your opinions to yourself?, Or do you honestly believe that anyone is even remotely interested in listening to your self opinionated rubbish?
Cork City FC
Attack the post, not the poster.
Think his comment was fair enough - don't know what his history is but I'd be of the same opinion.
Feel sorry for the genuine humble Cork fans but not for the sneering, jumped up majority.
You're obviously interested in my take on the situation, why else would you quote me? Plus I thought forums were the place to air opinions?
The word profit is mentioned once in 62 pages in draft v13. And its mentioned specifically in the context of why Platinum One themselves have gotten involved, it doesn't refer anywhere to the clubs themselves.
Oh Lord God you're one of them aren't you? How are Platinum One going to make profits from a league if their clubs are going into recievership?
Someone who works in finance and understands the difference between a cashflow statements and a P&L and balance sheet? Why yes, yes I am!
See above. Not making a profit does not equal receivership/examinership. Look at the cashflow statement, its a much better measure.
Clubs are and will always been run to breakeven and any surplus is inadvertent and is reinvested. Thats the nature of the beast and competition dictates that.
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