Cork City Examinership

**ifk101** · 15/08/2008, 8:26 PM

Originally Posted by lofty9

Apologies if already brought up here - Would a �7m or �8m move for Kevin Doyle help Cork out? Just reading the newspaper with speculation of a move to Villa. Have Cork a sell on fee?

10% sell-on clause AFAIK.

**pineapple stu** · 15/08/2008, 10:26 PM

Some random musings -

Arkaga took over last year. Since then, Cork's debts have grown to E800k. Let's say they were E200k to start with (there's always some debt).

Did O'Donovan leave since then? Certainly Meyler did. Any other transfers? The debt growth is suspiciously not far off a year's losses.

Given the wide range of rumoured debts (kit manufacturers, ground rent, training ground rent, programme printers), it's possible Arkaga haven't put a single penny into Cork. Wages have been paid as (a) the players are the first to really complain if they're not getting paid and (b) they're the club's main assets and are free transfers if not paid. It's possible (and again, this is pure conjecture for the purposes of ultimately pointless discussion) Arkaga concentrated on paying wages, which were just about covered by Cork's income including transfer fees. They got around the 65% wage cap by assuring the FAI all debts would be covered, which ultimately is all they'd want to hear.

Now the AIPL is off (or, more likely, as per the Herald, the property market is collapsing so their plan of a new ground with a load of associated houses is less profitable; possibly easier to get planning permission for houses if you include a nice community-friendly stadium in there, a la Drogheda), Arkaga want to sell Cork City FC Investments Limited, hoping that their assurance to the FAI is legally invalid. Upshot - they could have made some serious property profits, realised they weren't going to and are now trying to sell the debt ridden company and ultimately get out of paying any of the club's debts while ultimately screwing Cork over.

Does any of that make any sense, or is it just late?

**LeixlipRed** · 15/08/2008, 10:45 PM

What I wanna know is where are the Cork fans who said Arkaga taking over was good for the club! We all knew this would end in tears as Arkaga never even pretended to be interested in being in it for anything other than a quick buck (and why should they be being a private equity company and all).

**brianw82** · 15/08/2008, 10:49 PM

And 10% of �8million is....?

Damn, where's my calculator??!!

**sonofstan** · 15/08/2008, 11:07 PM

Think Stu is pretty OTM up there.

**Risteard** · 16/08/2008, 8:57 AM

Originally Posted by charliesboots

Feel sorry for the genuine humble Cork fans but not for the sneering, jumped up majority.

Hypocrite.
Although it's amusing that you set your own snare with that sneer.

Originally Posted by micls

Arkaga were investing on behalf of a 'Corkman'. A 'Corkman' worth an estimated 500million who's now grown sick of his toy and couldnt care less what happens to his hometown club.

Gerard Walsh??
I don't know about that but I was surprised at Owen Callaghans comment as I'd always thought that apart from the rent-free shop he'd zero interest in the club.

Begging his attention would appear to be a typical desparate action though.

A better idea would be just to run the club properly, beginning with hounding out this shower.

Then, I think it's time to get real.
In some respects I think some of the top players are holding some eL clubs (the economically retarded ones) back. Think of how easier things would be without the forthnightly payouts to Farrelly, Gamble, Healy, Murray and Mooney. Also McGee, Mullen, even Kenny.
That's where we're at money-wise.

**sullanefc** · 16/08/2008, 10:17 AM

Originally Posted by pineapple stu

Now the AIPL is off .................................. and are now trying to sell the debt ridden company and ultimately get out of paying any of the club's debts while ultimately screwing Cork over.

Does any of that make any sense, or is it just late?

Sounds about right to me.

**skitz3** · 16/08/2008, 10:42 AM

Can i say as a Shels fan that when our demise came about, of which there can be no doubt was of our own doing, it was Cork and Bohs fans more than any others that lauding over it. It was those 2 lots of fans who were so quick to offer advice, saying you should have done this, you should have done that and then say we told you so. So i find it enjoyable when i see that 2 two teams in financial touble, particularly when they seemed to have so many experts among them.

**SMorgan** · 16/08/2008, 11:13 AM

Originally Posted by ifk101

10% sell-on clause AFAIK.

According to today's Star it's 25%.

**pineapple stu** · 16/08/2008, 11:15 AM

Originally Posted by sullanefc

Sounds about right to me.

You think Arkaga were in it purely for the AIPL and not for any property-related reasons to do with the new ground? (Or was the ...... including everything in between?)

**sullanefc** · 16/08/2008, 12:34 PM

Originally Posted by pineapple stu

You think Arkaga were in it purely for the AIPL and not for any property-related reasons to do with the new ground? (Or was the ...... including everything in between?)

The ......... was to shorten down the quote really. But I do think the AIL not going ahead has a bit to do with it. The property related reasons had not occurred to me before but it is very plausible.

**micls** · 16/08/2008, 3:47 PM

Originally Posted by Risteard

Hypocrite.
Gerard Walsh??
.

Yep..

**superfrank** · 18/08/2008, 11:06 PM

According to MNS, Arkaga have poured €2.4m into Cork since they took over. Where has the money gone and how are they in debt?

Also, MNS reporting that Lennox and his mother-in-law (?) had their resignations accepted by Arkaga. Arkaga are having a meeting at the moment in Dublin.

**Dodge** · 19/08/2008, 1:54 AM

Originally Posted by superfrank

According to MNS, Arkaga have poured �2.4m into Cork since they took over. Where has the money gone and how are they in debt?

In fairness that was the figure Arkaga announced, with little to back it up.

**Dodge** · 19/08/2008, 2:13 AM

Just after reading the thread there. What a bunch of ****ing ****s. Seriously, the amount of ****e in this thread. If I could be arsed I'd take out all the bolloacks regarding Limerick, Monaghan and UCD. Jesus christ lads, you'd swear most of you haven't followed football before this year

**an_ceannaire** · 19/08/2008, 8:34 AM

Hear newstalk this morning? Villa bidding 8.5 m sterling for doyle, if it goes thru cork will get 1m euros and coppel offering 250,000 for mooney.....
could be some get out of jail free card!!!!

**Macy** · 19/08/2008, 10:55 AM

Originally Posted by an_ceannaire

Hear newstalk this morning? Villa bidding 8.5 m sterling for doyle, if it goes thru cork will get 1m euros and coppel offering 250,000 for mooney.....
could be some get out of jail free card!!!!

If it goes to the club, and arkaga don't just take the money and run.

**brianw82** · 19/08/2008, 1:31 PM

Well, if the Doyle deal does go through and Cork get that money before Arkaga, they really will be the luckiest SOBs in the land.

Although, knowing Cork people, they'd still manage to turn it into a hard luck story.

**Trainee** · 19/08/2008, 2:09 PM

At a meeting of the board of Cork City Football Club with its legal, and other, advisers a decision was taken to petition the High Court to place the club under the protection of the examinership process.

The board remains in talks with potential investors and is very optimistic and confident that Cork City will emerge from this difficult period and continue in to the future as one of the best clubs in the League of Ireland.

It is critical that the support given so generously, and over so many years, to Cork City Football Club by its fans continues during this period of examinership.

This is a time when the fans, players, management and officials need to come together and ensure that the best supported club in Ireland continues to be successful in to the future.