Coleraine are bankrupt

**pineapple stu** · 04/08/2005, 12:52 PM

Originally Posted by Passive

It strikes me that Coleraine were just asking the Revenue Commissioners to wipe their debt and allow them to continue trading

I think (and correct me if I'm wrong here) that one of the important factors is that the Inland Revenue is a lot stricter with these things than the Irish Revenue.

**hoops1** · 04/08/2005, 1:16 PM

exactly the taxman up there is alot stricter than down here!
No sob storys you pay or your out of business!
And probably the main reason why our good friends Derry got there house in order before everyone else down here and are now in such a healthy
position!

**Speranza** · 04/08/2005, 2:15 PM

Couldn't give a monkey's about Coleraine's demise but it should be a wake up call to those clubs still living beyond their means. Not every club have a 400 club which will save their skin, seems inevitable that 1 or 2 el teams will go this way soon.

**Passive** · 04/08/2005, 2:25 PM

Originally Posted by Speranza

Couldn't give a monkey's about Coleraine's demise but it should be a wake up call to those clubs still living beyond their means. Not every club have a 400 club which will save their skin, seems inevitable that 1 or 2 el teams will go this way soon.

It tells it's own story that over the course of one EL season the island of Ireland has lost two clubs (Omagh and Coleraine) and nearly lost two more (Rovers and Waterford). Two seasons ago (?) we nearly lost Drogheda, while Limerick almost went to the wall last season. Dundalk are only hanging in there. It's a matter of time before someone bites the bullet.

Getting back to my original question, I'd imagine the Inland Revenue is stricter than the southern Revenue Commissioners, but I still think the absense of a rescue plan is crucial. If we'd gone to Revenue and said, 'we know you owe you all this cash but we can't pay it, you wouldn't do us a favour and wipe it and allow us to trade as normal' they'd have told us where to go. The fact that we were being taken over by a new investor is why they - reluctantly - went for the deal.

**manic da hoop** · 04/08/2005, 4:19 PM

The RC in the Republic have changed quite dramatically in the past couple of years as can be seen in the way they are chasing every individual and business on their records. However, it must be stressed that they at least seem to be taking a somewhat 'humane' approach to this process as we, thankfully, found out. They are aware of the shooddy business practices that have existed in LOI football for years, but they know that coming down like a ton of bricks on everyone will probarbly just result in the total destruction of the league - an outcome that doesn't really suit anyone. I can see there being an easing-in process taking place in the near future (if it hasn't started already). There after, though, it will defineitly be up to each individual club to really get things sorted.

**-lamb-** · 10/08/2005, 4:22 PM

seems that coleraine have got themselves a bit of brething space for the minute. sincerely hope they can drag themselves out of this.
http://news.bbc.co.uk/sport1/hi/foot...sh/4138246.stm

"Coleraine given survival chance

Coleraine FC have received a last-minute reprieve from being wound up for its failure to settle debts of £364,979 owed to the Inland Revenue.
It was believed Wednesday's bankruptcy hearing in the High Court would finally signal the end for the club.

But the court was told that a rescue plan was in place and the case was adjourned to 30 August, when a business plan will be presented.

The IFA said Coleraine will be allowed to play their "immediate" fixtures.

They will begin with a CIS Insurance Cup game against Glentoran at the Oval on Saturday.

IFA chief executive Howard Wells said he has been assured that the club can "meet its football obligations" and added that he hoped "football will prove to be the winner".

Coleraine had overall debts of around £1m but, while other creditors accepted a voluntary settlement agreement, the Inland Revenue would not and they applied for a winding-up order.

An improved settlement offer was made to the Inland Revenue on Monday but it was rejected.

A new steering committee has been formed and by Tuesday supporters had already pledged around £90,000.

Raymond Kirk, the chairman of the Friends of Coleraine, told the court they were getting "overwhelming" support from the business community.

He said a business plan is being drawn up and he is "absolutely convinced" it will work.

IFA president Jim Boyce believes every local football supporter should try to help Coleraine stay in existence.

He suggested putting 3,000 tickets on sale at £50 each as one possible scheme to save the club. "

**pineapple stu** · 10/08/2005, 7:12 PM

If they do survive, are they going to continue being run by the people who got them into this mess in the first place?

**-lamb-** · 11/08/2005, 6:56 PM

Originally Posted by pineapple stu

If they do survive, are they going to continue being run by the people who got them into this mess in the first place?

no. they aren't run by those people even now. they are being run by a steering group at the minute.

**pete** · 11/08/2005, 7:51 PM

BBC http://news.bbc.co.uk/sport1/hi/foot...sh/4141506.stm

Glentoran are coming to the aid of Coleraine by giving all gate receipts from Saturday's CIS Cup game at the Oval to the crisis club.

**EnDai** · 12/08/2005, 3:44 PM

Nice to see

**Buller** · 13/08/2005, 1:46 PM

Great gesture from Glentoran, hope they survive...

**CollegeTillIDie** · 14/08/2005, 10:14 AM

Originally Posted by -lamb-

no. they aren't run by those people even now. they are being run by a steering group at the minute.

I hope this group have a good sense of direction. Good luck to Coleraine

**Gerrit** · 14/08/2005, 4:27 PM

irishleagueforums.net also have a collection option for Coleraine (via PayPal)

I was at The Oval yesterday for Glens-Coleraine (1-0 for Glens) and Coleraine did not give me the impression of a sick team. The players did well in these difficult circumstances. Not too much CFC fans though, maximum 200 had made the trip (while the Glens stand was 75% full)

**-lamb-** · 14/08/2005, 8:02 PM

Originally Posted by Gerrit

irishleagueforums.net also have a collection option for Coleraine (via PayPal)

I was at The Oval yesterday for Glens-Coleraine (1-0 for Glens) and Coleraine did not give me the impression of a sick team. The players did well in these difficult circumstances. Not too much CFC fans though, maximum 200 had made the trip (while the Glens stand was 75% full)

there were some big events taking place on saturday though, the ulster grand prix and the apprentice boys march. i'd expect their next home gate to be larger than usual. home gates are where they will pick up their part time fans and people who haven't been to a game in a while.

one good bit of news is that ards were in debt by £250,000 this time last year and have got that down to just £25,000 now.
they still need to sort a ground out as they share with bangor but they are going in the right direction.