End of the Road for Shels?

OhNoYouDidn't

Ollie Byrne, the former CEO and only man with the answers to these questions died this morning. RIP.

Sunday Independent
Sunday August 26 2007


TORRID times continue at Tolka Park. Stripped of the Premier Division title, thrown out of Europe and demoted to the First Division, embattled Shelbourne have been dealt a further blow by auditors, O'Hare Finnegan McGahan, who have reported that the club failed to keep proper accounts.


A sum in excess of €600,000 is unaccounted for in the books of Accolade Ltd, the company behind Shelbourne FC, and the Companies Registration Office has been notified of a failure to keep proper books "in respect of all income and expenditures".

Worse still for the Reds is the refusal of neighbours Home Farm to offer ground-sharing facilities at their Whitehall premises.

The Reds days are numbered at Tolka Park and they had hoped to move up the Swords Road, but Home Farm are content to keep Leinster Senior League outfit Belgrove as tenants.



From Phoenix Magazine

Shelbourne’s Missing €600,000


Things are going from bad to worse for the long-suffering fans of Shelbourne FC, where matters are looking decidedly chaotic with Accolade Ltd – the company behind the club where Ollie Byrne is still the main man – struggling to pay its debts. Another blow has come from auditors O’Hare Finnegan McGahon (OFM), who have reported Accolade for failing to keep proper accounts, including over €600,000 that is unaccounted for.

OFM recently notified the Companies Registration Office (CRO) of Accolade’s contravention of Section 202 of the Companies Act 1990 by failing to keep proper books, “in respect of all income and expenditures”. The offence was revealed in OFM’s recent “auditor’s report” of the club’s finances (Accolade does not file accounts, owing to a non-profit clause in its Memorandum of Association) in the year to 11 July 2007. The auditors found “no system of control on which we could rely for the purpose of our audit…There was not other satisfactory audit procedures that we could adopt to confirm that all cash was properly recorded.”

The €604,273, “for which no evidence of the purpose of expenditure could be obtained”, amounts to about 15% of the €3.8m that Accolade spent during the year. Club secretary Andrew Byrne refuse to enlighten Goldhawk as to where this sum had gone and directed any queries to OFM which also declined to comment.

OFM also notes that the club is currently dependent on “the receipt of further monies from a developer” – Ossie Kilkenny – and the “eventual conclusion of the contract for the sale of Tolka Park”, a reference to the ongoing spat between Kilkenny, his partner Jerry O’Reilly and the developer Ivano Cafolla. The latter has claimed that Kilkenny and O’Reilly allegedly froze him out of a deal on Tolka Park and this is set for an intriguing showdown in the Commercial Court in December.

Ollie Byrne, meanwhile, still owns the vast majority of the shares in Accolade, with Richard Campbell owning a tiny stake, while other directors include Andrew Byrne, Brian Nathan and Eamonn White. As Goldhawk fans will be aware, Accolade has struggled to pay off paltry debts in the wake of the club’s financial difficulties last year, leading to recent judgements against it for sums of €1600 and €3700.


Pity to see any club on the brink, but the ostrich like shels fans were warned what was going on but told us we were just jealous.... Not a mention of this on the Shels forum of course

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What page of the Sindo is this on?

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OhNoYouDidn't wrote:

Not a mention of this on the Shels forum of course

That's a fairly cheap dig at the Shels forum imo.

I mean we all know what happened this morning, and that is the only thing being talked about on our forum today.

Thanks for the concern though, appreciated I'm sure.

OhNoYouDidn't

DesF wrote:

That's a fairly cheap dig at the Shels forum imo.

I mean we all know what happened this morning, and that is the only thing being talked about on our forum today.

Thanks for the concern though, appreciated I'm sure.

your finances have not been discussed on your forum for months, don't hide behind Ollies passing because you assumed your BoM were taking care of it.

There were whispers Shels were involved in money laundering and you laughed them off like the ostriches you are, it was all jealousy. Now there is €600k missing. And no-one noticed? :rolleyes:

Huggles

OhNoYouDidn't wrote:

your finances have not been discussed on your forum for months, don't hide behind Ollies passing because you assumed your BoM were taking care of it.

There were whispers Shels were involved in money laundering and you laughed them off like the ostriches you are, it was all jealousy. Now there is €600k missing. And no-one noticed? :rolleyes:

Considering what happened this morning that is very low. You couldn't hang on and discuss this in a few days when thing settled down at the club?

This is coming from Bohs support by the way.

Not cool.

Daysha

OhNoYouDidn't wrote:

your finances have not been discussed on your forum for months, don't hide behind Ollies passing because you assumed your BoM were taking care of it.

There were whispers Shels were involved in money laundering and you laughed them off like the ostriches you are, it was all jealousy. Now there is €600k missing. And no-one noticed? :rolleyes:

Not exactly the right time to be discussing this OP. Highly disrespectful

OhNoYouDidn't

TheGooner wrote:

Considering what happened this morning that is very low. You couldn't hang on and discuss this in a few days when thing settled down at the club?

This is coming from Bohs support by the way.

Not cool.

Its in today's papers, therefore topical.

If you don't like that, ring Joe Duffy about them! :rolleyes:

Huggles

OhNoYouDidn't wrote:

Its in today's papers, therefore topical.

If you don't like that, ring Joe Duffy about them! :rolleyes:

the sunday papers are printed on a Saturday night.

Totally untopical and lowest of the low imo!

DSB

Pure disgusting that this would be brought up today of all days. Really hope this person is banned for clear attempts to rub salt in the wounds.

OhNoYouDidn't

DSB wrote:

Pure disgusting that this would be brought up today of all days. Really hope this person is banned for clear attempts to rub salt in the wounds.

Read the first of the OP. Im very sorry he has died, and I actually knew the guy. However, this is in todays papers and this weeks phoenix and is worth of debate.

The CRO and property sharks wont wait in respect. Shels might not last the week.