Drogheda United in trouble?

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In today's Sunday Indo

DROGS IN DEEP

DETAILS of Drogheda United's finances make grim reading. Drogheda United FC, who operate as Hinge Trading Limited, reported €1.2m losses for the 2006 financial year, bringing the total trading losses up to €2.6m.

To fund their full-time status, Drogheda have been reliant on a trio of club directors, Vincent Hoey, Eugene O'Connor and Chris Byrne for loans to keep the company ticking over while they await their move to a new multi-functional stadium on the outskirts of the town. The intention is for the stadium complex to pay for itself; there might even be a profit.

This is quite similar to the Shels/Accoldate (granted, the debts probably aren't as big).

Shels were waiting on a 'new stadium'. We were getting loans, from firstly Club Directors, then a whole lot of outside parties.

Our intention was for the 'new stadium' to pay for itself, an maybe even make a profit.

Be careful Drogs, be very careful.

Anto McC

Very similar. I wish wouldn't wish what happened to Shels on Drogs, i hope they sort everything.

KdjaCL

Only difference is Hoey owns the new land all he needs is PP and its sorted.

Sure who wouldnt notice an extar 10,000 houses beside a football pitch


kdjac

OhNoYouDidn't

the difference between Shels and Drogs is Drogs at least have a concrete plan for a stadium, designs are in place and PP applied for. Shels sold their lease of of desperation, Drogs have a deal in place. Also there are no allegations of criminality and money laundering at Drogheda. They will make money off the transaction.

the issue for me is the outlandinsh wage bill Drogheda have. They are spending way above an acceptible level and the quicker the wage cap eliminates this the better.

KdjaCL

OhNoYouDidn't wrote:

the issue for me is the outlandinsh wage bill Drogheda have. They are spending way above an acceptible level and the quicker the wage cap eliminates this the better.

FAI havent answered the question on whether investment is classed as turnover so Bohs could use that 2 million they getting as turnover every season, we could use Kellehers millions as turnover and drogs also.

So the wage cap is pointless if its not based on generated income.


kdjac

Zebra3

OhNoYouDidn't wrote:

Also there are no allegations of criminality and money laundering at Drogheda.

What's that got to do with anything?

OhNoYouDidn't

Zebra3 wrote:

What's that got to do with anything?

the opening post compared the Drogs finances to Shels. I think that is very over simplified

KdjaCL wrote:

FAI havent answered the question on whether investment is classed as turnover so Bohs could use that 2 million they getting as turnover every season, we could use Kellehers millions as turnover and drogs also.

So the wage cap is pointless if its not based on generated income.

seeing as the Bohs deal is off, its irrelevant. If they were getting €2m a year as an earning, they could include it. but not directors loans.

Zebra3

OhNoYouDidn't wrote:

the opening post compared the Drogs finances to Shels. I think that is very over simplified

So are you saying there are allegations of criminality and money laundering at Shels?

OhNoYouDidn't

Zebra3 wrote:

So are you saying there are allegations of criminality and money laundering at Shels?

yes, there are allegations.

Zebra3

OhNoYouDidn't wrote:

yes, there are allegations.

Well, I've never heard any of them, so can you fill me in on them?

Much appreciated.

applehunter

OhNoYouDidn't wrote:

seeing as the Bohs deal is off, its irrelevant. If they were getting €2m a year as an earning, they could include it. but not directors loans.

Since when?

PDN

2.6 million isn't a lot of money - not to Hoey anyway. He owns a lot of properties in Drogheda & is a committed fan of the Drogs.

I do agree that the wage bill must be horrendous.