Cork City to enter examinership (or worse, receivership)

Roar

oh dear

http://breakingnews.ie/sport/mhqlmhojgbsn/

Cork City FC is believed to be considering an application to the High Court for examinership in a bid to avoid going into receivership.

The club has been experiencing financial difficulties of late and as recently as two weeks ago they failed to pay the salaries of the players, sparking an outburst from club captain Dan Murray. However, the players are now understood to have been paid up to date.

Former chairman Brian Lennox, who sold the club to Venture Capital, stepped down as a director of the club last night.

City is the latest eircom League club to undergo such difficulties with Cobh Ramblers and Galway United also showing concerns recently.

and


http://www.rte.ie/sport/soccer/2008/0814/corkcity.html

RTÉ News has reported that Cork City Football Club are considering an application to the High Court for examinership in order to prevent the club from folding.

The current FAI Cup holders are believed to have debts of more than €800,000. One of the best supported clubs in the League of Ireland, the club requires immediate investment if it is to continue to trade.

RTÉ soccer correspondent Tony O'Donoghue reports:

FAI Cup holders Cork City face a daunting challenge over the coming days, the club requiring immediate investment if it is to survive.

Less than two weeks ago the Cork players failed to get paid on time ahead of a top of the table clash with Bohemians.

However; it is understood that all the current staff are now paid up to date.

The club are now preparing an application to the High Court for examinership. Former Chairman Brian Lennox, who sold Cork City to venture capital firm Arkaga in 2007, resigned as a director last night.

Cork are one of a number of League of Ireland clubs to experience severe financial difficulties this season, among them Galway United, Sligo Rovers and Cobh Ramblers, and the fate of several other Premier and First Division clubs hangs in the balance.

The situation is a considerable cause of concern to the FAI, who took over the running of the League in 2007. A decision on Cork's future is likely in the next 48 hours

oh dear oh dear

to put it mildly, we're fcuked

hearing a lot of different things down here, that it might be all sorted by the weekend or else we go to the highcourt and go into examinership

what a fcuking mess

smackbunnybaby

ah come on roar - my thread is a full 2 minutes older than yours!

but yes i am very very worried.....

Roar

smackbunnybaby wrote: »

ah come on roar - my thread is a full 2 minutes older than yours!

but yes i am very very worried.....

well i was writing mine when you posted yours!

anyway, we're fcuked

gimmick

Don't know how, but we will get through this. I think there is a lot of exaggeration tactics being used.

OhNoYouDidn't

gimmick wrote: »

Don't know how, but we will get through this. I think there is a lot of exaggeration tactics being used.

thats my understanding of it too - brinksmanship. Arkaga want out but there are no buyers at the moment. I would be very surprised if they go into examinership - its a cashflow issue at worst, there is nothing fundamentally wrong with the way CCFC is run. The new CEO is only in the door.

A great time for the fans to step in.....

applehunter

Very angry this morning.

Club washing its dirty laundry in public AGAIN.

gimmick

^ At least this is not just a hearsay and conjecture form the forum after being leaked. Thats not to say it makes it okay.

thats my understanding of it too - brinksmanship. Arkaga want out but there are no buyers at the moment. I would be very surprised if they go into examinership - its a cashflow issue at worst, there is nothing fundamentally wrong with the way CCFC is run. The new CEO is only in the door.

A great time for the fans to step in.....

Brinksmanship is something myself and a few others have suspected for a few weeks now. I hope that is the case, and from the info I have, could actually be the case, as things are NOT as bad as what the media is making out.

RE the new CEO, I would not read too much into that, as he could have been made false promises.

Re the fans, there is already a 'trust' in place called FORAS. Thing about that is, it has been around for 2+ years and they have yet to do anything. Maybe it will step up now that it is badly needed.

A lot of ifs, buts and wherefores at present. Things will be a lot clearer by this time tomorrow.

OhNoYouDidn't

gimmick wrote: »

^ At least this is not just a hearsay and conjecture form the forum after being leaked. Thats not to say it makes it okay.



Brinksmanship is something myself and a few others have suspected for a few weeks now. I hope that is the case, and from the info I have, could actually be the case, as things are NOT as bad as what the media is making out.

RE the new CEO, I would not read too much into that, as he could have been made false promises.

Re the fans, there is already a 'trust' in place called FORAS. Thing about that is, it has been around for 2+ years and they have yet to do anything. Maybe it will step up now that it is badly needed.

A lot of ifs, buts and wherefores at present. Things will be a lot clearer by this time tomorrow.

Someone, somewhere in Argaka / CCFC land is spinning to the media. There is no way Cork are in enough trouble for them to be granted an examinership by the High Court.

There is a story behind this.

RebelRockChick

Club Statement

Cork City Football Club has been engaged in negotiations with potential new investors for the last number of weeks.

It is too early to speculate on the outcome of these discussions which are still ongoing.

The board of Cork City Football Club will meet next week and come to a decision on the future of the club.

Some of the figures currently being reported today, particularly in relation to the wages of players and staff, are inaccurate and grossly inflated.

Because of the sensitive nature of the ongoing discussions it would be inappropriate for Cork City Football Club to make any further comment at this time.

OhNoYouDidn't

...and the story is Arkaga went to the market for funding CCFC this week, but the credit crunch is biting and they got nowt. Meeting the players today to give them the good news.

Its a cash flow issue, nothing terminal for the club, why examinership is being mentioned is anyones guess.

SIlver lining - great news for Rovers ahead of Friday.

fatgav

any reasons why lennox stepped down? that's what i'd like to know about. i'm a galwayman - our own troubles are well documented. can only wish cork all the best. one of the best set of fans in the country

gimmick

^ Not sure about that. Ye could see a backlash as it could be a last hurrah for the team/club as we now know it.

There is no way Cork are in enough trouble for them to be granted an examinership by the High Court.

Frivolous spending on unnecessary things, plus non payment of essentials would suggest otherwise to be fair ie that radio ad, and the new branding, which is rumoured to have cost the club in the region of €45k.

One thing is certain, costs need cutting.

There are 2 full time and 2 part time staff in the club shop. Get rid of one of each.

Noelle Feeney is on a salary from the club. For what? Is it justified.

There is a Club Promotions Officer AND a marketing manager, whose basic job description are entirely similar. Get rid of one of them.

There are 27 full time players. Not that easy to get rid of the deadwood, but why did the previous CEO approve contracts for players who were nowhere near the first team?

The half time "entertainment" is utterly pointless.

I could go on.

RebelRockChick

gimmick wrote: »

Frivolous spending on unnecessary things, plus non payment of essentials would suggest otherwise to be fair ie that radio ad, and the new branding, which is rumoured to have cost the club in the region of €45k.

All for the "Stand your ground" branding that most (if not all) supporters disliked anyway?? :eek:

gimmick wrote: »

Noelle Feeney is on a salary from the club. For what? Is it justified.

There is a Club Promotions Officer AND a marketing manager, whose basic job description are entirely similar. Get rid of one of them.

For distribution of the jaffa cakes and holy water :rolleyes:....her job title is community liason officer, but again in fairness isn't that similar to club promotions officer and marketing manager?! Feeney and Ryan do very similar work! No need for all of them.

OhNoYouDidn't

My sources tell me that if you do go into examinership, you are relegated.

Bohs and Cork relegated for financial nonsense in the same season. This is going to be great!!

OhNoYouDidn't

Latest I hear sounds very bad.

A creditor has a charge over CCFC has had enough and demanded his money and if he doesn't get it will press for liquidiation. If he does, Argaka will have no choice but to apply for examinership, which is an immediate relegation.

Will be a strong first division, with Bohs, Shels, Cork Dundalk and Waterford all down there.

Pure Cork

It's fantastic listening to people on 96fm saying "Cork City are sh*te, tell the fans to get over it." They obviously know a lot about football and how to support a team.

LeixlipRed

Pure Cork wrote: »

It's fantastic listening to people on 96fm saying "Cork City are sh*te, tell the fans to get over it." They obviously know a lot about football and how to support a team.

:rolleyes: ****ing barstoolers

SantryRed

Terrible news for the league.
Really do think it's time to start all over again.
Disband the league at the end of the year, all players go on free contracts.
Then clubs are free to sign players aslong as they don't break the 65% rule without the funding of an out ''investor''. I think it's the only way.

It would bring down the wage inflation too. If players complain, tell them to fcuk off to England.

gimmick

I honestly hope those people were 'plants' in order to draw more texts and emails, as they were sickening to listen to. It actually proves that this lot are not football fans, but TV addicts, as any football fan does not wish another team to go out of business.

redzerdrog

gimmick wrote: »

It actually proves that this lot are not football fans, but TV addicts, as any football fan does not wish another team to go out of business.

apart from you of course:rolleyes:

applehunter

Was listening to Mick Mulcahy this morning.

That text above really hurt.

SantryRed

Just thinking, how are Cork in so much trouble after they've sold so many players abroad?

Jesus, I'd say there hoping Reading sell Kevin DOyle, must be a sell-on clause in there.

applehunter

10%.

SantryRed

applehunter wrote: »

10%.

And what about Meyler? Yous sold him only a month ago?

gimmick

The money from Meyler would just about cover a weeks wages.

OhNoYouDidn't

SantryRed wrote: »

Just thinking, how are Cork in so much trouble after they've sold so many players abroad?

Jesus, I'd say there hoping Reading sell Kevin DOyle, must be a sell-on clause in there.

they aren't in any major debt, they just didn't pay day to day bills and one of their creditors lost the plot.

the real issue is why a small thing like this has been let explode.

If the bill is not paid today, someone is up to something.

Gavin "shels"

It shows no club is really safe from this trouble.


Anyway on the same note:

Independent.ie
Kildare threaten strike over unpaid wages

By Daniel McDonnell
Thursday August 14 2008

Kildare County players have threatened to go on strike if they do not receive unpaid monies by September 13.

The First Division strugglers have had difficulties all year, and have already slashed their budget with just nine semi-professionals remaining on their books with the rest of the squad comprised of local youths on amateur terms.

Now, the senior players -- some of whom are owed as much as five weeks wages -- have decided to take action with their employers insisting that a fundraising draw will provide them with the cash they are due.

"There have been problems all year, with cheques bouncing and wages deferred," said one senior player, who did not wish to be named.

"We had to make a decision, and we've told them that if we don't get our money by September 13 then we won't play.

"The club say they'll have the money by then and if they do then that's great but we felt that we had to give them a deadline because it's been going on for too long."

Kildare are currently second from bottom in the First Division, having taken just 18 points from their 23 matches to date.

Pure Cork

SantryRed wrote: »

Terrible news for the league.
Really do think it's time to start all over again.
Disband the league at the end of the year, all players go on free contracts.
Then clubs are free to sign players aslong as they don't break the 65% rule without the funding of an out ''investor''. I think it's the only way.

It would bring down the wage inflation too. If players complain, tell them to fcuk off to England.

Not a bad idea, but I don't think the whole league would be disbanded. What about Pats, UCD, ??

I expect we'll get some amount of abuse/slagging at the Rovers game, good-natured of course.

DeadSkin

SantryRed wrote: »

Jesus, I'd say there hoping Reading sell Kevin DOyle, must be a sell-on clause in there.

Reports on the radio this morning saying Doyle could be on his way to Villa for £8.5m and Mooney on his way to Reading.
Can't find another source, was on Newstalk.

estebancambias

Dissapointing news, hopefully Doyle gets the move.

Evil_Clown

Here is that story from todays indo

http://www.independent.ie/sport/soccer/doyle-move-could-save-the-day-for-stricken-city-1458606.html

Ronan|Raven

Be a few quid for Longford if Mooney goes. 250,000 though? surely they can get a bit more for him.

SantryRed

Did he not leave Longford because his contract was up?


Anyways, Fran Gavin was on MNS last night talking about this situation. Arkaga are liable for all debts between January 08 to January 09. The punishment though is not being awarded a licence for next year. Surely they wouldn't care about that?

Roar

Ronan|Raven wrote: »

Be a few quid for Longford if Mooney goes. 250,000 though? surely they can get a bit more for him.

given our current financial difficulties the vultures are circling. that's less than half what we'd expected if we weren't fcuked.

that and steve coppell was in drogheda with pat dolan to watch him a few weeks ago, so put two and two together..

very worrying times, but i reckon we'll pull through this..

djpbarry

Roar wrote: »

given our current financial difficulties the vultures are circling. that's less than half what we'd expected if we weren't fcuked.

Not necessarily; if Reading sell Doyle, Cork could pocket anything up to €1 million, which would ease their short-term problems considerably. I can't imagine they would hastily off-load Mooney in such circumstances for the sake of another €250,000 or so - he would probably earn them a lot more than that if they keep him. Besides, isn't he on a 3-year deal?

Roar

djpbarry wrote: »

Not necessarily; if Reading sell Doyle, Cork could pocket anything up to €1 million, which would ease their short-term problems considerably. I can't imagine they would hastily off-load Mooney in such circumstances for the sake of another €250,000 or so - he would probably earn them a lot more than that if they keep him. Besides, isn't he on a 3-year deal?

reading need another striker before they off load doyle...

with the mooney and doyle money, we'll (hopefully) be on the right track..

Ronan|Raven

Well cork paid us a few quid as the whole under23 lark and according to a few we are entitled to a wee bit of his next transfer.

djpbarry

Roar wrote: »

reading need another striker before they off load doyle...

with the mooney and doyle money, we'll (hopefully) be on the right track..

Ah, I see.

Well, if Reading do sell Doyle and Cork sell Mooney (for a reasonable sum), then Cork really have little excuse for financial problems, especially when you factor in other recent transfer receipts, which are well above-and-beyond anything any other EL club are receiving.

Bubs101

What makes you think that reading are going to sell Doyle at all. I'm sure they couldn't give a toss about Cork's current problems and want Doyle to help them into the Premiership. Sure it's probably in their interest that Cork dissapear because they'd have a chance of keeping that million for themselves if they ever sell Doyle

Bounty Hunter

i posted this in the Villa thread but it seems just as relivant here...

Hello Villa fans.

I'm a Cork City supporter in Ireland. Some of you may know that we had Doyle at Cork City for 3 years and lost him to Reading in 2005 for peanuts....£80,000 was the figure because of a clause inserted into his contract...it still pains us to see how much we lost him for.

The reason Aston Villa are being quoted so much for Doyle (£7m or £8m is whats being mentioned in Cork/Ireland) is because Cork City are entitled to 10% of any transfer fee. This gives us around £700,000 or close to €1,000,000

Today Reading have put in a bid of £200,000 for current Cork City striker Dave Mooney. This is a total insult to Mooney, Cork City and the league in general. Last summer we sold Roy O'Donovan for €500,000...so Reading will have to double or treble their offer for Mooney.

Its well speculated and thought here in Cork that Reading want Mooney to replace Doyle, with Doyle on his way to Aston Villa. Doyle has strong connections to players in Cork so don't disregard anything which comes from our end.

At the weekend, Doyle gave an interview to an Irish paper, all but saying he wants out of Reading:

http://i202.photobucket.com/albums/aa212/ccfcforum/doyle2.jpg
http://i202.photobucket.com/albums/aa212/ccfcforum/Doyle1.jpg

Here is the piece in the Cork media today about Reading/Mooney/Aston Villa/Doyle:

http://i202.photobucket.com/albums/aa212/ccfcforum/mooney_reading-1.jpg

On Doyle himself, I think he's a very good Premiership player. He was very good in a poor Reading team for their 2 years in the Premiership. He's got a great touch and is fantastic in the air....from what I see Ason Villa score alot of goals from set pieces. Doyle would certainly be a good addition and Villa seem short up front.

We have waited since 2005 to get what we feel is a realistic price for Kevin Doyle....finally it looks like he'll move before the transfer window closes.

Plenty discussion about this on Cork City's fans forum, where you will probably find more info on Doyle and the current situation than you would on a Reading forum.

http://www.ccfcforum.com

Take care,
CCFC!

djpbarry

Bubs101 wrote: »

What makes you think that reading are going to sell Doyle at all. I'm sure they couldn't give a toss about Cork's current problems and want Doyle to help them into the Premiership.

Of course Reading are not concerned about Cork's situation, but I would imagine they are probably resigned to losing Doyle at this stage. If the reports of a €10 million offer from Villa are true, then I see no reason why Reading would not sell - I don't think Doyle is worth that sort of money. I think they'll cash in.

OhNoYouDidn't

Ronan|Raven wrote: »

Well cork paid us a few quid as the whole under23 lark and according to a few we are entitled to a wee bit of his next transfer.

The bulk of that money goes to Rovers - he is a product of the Rovers youth academy. We get 10 years worth, you get 1.

Whats the latest on Leeside? Was there not a meeting last night? Are Argaka still claiming they don't actually own Cork but are entitled to the Doyle sell on loot?

I wonder do you regret the 'Kilcoyne our hero' banner yet? Karma and all that.

Zebra3

Bubs101 wrote: »

I'm sure they couldn't give a toss about Cork's current problems

I'm pretty sure about that too.....

gimmick

If we go bust, Reading lose their unofficial feeder club, so of course they want us to survive :rolleyes:

Tired of this ****e already. Let Arcadia feck off forever, relegate us or whatever, so we can start anew.

I bet the "fans" who drove Brian Lennox out are delighted that they have managed to effectively kill the club.

Bring Back Pat :mad:

Roar

OhNoYouDidn't wrote: »

I wonder do you regret the 'Kilcoyne our hero' banner yet? Karma and all that.

he wears a hero's hat...

interim examiner has been appointed.

i'm actually fairly confident we'll emerge from the examinership process in a strong position.

OhNoYouDidn't

Roar wrote: »

he wears a hero's hat...

interim examiner has been appointed.

i'm actually fairly confident we'll emerge from the examinership process in a strong position.

A strong position in the first division with none of your playing squad.

Pity, but it was clear what Arkaga were about and no-one in Cork stood up and was counted.

Strong first division next year - Bohs, Cork, Shels, Dundalk, Waterford.....

Roar

OhNoYouDidn't wrote: »

A strong position in the first division with none of your playing squad.

Pity, but it was clear what Arkaga were about and no-one in Cork stood up and was counted.

Strong first division next year - Bohs, Cork, Shels, Dundalk, Waterford.....

he got his hands on milltown said "i'll be cashing that"..

anyway, city wont be relegated.

shame that moons is leaving, what a player he is. it'll be interesting to see how he does in the championship.

OhNoYouDidn't

Roar wrote: »

he got his hands on milltown said "i'll be cashing that"..

anyway, city wont be relegated.

shame that moons is leaving, what a player he is. it'll be interesting to see how he does in the championship.

And the Karma continues. The irony really is not lost on you. Cork fans sleepwalked into this and IMP deserve all they get.

You get accepted for examinership you are down. Even a Corkie can understand that.

Lets hope for your sakes that it is just Arkgagia trying to engineer a sale with scare tactics. But part of me would love to see Cobh stay up at the Villages expense.

Raskolnikov

Last summer we sold Roy O'Donovan for €500,000...so Reading will have to double or treble their offer for Mooney.

There's no way that Mooney is worth over €1m.

Roy is a quality League of Ireland player, but he's just not good enough for the Premier League. He's now been carted off on loan to Dundee United.

I wouldn't say Mooney is that much better than O' Donovan.

Roar

OhNoYouDidn't wrote: »

And the Karma continues. The irony really is not lost on you. Cork fans sleepwalked into this and IMP deserve all they get.

You get accepted for examinership you are down. Even a Corkie can understand that.

Lets hope for your sakes that it is just Arkgagia trying to engineer a sale with scare tactics. But part of me would love to see Cobh stay up at the Villages expense.

...he could have taken rovers to champions league success..

shamrock were deducted points when they entered into examinership, they weren't relegated.

they were relegated cause they didnt have enough points to stay up as a result of their 8 point deduction.

an 8 point deduction for us as a result of examinership would still have us ahead of shamrock in the league table.

_blank_

ANOTHER season with an asterisk on the league table.

Nice one Cork City.