Cork City Are Debt Free

Gareth37

After just a few months the club with the biggest debts in the league are debt free and are no longer in examinership.

Cork City are in a great position now. Most of the premiership clubs in UK are in debt so it really puts things into perspective.

Fantastic news for the LOI.

Im sure it will be aLL over the back pages tomorrow :rolleyes:

gimmick

Debt free is not quite right. In fact it is 100% wrong. Our creditors have agreed to a certain sum from the club, but I am pretty sure that they have "claw back" clauses involved, where once City are properly back on their feet they will get monies owed.

That being said, with teh Examinership being over, we can push on now and hopefully the takeover can be completed. Ther eis to be an ebntore re structuring of the club which needs to begin straight away. Gone are the days of 29 full timers on the books. I think the plan is 14-16 full timers, with the rest part time. Also wages need to be cut dramatically. I would say alot of contracts will need to be re negotiated as the money soem are on will eat up most of the wage budget straight away.

CiaranC

I wonder have they learned a lesson and decided to run their club sensibly now.

_blank_

They should be relegated.

They are paying a miniscule amount in the euro to the people they are in debt to, and yet another club gets away with idiotic spending.

:rolleyes::rolleyes:

This is NOT fantastic news for the LoI, as it sends out a message that clubs can do what the hell they want, and face little or no consequences.

CCFC went into examinership knowing full well that a points deduction wouldn't really harm them. They weren't going to win the league anyway, and wouldn't be relegated due to the deduction.

It's an absolute farce.

Publin

Cork should make a nice bit of money out of the Setanta Cup as well. Looks like they'll come out of it pretty okay. Any more news on the takeover deal yet?

gimmick

The takeover is supposedly to go ahead now that the courts have freed us from examinership. However, I will believe it has happened when it is a done deal.

The Setanta Cup, for all my moaning about it, could well have saved us. Appearing in the final gets you €80k, €150k if you win it. Plus we have the home tie, so there will be a good split gate there assuming we ahve a full house, which we should.

OhNoYouDidn't

Des wrote: »

They should be relegated.

They are paying a miniscule amount in the euro to the people they are in debt to, and yet another club gets away with idiotic spending.

:rolleyes::rolleyes:

This is NOT fantastic news for the LoI, as it sends out a message that clubs can do what the hell they want, and face little or no consequences.

CCFC went into examinership knowing full well that a points deduction wouldn't really harm them. They weren't going to win the league anyway, and wouldn't be relegated due to the deduction.

It's an absolute farce.

Lose the chip - Arkaga fcuked them over.

Its not their fault Shels chose their route.

Gavin "shels"

FAI are going to bottle not giving Drogs, Cork and several other teams Premier Divison licenses methinks, even though they're are several clubs who have most definitely broke the licensing rules, etc...

AARRRGH

Des wrote: »

It's an absolute farce.

Well, they've just done exactly what any other business would do, and Cork City is just another business.

CiaranC

AARRRGH wrote: »

Well, they've just done exactly what any other business would do, and Cork City is just another business.

Except Shelbourne FC, cos they are paragons of justice and virtue and couldnt live with themselves for doing such a thing.

pablomakaveli

Des wrote: »

They should be relegated.

They are paying a miniscule amount in the euro to the people they are in debt to, and yet another club gets away with idiotic spending.

:rolleyes::rolleyes:

This is NOT fantastic news for the LoI, as it sends out a message that clubs can do what the hell they want, and face little or no consequences.

CCFC went into examinership knowing full well that a points deduction wouldn't really harm them. They weren't going to win the league anyway, and wouldn't be relegated due to the deduction.

It's an absolute farce.

i don't see how people arent blaming the obvious culprits Arkaga. they agreed to cover the debts for the year and reneged on that agreement.

if an investor agrees to cover the debt then you can't blame city for spending the money they did. they were only doing what any other club in their position would do.

its a sad state of affairs what is happening in the league. i genuinely hope all the clubs in financial difficulty get through their problems.

bohsman

Cork were Arkaga, Arkaga were Cork.

https://www.youtube.com/watch?v=knYBw2aRTtk

Zebra3

Des wrote: »

They should be relegated.

They are paying a miniscule amount in the euro to the people they are in debt to, and yet another club gets away with idiotic spending.

:rolleyes::rolleyes:

This is NOT fantastic news for the LoI, as it sends out a message that clubs can do what the hell they want, and face little or no consequences.

CCFC went into examinership knowing full well that a points deduction wouldn't really harm them. They weren't going to win the league anyway, and wouldn't be relegated due to the deduction.

It's an absolute farce.

Totally endorse that.

pablomakaveli wrote: »

i don't see how people arent blaming the obvious culprits Arkaga. they agreed to cover the debts for the year and reneged on that agreement.

if an investor agrees to cover the debt then you can't blame city for spending the money they did. they were only doing what any other club in their position would do.

its a sad state of affairs what is happening in the league. i genuinely hope all the clubs in financial difficulty get through their problems.

Cork City FC gained an unfair advantage over other Premier Division clubs by spending money they didn't have. The 10 point penalty does not reflect on what they have got away.

Shelbourne FC paid the price for its financial problems and it was taken on the chin. What happens at Cork City FC doesn't actually effect us in anyway whatsoever. If CCFC are granted a Premier Division licence for 2009 there will be two losers. The club that finishes 10th in the PD this season and the integrity of the league.

pablomakaveli

Zebra3 wrote: »

Cork City FC gained an unfair advantage over other Premier Division clubs by spending money they didn't have. The 10 point penalty does not reflect on what they have got away.

Shelbourne FC paid the price for its financial problems and it was taken on the chin. What happens at Cork City FC doesn't actually effect us in anyway whatsoever. If CCFC are granted a Premier Division licence for 2009 there will be two losers. The club that finishes 10th in the PD this season and the integrity of the league.

Given the amount of clubs with finacial problems in the premier division you could make the argument that they spent money they did'nt have as well.

Arkaga had agreed to cover any debts incurred so how can that be assumed as reckless spending.

Shelbourne were relegated because they went effectively bust. City did'nt go bust but took the examinership route and were docked 10 points for that. the club is still running and have fulfilled all their fixtures and have a new investor coming into the club.

they have better potential for recovery than shelbourne did at the time.

Gavin "shels"

pablomakaveli wrote: »

Shelbourne were relegated because they went effectively bust. City did'nt go bust but took the examinership route and were docked 10 points for that. the club is still running and have fulfilled all their fixtures and have a new investor coming into the club.

they have better potential for recovery than shelbourne did at the time.

We were relegated as we didn't adhere to financial things by the FAI, which several clubs won't meet come the end of November, but they're get away scott free.

djpbarry

Gavin shels wrote: »

FAI are going to bottle not giving Drogs, Cork and several other teams Premier Divison licenses methinks...

I fail to see how Drogs can get a license if they're staying in Utd Park; ground-share with Bohs next year?

Töpher

Gavin shels wrote: »

We were relegated as we didn't adhere to financial things by the FAI, which several clubs won't meet come the end of November, but they're get away scott free.

We were denied a Premier Division licence for not having the players pay fully up to date by a set date.

The club were aware of this before the meeting of the FAI First Instance Commitee, or whatever they're called, and their meeting date was the deadline. Had all players been paid in full by the time the committee sat to meet, we would have been granted a licence. Or so is my understanding of how the story goes.

Töpher

djpbarry wrote: »

I fail to see how Drogs can get a license if they're staying in Utd Park; ground-share with Bohs next year?

After the events last week? :eek: :pac:

OhNoYouDidn't

Einstürzende wrote: »

After the events last week? :eek: :pac:

yeah, but B*hs are broke, so aren't really in a position to turn down revenue. sure they let banned hooligans back in for a grand.

djpbarry

Einstürzende wrote: »

After the events last week?

Ah, true. Tolka it is so.

CiaranC

Tolka is gone after this season

djpbarry

CiaranC wrote: »

Tolka is gone after this season

Well, this is a right pickle, isn't it? Old Trafford?

CiaranC

Maybe they can groudshare the AUL with Shels

_blank_

CiaranC wrote: »

Tolka is gone after this season

Sale of Lease of Tolka Park:
Dublin City Council granted Donnelly Fruit & Veg a 99 year lease on Tolka Park. DF&V then granted Accolade Ltd T/A Shelbourne FC a 35 year lease.DF&V sold their leasehold to Coneforth. Tolka Park is still not rezoned and no density has been set. The price of the sale of the lease that was belonging to Shelbourne FC was fixed and did not allow for land price appreciation.

A deadline of 2010 for the departure of Shelbourne FC from Tolka Park was set, but an extension may be given.

CiaranC

Wheres that from Des? There was a report that Tolka had been sold for a 1.5m settlement and that Shels were moving next season to the AUL. Then the club brought out a statement that said they werent definite about the AUL, but didnt deny moving at all...?

http://www.shelbournefc.ie/news.php?id=1000

_blank_

CiaranC wrote: »

Wheres that from Des? There was a report that Tolka had been sold for a 1.5m settlement and that Shels were moving next season to the AUL. Then the club brought out a statement that said they werent definite about the AUL, but didnt deny moving at all...?

http://www.shelbournefc.ie/news.php?id=1000

It's from the "Fans Forum" which was held before the start of the season.

I asked here, because I was unsure.

Zebra3

CiaranC wrote: »

Wheres that from Des? There was a report that Tolka had been sold for a 1.5m settlement and that Shels were moving next season to the AUL. Then the club brought out a statement that said they werent definite about the AUL, but didnt deny moving at all...?

http://www.shelbournefc.ie/news.php?id=1000

The report was in the Herald. Enough said.

_blank_

Zebra3 wrote: »

The report was in the Herald. Enough said.

Jesus fúcking Christ.

LoI fans quoting that toilet paper as a source is worse than Liverpool fans quoting the bleedin' Sun.

:rolleyes:

Tbh Ciaran, I don't think we'll be out of Tolka next season.

On the other hand, I heard we asked Bohs about sharing in Dalymount, IF we are promoted.

So.

Who knows?

gimmick

Surely the obvious choice for a share for Drogs is with Dundalk?

After the events last week?

What happened last week?

djpbarry

gimmick wrote: »

Surely the obvious choice for a share for Drogs is with Dundalk?

Far too obvious for my liking; my money's on Old Trafford.

CiaranC

Nuts how inaccurate that story was.

2010 gives yous a bit of breathing space anyway.

bohsman

gimmick wrote: »

What happened last week?

Apparently we wouldnt let Drogs train in Dalier before the european matches, they witheld 10k, we wanted tickets last week but they wouldnt give us any assuming we would take our 10k, we went to the media.

gimmick

http://www.timesonline.co.uk/tol/news/world/ireland/article4969182.ece

Cork City’s demise blamed on man involved in fraudulent car sales
Owner of Arkaga, which owned the club until it went into examinership, had been previously convicted of fraud
Colin Coyle

THE man blamed for last summer’s collapse of Cork City football club had to pay High Court damages of almost €900,000 after he pretended to be a Lamborghini dealer and “sold” luxury cars that were never delivered.

Gerard Walsh of Arkaga, an investment fund that owned the football club when it went into examinership two months ago, “fraudulently misrepresented himself” as the owner of Lambo Motors in Macroom, Co Cork, an official Lamborghini agent, in 1990. He then brokered a deal with Amanda Forshall, a London-based antiques dealer, who wanted to buy luxury cars for Japanese clients.

Both Cork City and the Football Association of Ireland (FAI) said this weekend that they were unaware of Walsh’s involvement in the controversy, which resulted in a 1997 court action.

Walsh first met Forshall in Kinsale in January 1990 and they discussed a number of property and car deals. The Cork businessman and two others, trading as Lambo Motors, were paid deposits of €873,000 by Forshall for nine Lamborghini Diablos that were never delivered. Walsh personally retained €170,000 in commission and fees.

During a High Court action by Forshall in 1997, Walsh’s evidence was rejected by the presiding judge who reached a finding of “fraudulent misrepresentation” against the businessman.

Forshall, a director of Fine Arts and Collections in London, was eventually awarded £677,000 (€873,000) damages for deceit against Walsh. During the High Court case, Forshall said that Walsh claimed to have “close associations with terrorist groups, in particular the so-called IRA, and that he would use those persons to dispose of her and her children”.

The businessman, who now has interests in the property, healthcare and technology sectors, said yesterday he had no comment to make about the dispute with Forshall.

The FAI said that football clubs are governed by standard company law. “The provisions of national legislation apply to club ownership. Neither UEFA nor FIFA impose any additional restrictions,” a spokesman said.

Arkaga, a private-equity fund with offices in Dublin, London and Jersey, took control of Cork City in August 2007. Earlier this year Walsh was involved with the appointment of a new manager, Alan Mathews, and discussed the future of the club with him. Only weeks later, investment in the club dried up and it eventually went into examinership with debts of €1.3m.

John Delaney, chief executive of the FAI, claimed that Arkaga had reneged on a commitment to the FAI that it would continue funding Cork City until the end of the season. Branding the company a disgrace, Delaney said it had let down the club, players, staff and supporters. At recent home games, fans voiced their anger at both Walsh and Arkaga. One banner unfurled during a match against Bray Wanderers read: “Arkaga — rot in hell”.

The club emerged from two months of examinership last week when the High Court approved a financial rescue package.

Walsh recently donated €3.2m to Cardiff University, where he has been conferred with an honorary fellowship for his “work in public healthcare policy”. He has worked as a management executive in New York and as a business development manager in London. In 1991 he founded MPC Ltd (UK), which won a lucrative contract from the Department of Trade and Industry in Britain to establish an injury compensation scheme.

gimmick

How this guy ever assumed control of the club I will never understand. Thankfully we are now free from him and his practices.

gimmick

More. What a mess

http://www.independent.ie/sport/soccer/delaney-faces-questions-over-arkaga-and-brady-mystery-1474143.html
Delaney faces questions over Arkaga and Brady mystery
By Daniel McDonnell

Friday September 12 2008

FAI Chief Executive John Delaney will today face questions on the thorny issue of Liam Brady's alleged links with the Arkaga Group.

Mystery surrounds the relationship between Ireland assistant manager Brady and Arkaga --whose recent decision to pull the plug on their investment in Cork City has left the Eircom League club in crisis.

Solicitors acting on behalf of Brady have sent letters to newspapers that have suggested a relationship between the 51-year-old and Arkaga -- in relation to their ownership of Cork -- threatening action on the matter.

Brady's alleged association with Arkaga has been in the public domain as far back as February when it was reported that he interviewed Alan Mathews prior to his appointment as boss.

At a fans forum with Cork supporters after his appointment, Mathews spoke about his discussions with Brady which were received positively as it presented an opportunity to work with one of the most respected names in Irish football.

However, Brady is now moving strongly to deny any association with Cork and Arkaga after it was reported that he was present at a meeting last month between Mathews and Arkaga founder Gerard Walsh at the latter's house in England where Mathews was assured that all was well.

It's understood that Brady was present at the second part of the meeting where recruitment of players was on the agenda.

Alas, within weeks of that meeting, Arkaga indicated that they would not be ploughing any more money into the Leesiders, thus leaving them in such a dire state that they were forced to enter examinership with players allowed leave on the cheap and the remainder taking a 70pc pay cut. Ten members of staff were also laid off.

Last month, Delaney angrily hit out at the behaviour of Arkaga, stating they had reneged on a commitment provided to the FAI guaranteeing they would continue investing in the Turner's Cross outfit until the end of this season at least.

"We may go down a legal route," said Delaney. "What Arkaga did is a disgrace. It's just not right what they did. To leave people down, leave the club down, the supporters down, the management and players down, is just not right."

Brady -- also employed by Arsenal as the head of their youth development -- was not on the FAI's books when first linked with Arkaga.

But reports of subsequent contact with the Cork situation while assistant to Giovanni Trapattoni has proved embarrassing to the FAI, given the difficulties presented to them by the Leesiders' troubles.

Now, Brady denies attending any meeting with Walsh and Mathews and denies that he acted as a consultant for Arkaga. He also refutes that he was involved in the appointment of Mathews, or offered any services to Cork City Football Club.

Legal action on behalf of Brady has been instigated by Lyons Kenny, who are also the solicitors for Cork City's interim examiner Kieran McCarthy.

Lyons Kenny Solicitors are a Dublin-based firm, who specialise in Commercial Law Examinerships, with main partners Barry Lyons and Graham Kenny.

Cork City CEO Pat Kenny, who was appointed by Arkaga in July, is Graham's father having previously been employed as an executive with Fitzwilliam, Land Securities who share the same registered office as Lyons Kenny.

Zebra3

gimmick wrote: »

How this guy ever assumed control of the club I will never understand.

By passing a sum of money to the previous owner?