Cork City to enter examinership (or worse, receivership)

LuckyLloyd · 19-08-2008 7:16pm

gimmick wrote: »

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:

Remember the glee with which you welcomed a setback for Drogheda? Karmic, imo.

gimmick · 19-08-2008 7:24pm

OhNoYouDidn't wrote: »

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.

Only part??? That would actually be quite funny.

Re engineering the whole thing? I would have said so last week, but not anymore. It now just smacks me of an investment company would are using us as a tax write off.

And there is no such thing as karma in football. Fact is, no one, not even the potential investors in CCFC, will learn from this. Guaranteed there will be some other club with more or less the same problems in the next 12 months. And the next 12 etc etc etc.

Anyone with half a brain knew Arcadia were bad news the minute they came in. This whole saga is not surprising in the least.

Never a dull moment.

Gavin "shels" · 20-08-2008 12:27am

Cork City have to be relegated now, don't they or at least points deducted? They've had to be of breach of something.

SantryRed · 20-08-2008 12:30am

Hang on, my view on it was Rovers were deducted 8 points because they submitted the wrong books.

They didn't get any sanction for going into Examinership through a loophole, but the FAI closed that loophole after the Rovers incident?

Zebra3 · 20-08-2008 1:06am

SantryRed wrote: »

Hang on, my view on it was Rovers were deducted 8 points because they submitted the wrong books.

Correct.

SantryRed wrote: »

They didn't get any sanction for going into Examinership through a loophole, but the FAI closed that loophole after the Rovers incident?

Whether they did or not doesn't make any difference. That league has since been shut down so it's whatever rules the FAI have for their new league and it's 5 year participation agreement that started March 2007.

Gavin "shels" · 20-08-2008 1:16am

Surely it's in the new financial "system" that the FAI brought in that a club can't go into any legal financial on-goings mid-season.

You would have though so anyway, but well it's the FAI after all.

Töpher · 20-08-2008 9:31am

They won't demote them per say, but could do something like remove all their points? With no squad, they'd be nearly guaranteed to relegate themselves then as even 20 points'd be near impossible to reach?

Sneaky few quid on Cork to be relegated in the bookies me thinks...

djpbarry · 20-08-2008 9:53am

Gavin shels wrote: »

Cork City have to be relegated now, don't they or at least points deducted? They've had to be of breach of something.

Not necessarily; they may be deducted points if it is found that incomplete or inaccurate information was provided to the League’s club licensing committee. As far as I am aware, there is no mandatory punishment for entering examinership.

OhNoYouDidn't · 20-08-2008 10:23am

Gavin shels wrote: »

Cork City have to be relegated now, don't they or at least points deducted? They've had to be of breach of something.

Yes, but they have been appointed an interim examiner who will decide whether they are eligible for the examinership process.

I suspect that Lennox will have stepped in before then and if not, the courts will send cash rich Argaka packing and tell them less of the nonsense and to pay their bills.

djpbarry · 20-08-2008 12:42pm

Reports this morning that Cork and Reading have agreed a fee of €250,000 for Mooney:

eleven-a-side.com wrote:

Cork City have accepted a bid of approximately €250,000 from Reading for top scorer Dave Mooney, according to reports on Wednesday morning.
...
With City having bagged €500,000 from the sale of Roy O’Donovan to Sunderland last year, despite the fact that the player was approaching the end of his contract at Turners Cross, the expectation had been that at least a similar amount would accrue from the sale of Mooney, who is contracted to Cork until the end of the 2010 season.

However, Reading have been able to negotiate a decidedly lesser figure, with Cork’s hands tied by their pressing need for revenue in the wake of the club’s descent into examinership

http://www.eleven-a-side.com/eircomleague/news.asp?n=33639

LuckyLloyd · 20-08-2008 2:08pm

lol. Good job Reading. So much for all of that guff about Mooney going to a top premiership club / Mooney not wanting to leave / Mooney being worth 1m.

That being said, it's a great move for the player if it comes through.

Ronan|Raven · 20-08-2008 2:16pm

He is going for 250,000 as they are bloody desperate at this stage. It will pay off the examiner.

OhNoYouDidn't · 20-08-2008 2:54pm

Ronan|Raven wrote: »

He is going for 250,000 as they are bloody desperate at this stage. It will pay off the examiner.

What does that even mean?

Gavin "shels" · 20-08-2008 3:40pm

OhNoYouDidn't wrote: »

I suspect that Lennox will have stepped in before then and if not, the courts will send cash rich Argaka packing and tell them less of the nonsense and to pay their bills.

Lennox is gone, resigned Monday night and Argaka accepted.

applehunter · 20-08-2008 3:57pm

The whole thing is scikening to see.

Arkaga with all their millions will leave the club in the gutter and Cork City's name has been dragged through the mud the past week.

Alan Matthews not even consulted over the sale of Mooney, no sell-on clause included in transfer....:(

LuckyLloyd · 20-08-2008 4:06pm

applehunter wrote: »

Alan Matthews not even consulted over the sale of Mooney, no sell-on clause included in transfer....:(

In fairness, Reading must loooove doing business with you guys!!

Ronan|Raven · 20-08-2008 4:16pm

OhNoYouDidn't wrote: »

What does that even mean?

It will cover the examiners cost. Apparently they do not do it for free.

Zebra3 · 20-08-2008 5:28pm

applehunter wrote: »

The whole thing is scikening to see.

Arkaga with all their millions will leave the club in the gutter and Cork City's name has been dragged through the mud the past week.

Alan Matthews not even consulted over the sale of Mooney, no sell-on clause included in transfer....:(

As if Cork City had a good name in the first place. Just another franchise to replace all the failures previously representing Cork in the league. Including one called Cork City.

Matthews will have understood not being consulted over the transfer. It was a no-brainer and he does have a background in finance. And CCFC weren't exactly in a strong bargaining position over the transfer. If the boot was on the other foot, they'd have done the same thing.

Publin · 20-08-2008 6:22pm

applehunter wrote: »

no sell-on clause included in transfer....:(

:eek: I hope you're joking??

If not, it's a dreadful bit of business by Cork, even considering the financial trouble they appear to be in.

Disappointing to see another quality player leave the league.

Pure Cork · 20-08-2008 7:06pm

LuckyLloyd wrote: »

lol. Good job Reading. So much for all of that guff about Mooney going to a top premiership club / Mooney not wanting to leave / Mooney being worth 1m.

That being said, it's a great move for the player if it comes through.

Mooney was very happy in Cork. He wanted to stay and win trophies. Our current situation meant he'd be the first player to be sold. He left for a lot less than he's worth, and it's ridiculous to suggest otherwise. But sure some people know it all.

gimmick · 20-08-2008 7:52pm

LuckyLloyd wrote: »

In fairness, Reading must loooove doing business with you guys!!

As a non eL fan, why are you taking such pleasure in this? I must say your ignorance toward the entire situation is astounding.

If not, it's a dreadful bit of business by Cork, even considering the financial trouble they appear to be in.

No choice in the matter I assume, as its essentially a fire sale happening at present.

LuckyLloyd · 20-08-2008 8:12pm

gimmick wrote: »

As a non eL fan, why are you taking such pleasure in this? I must say your ignorance toward the entire situation is astounding.

As oft goes unnoticed around here, I am a UCD fan (who attends games!). This current situation should serve as a reality check for some of you who live in cloud cuckoo land with regards to the realistic state and potential of the EL.

LuckyLloyd · 20-08-2008 8:29pm

Also Gimmick, remember these vitriolic posts when Drogheda faced a problem?

gimmick wrote: »

Delighted. Absolutely delighted. Sooner that shower are back as a yo yo club at best, the better for all involved.

gimmick wrote: »

Well, better for me as I pretty much despise them.

How does it feel now with the shoe on the other foot?

And for a good chuckle:

Pure Cork wrote: »

We're probably the best run club in the league.

Pure Cork wrote: »

I'm here to entertain

We're greatly improving off the pitch ever since Arkaga took over. There are still problems, contracts being a major problem, but hopefully Patrick Kenny will be able to sort things out. I think we have a few creditors that need to be paid, but we haven't had a CEO to do it. We're not splashing the cash like Pats.

Are you here all week?

HalloweenJack · 20-08-2008 8:31pm

gimmick wrote: »

No choice in the matter I assume, as its essentially a fire sale happening at present.

Yez are just lucky the el window is closed or your rivals would be ripping your team to shreds.

Pure Cork · 20-08-2008 8:38pm

LuckyLloyd wrote: »

And for a good chuckle:

Are you here all week?

Thanks for dragging up lots of old posts, from before it was apparent that our owners wanted to pull out, and the amount of money spent/wasted by a certain person in charge. You clearly knew we would be in receivership back then. :rolleyes: Do tell me what's going to happen next.

Maybe we should all be like UCD? :rolleyes:

LuckyLloyd · 20-08-2008 8:44pm

Pure Cork wrote: »

Thanks for dragging up lots of old posts, from before it was apparent that our owners wanted to pull out, and the amount of money spent/wasted by a certain person in charge. You clearly knew we would be in receivership back then. :rolleyes: Do tell me what's going to happen next.

Maybe we should all be like UCD? :rolleyes:

Or maybe we shouldn't be as bullish and dogmatic?

In a perfect world every EL club would start cutting back and squeezing every penny that could be squeezed from operating budgets. And the EL fans on this board would start to understand the place of their clubs and league in the grander footballing pyramid.

Pure Cork · 20-08-2008 9:04pm

LuckyLloyd wrote: »

Or maybe we shouldn't be as bullish and dogmatic?

In a perfect world every EL club would start cutting back and squeezing every penny that could be squeezed from operating budgets. And the EL fans on this board would start to understand the place of their clubs and league in the grander footballing pyramid.

Good luck to Pats, Bohs and Drogs. A lot of money was spent unnecessarily at City. It's one of the reason why the plug has been pulled.

What is the position of the LOI in the grander footballing pyramid in your opinion?

John_C · 20-08-2008 9:43pm

Pure Cork wrote: »

Do tell me what's going to happen next.

The season will finish without The Bohs having received any money from Liam Carrol and without Drogs getting planning for their new stadium. The FAI will be faced with three of the top 4 clubs being ineligible for a premier division license and will almost certainly fudge any punishments.

We don't need a crystal ball to predict these things, the signs are all there for anyone to see.

gimmick · 20-08-2008 9:55pm

LuckyLloyd wrote: »

Also Gimmick, remember these vitriolic posts when Drogheda faced a problem?

Have I been looking for sympathy? If I have, you could throw those posts at me. I have not. I realise you reap what you sew. We are where we deserve to be at present, due to reckless trading. So I fail to see your point.

Re you being a UCD fan, I did not realise that.

And the EL fans on this board would start to understand the place of their clubs and league in the grander footballing pyramid.

Its wrong to be ambitious now?

John_C · 20-08-2008 11:42pm

gimmick wrote: »

I fail to see your point.

He was responding to your question, "Why do you take pleasure in this?" by pointing out that you took pleasure in a rival club running into trouble so you should be able to understand his feelings, since you held them recently.

Ronan|Raven · 20-08-2008 11:56pm

To be honest while it is terrible to see this happening in the league again, it could not happen to a nicer bunch.

applehunter · 21-08-2008 1:37am

Ronan|Raven wrote: »

To be honest while it is terrible to see this happening in the league again, it could not happen to a nicer bunch.

Where has this come from?

On the whole City fans are decent bunch.

gimmick · 21-08-2008 10:18am

Come on, even I disagree with you on that

OhNoYouDidn't · 21-08-2008 10:40am

applehunter wrote: »

Where has this come from?

On the whole City fans are decent bunch.

Cork fans have held up 'Kilcoyne our Hero' banners against Rovers and took similar delight when Shels were in trouble. Thats before we get into the interweb forum nonsense, on here especially vitriolic against Drogs.

Karma etc. You took pleasure in other clubs misfortune. Now its our turn.

Zebra3 · 21-08-2008 6:26pm

John_C wrote: »

The season will finish without The Bohs having received any money from Liam Carrol and without Drogs getting planning for their new stadium. The FAI will be faced with three of the top 4 clubs being ineligible for a premier division license and will almost certainly fudge any punishments.

We don't need a crystal ball to predict these things, the signs are all there for anyone to see.

Any fudging of punishment by the FAI will probably see legal action from other clubs.

gimmick · 21-08-2008 6:34pm

OhNoYouDidn't wrote: »

Karma etc. You took pleasure in other clubs misfortune. Now its our turn.

Ya, we are in the height of trouble due to my troublemaking. That'll teach me :rolleyes:

The Rovers fans ain't whiter than white in their chants. I seem to remember a certain "Wayne O Donohue is a hoop" chant in 2005 and 2006.

bohsman · 21-08-2008 6:35pm

applehunter wrote: »

Where has this come from?

On the whole City fans are decent bunch.

No, think you're one of the few decent ones. Just look at the thread after the Bohs Cork match on foot.ie, cork moderator wishing Healy had finished Joxers career and worse with more cork fans spewing abuse.

gimmick · 21-08-2008 6:38pm

Who is CCFC mod there now?

_blank_ · 21-08-2008 6:51pm

bohsman wrote: »

No, think you're one of the few decent ones. Just look at the thread after the Bohs Cork match on foot.ie, cork moderator wishing Healy had finished Joxers career and worse with more cork fans spewing abuse.

Yeah, foot.ie is a cess pit at the best of times.

Horribly biased moderation (even worse than this place at times

), you can't say shít about Cork City but they get to peddle all their grievances with nary a word said against. Woe betide you if you pull them up on it.

Bunch of bastards.

gimmick wrote: »

Who is CCFC mod there now?

The bloody lot of them.

****.

John_C · 21-08-2008 10:43pm

Zebra3 wrote: »

Any fudging of punishment by the FAI will probably see legal action from other clubs.

Drogs are playing in United Park this season aren't they? I'd be very surprised if they're made move to Dundalk or Dublin next year. The same goes for Harps, if they stay up. The rules are already being fudged.

DmanDmythDledge · 21-08-2008 11:11pm

Zebra3 wrote: »

Any fudging of punishment by the FAI will probably see legal action from other clubs.

The rules state that they can basically do whatever they like.

According to the licensing
"The FAI Club Licensing Committee has the power to withdraw any licence or apply any sanction during a season if the Licensee:
o no longer satisfies any single criteria for issuing the licence;
o violates any of its obligations, duties, confirmations or undertakings under thisManual, Contract or Confidentiality Agreement
o Is involved in a bankruptcy, receivership, examinership or liquidation process, or is struck off the Companies' Register"

bohsman · 22-08-2008 12:35am

gimmick wrote: »

Who is CCFC mod there now?

A Face, Dodge originally locked the thread but looks as if half the posts in the thread were deleted.

Zebra3 · 22-08-2008 2:24pm

DmanDmythDledge wrote: »

The rules state that they can basically do whatever they like.

According to the licensing
"The FAI Club Licensing Committee has the power to withdraw any licence or apply any sanction during a season if the Licensee:
o no longer satisfies any single criteria for issuing the licence;
o violates any of its obligations, duties, confirmations or undertakings under thisManual, Contract or Confidentiality Agreement
o Is involved in a bankruptcy, receivership, examinership or liquidation process, or is struck off the Companies' Register"

That's a load of bollix.

The penalty should be laid out in black and white for something like examinership.

djpbarry · 26-08-2008 1:36pm

I presume everyone's aware of this by now, but anyway:

Irish Times wrote:

Former Limerick FC owner Danny Drew has announced his intention to assume control of Cork City. A consortium led by Drew is hoping to hold talks with examiner Kieran McCarthy of Hughes Blake in the near future to discuss buying out the Leesiders' current owners, the Arkaga Fund.

Drew says the consortium will settle a portion of the clubs debts immediately and pay back the remainder over a 10-year period.

"Our plan would be to settle the debts say 30 per cent of them up front to all creditors and pay the rest over a 10-year period," he told the Cork's Evening Echo today.

"We are only interested in buying the club outright rather than pumping money in with Arkaga still in place."

Drew is reportedly not the only party interested in the club but he is the first to make his intentions public.

The sale of Dave Mooney to Reading this month has alleviated some of the financial strain on Cork but the club's debt is still believed to be in the region of €1.1 million, with the Revenue Commissioners owed some €360,000.

gimmick · 27-08-2008 11:11am

The Examiner is meeting the staff and players this morning. Heads will roll. I expect the manager to leave, a few players to be farmed out and contracts canceled at players own request.

The loss to Wexford the other night was more damaging that embarrassing I'm afraid

Roar · 27-08-2008 6:07pm

all on and off the field staff have agreed to take an interim 70% wage cut

two off the field staff have been let go

a number of staff have been made part time

fair play to every single member of the staff at the club, every single one of them deserves tremendous credit for doing what must be an already difficult job for 30% of the pay

**** ARKAGA

I HOPE THE ***** ROT IN HELL, EVERY SINGLE LAST ONE OF THE BASTARDS

RebelRockChick · 27-08-2008 6:18pm

Roar wrote: »

all on and off the field staff have agreed to take an interim 70% wage cut

two off the field staff have been let go

a number of staff have been made part time

fair play to every single member of the staff at the club, every single one of them deserves tremendous credit for doing what must be an already difficult job for 30% of the pay

**** ARKAGA

I HOPE THE ***** ROT IN HELL, EVERY SINGLE LAST ONE OF THE BASTARDS

Never a dull moment as a City fan eh :mad:

Fair play to the players and members of staff that have agreed to it...and also for communicating with the fans by releasing the statement on the website, more than them ******* arkaga have done!!

Sad to see Kevin Mullen and Adrian Desmond go, has to be done I guess. Have dealt with Adrian many a time,and he has always been so helpful and a pleasure to deal with. Best of luck to them!

SantryRed · 27-08-2008 10:05pm

Why would Joe Gamble stick around when he could just piss off to Pats and earn 100% of a wage

_blank_ · 28-08-2008 12:08am

Fair play to the staff for taking the cut, if indeed they are.

What is this Foras thing all about? Will they raise enough to buy the club? Are Arkaga gone now, or what?

But one burning issue I need answered. Is Slick still employed by the club?

KdjaCL · 28-08-2008 12:34am

SantryRed wrote: »

Why would Joe Gamble stick around when he could just piss off to Pats and earn 100% of a wage

but but but hes a cork fan, he turned us down for more money with cork and he loves them.......... .

we selling fahey this weekend should be an interesting weekend in EL circles.

kdjac

Cork City to enter examinership (or worse, receivership)

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