John Delaney at the FAI Thread - (Mod Notes in OP)

osarusan

sugarman wrote: »

I dont really think the sponsors have much, if any, power here. Surely theyre legally obliged to honour their agreed deals with the FAI unless theyre found to have breached some of their terms and conditions.

I dont think a sponsorship can just withdraw support at their own leisure.

What they issued so far is fair enough, they've expressed dismay but have to play it safe and wait until the full facts are there to act accordingly from a corporate point of view.

I would guess there is something in the contract about certain types/levels of bad publicity.

As an example, when Tiger Woods was in trouble for splitting with his wife after shagging everything that moved, sponsors were deserting him almost immediately.

Not the same here at all, but I would guess there is some clause about being able to break the contract if the FAI behave in certain ways.

mugsymugsy

https://m.independent.ie/sport/soccer/international-soccer/dundalk-faced-delays-after-writing-to-john-delaney-seeking-their-300000-38007872.html

So looks like John Delaney's statement on Wednesday might not be completely true and I'm shocked to say the least.

Also from that it would appear that they use the prize money as a way of managing cash flow.

Remember this all happened on Delaney's watch and whilst he was paid 360k plus rent and expenses.

Fr Tod Umptious

osarusan wrote: »

I would guess there is something in the contract about certain types/levels of bad publicity.

As an example,s when Tiger Woods was in trouble for splitting with his wife after shagging everything that moved, sponsors were deserting him almost immediately.

Not the same here at all, but I would guess there is some clause about being able to break the contract if the FAI behave in certain ways.

I'm sure there is with regards to illegal activity or something that ends up before the courts regardless of the outcome.

There is also the option not to renew when the contract is up.

Just a note to anyone thinking of boycotting Carslberg to make a point.

Make sure you also stop consuming the myriad of other Diago products too.
Cos it makes no difference to them if you switch from Carslberg to Budweiser.

Chancer3001

mugsymugsy wrote: »

https://m.independent.ie/sport/soccer/international-soccer/dundalk-faced-delays-after-writing-to-john-delaney-seeking-their-300000-38007872.html

So looks like John Delaney's statement on Wednesday might not be completely true and I'm shocked to say the least.

Also from that it would appear that they use the prize money as a way of managing cash flow.

Remember this all happened on Delaney's watch and whilst he was paid 360k plus rent and expenses.

I just read that article. If anything it explains why delaney needed to make that 100k bridging loan.

Dubdalk were putting on pressure for their cash but the fai were awaiting cash of their own to come in

sydthebeat

Chancer3001 wrote: »

I just read that article. If anything it explains why delaney needed to make that 100k bridging loan.

Dubdalk were putting on pressure for their cash but the fai were awaiting cash of their own to come in

Absolutely shows the need for a deep forensic financial audit of the association.

mugsymugsy

sydthebeat wrote: »

Absolutely shows the need for a deep forensic financial audit of the association.

Edit...Absolutely shows the need for a deep independent forensic financial audit of the association

shanec1928

sydthebeat wrote: »

Absolutely shows the need for a deep forensic financial audit of the association.

Exactly, if anything it shows misappropriation of funds, they should have no need to touch the funds from Uefa to be paid to clubs

listermint

sugarman wrote: »

I dont really think the sponsors have much, if any, power here. Surely theyre legally obliged to honour their agreed deals with the FAI unless theyre found to have breached some of their terms and conditions.

I dont think a sponsorship can just withdraw support at their own leisure.

What they issued so far is fair enough, they've expressed dismay but have to play it safe and wait until the full facts are there to act accordingly from a corporate point of view.

Hmmmm


Let me see. Our contract is up for renewal in 2020.


We won't renew unless you clean up this mess . To me that seems pretty powerful

secman

Chancer3001 wrote: »

I just read that article. If anything it explains why delaney needed to make that 100k bridging loan.

Dubdalk were putting on pressure for their cash but the fai were awaiting cash of their own to come in

Its beside the point that they had the UEFA money for months held in a UEFA bank account unless they told lies on Wednesday, what came out strong on Wednesday is thst Sep Delaney surrounds himself with mushrooms whom he constantly keeps in the dark, the Honorary treasurer thought there was only one bank account, turns out there's over 20 !. The Communications Director and President didnt know who issued and signed off on the statement that was issued by FAI and was later corrected !
Absolute shambolic performance by the board.
Nothing but a disgrace that that shambolic carry on is allowed to continue with Delaney moving sideways.

amcalester

Chancer3001 wrote: »

I just read that article. If anything it explains why delaney needed to make that 100k bridging loan.

Dubdalk were putting on pressure for their cash but the fai were awaiting cash of their own to come in

The FAI should have held any and all award money in a client funds type account, it should never have been used as their own cash-flow. Had they done that, there wouldn't have been the need for a loan.

The money was never theirs, imagine a solicitor doing the same with insurance awards, house sales etc. Disgraceful.

sydthebeat wrote: »

Absolutely shows the need for a deep forensic financial audit of the association.

Indeed.

mugsymugsy

Chancer3001 wrote: »

I just read that article. If anything it explains why delaney needed to make that 100k bridging loan.

Dubdalk were putting on pressure for their cash but the fai were awaiting cash of their own to come in

It was never the fai cash in the first place and it appears they were using the prize money from UEFA for clubs as a way of managing cash flow.

This all on his watch and how many years after he had been in charge and with an accountancy background. Bit odd the way he managed things.

major bill

Considering the fine margins LOI clubs operate off to survive this shows the level of care the FAI have for the league.

The ''Problem Child'' as it was once referred to, could you image as a child the Post office telling you to wait for your Cyril the Squirrel money until they cleared up their own cash flow issues, be fecking murder.

Mushy

Chancer3001 wrote: »

I just read that article. If anything it explains why delaney needed to make that 100k bridging loan.

Dubdalk were putting on pressure for their cash but the fai were awaiting cash of their own to come in

Why would the FAI be factoring in club-allocated prize money from UEFA to assist with cash flow? That's even worse, and shows them up for what they are.

As the other user said, massive financial audit required

Chancer3001

Dundalk asked them to hold the prize money and pay in installments. I was sure it was being held against dundalks will reading the posts here. Good to know thats nonsense.

It would be bad practice of the fai to leave this sit somewhere its not making interest. The correct thing to do is to put it in an interest-paying account.

Then dundalk asked for extra 300k and it took the FAI a month to sort it.

At the end of that year the FAI had a profit of over 2 million.

Short term cash flow problem isnt the end of the world or even a sign of bad management.

listermint

Chancer3001 wrote: »

Dundalk asked them to hold the prize money and pay in installments. I was sure it was being held against dundalks will reading the posts here. Good to know thats nonsense.

It would be bad practice of the fai to leave this sit somewhere its not making interest. The correct thing to do is to put it in an interest-paying account.

Then dundalk asked for extra 300k and it took the FAI a month to sort it.

At the end of that year the FAI had a profit of over 2 million.

Short term cash flow problem isnt the end of the world or even a sign of bad management.

They didn't ask for extra Anything.

It was their money. FAI should have had is accessible.

mugsymugsy

Mushy wrote: »

Why would the FAI be factoring in club-allocated prize money from UEFA to assist with cash flow? That's even worse, and shows them up for what they are.

As the other user said, massive financial audit required

Remember Conway when asked by O'Dowd and pressured for an independent forensic audit he wouldn't agree to it and just referred to grant Thornton and mazars both internal audits paid for by the fai and with their terms of reference.

Chancer3001

listermint wrote: »

They didn't ask for extra Anything.

It was their money. FAI should have had is accessible.

No. Dundalk asked for it to be paid in incrememnts.

Then they asked for a larger chunk to pay for astro. Which they got a few weeks later

amcalester

Chancer3001 wrote: »

Dundalk asked them to hold the prize money and pay in installments. I was sure it was being held against dundalks will reading the posts here. Good to know thats nonsense.

It would be bad practice of the fai to leave this sit somewhere its not making interest. The correct thing to do is to put it in an interest-paying account.

Then dundalk asked for extra 300k and it took the FAI a month to sort it.

At the end of that year the FAI had a profit of over 2 million.

Short term cash flow problem isnt the end of the world or even a sign of bad management.

Back when I worked in banking I dealt with a lot of Insolvency Practitioners, whenever they were dealing with a new client we (the bank) would open a new account for all funds of that client to be directed into. This account paid a nominal rate of interest and was accessible without notice.

There's absolutely no reason why the FAI couldn't have done something similar here.

Chancer3001

amcalester wrote: »

Back when I worked in banking I dealt with a lot of Insolvency Practitioners, whenever they were dealing with a new client we (the bank) would open a new account for all funds of that client to be directed into. This account paid a nominal rate of interest and was accessible without notice.

There's absolutely no reason why the FAI couldn't have done something similar here.

Maybe they got a better deal on interest

Chancer3001

Chancer3001 wrote: »

No. Dundalk asked for it to be paid in incrememnts.

Then they asked for a larger chunk to pay for astro. Which they got a few weeks later

If the UEFA money was in let’s say, a 30 day account, Dundalk would have known this from the start. They’d have been informed that any requests for monies would take X amount of time to transfer. Nothing wrong with that but the fact Dundalk were never told leads me to believe that transfers could happen instantly once funds were available.

amcalester

Chancer3001 wrote: »

Maybe they got a better deal on interest

Well then this goes straight back to the FAI using Dundalk's money for their own gain, and I'm sure Dundalk would have been made aware of this when they asked the FAI to hold onto the funds.

if an organisation is going to tie up funds that are effectively held in trust for someone else, then it should ensure that it has the cash-flow to cover any potential shortfall, this is something that the FAI obviously didn't do.

lawred2

Listening to second captains... Jeez what a total shambles. The entire thing. What a joke shop. The FAI and the Oireachtas Committee. Both shambolic.

Chancer3001

Strawberry Milkshake wrote: »

If the UEFA money was in let’s say, a 30 day account, Dundalk would have known this from the start. They’d have been informed that any requests for monies would take X amount of time to transfer. Nothing wrong with that but the fact Dundalk were never told leads me to believe that transfers could happen instantly once funds were available.

Maybe dundalk didmt know.

Or if they did know, maybe they wrongly assumed the FAI had access to 300k fairly quickly.

Maybe at other times of the year the FAI did have access to that cash (profit etc etc)

greenspurs

Tip of the iceberg.

A load of gangsters using their 'love of football' to run football in Ireland.
Delaney is a cowboy, it runs in the family.

There needs to a completely independent scrutiny of the financial dealings of all that are involved in the FAI.

They are a disgrace !

Chancer3001

Chancer3001 wrote: »

Maybe dundalk didmt know.

Or if they did know, maybe they wrongly assumed the FAI had access to 300k fairly quickly.

Maybe at other times of the year the FAI did have access to that cash (profit etc etc)

I don’t think Dundalk would have released a statement about when they requested and got paid their prize money IF they already knew that it was in an account that required notice to withdraw from.

I’m sure requests for funds are done in writing or email and not over the phone so the FAI writes to Dundalk saying “congrats, UEFA are sending your prize money to us in January and we will be lodging it into (my example) a 30 day account so please be advised that transfer to your account will happen in February.”

Dundalk writes back “thanks, is it possible to stagger the payments rather than receive it all in one go?”

Fai - “that’s absolutely fine but remember to allow 30 days from date we receive any transfer request”

Dundalk- “sound, no bother”

Chancer3001

Yeah im sure the fai dont know what kind of account gives the best interest until they actually receive the cash tho.

Dundalk - hey we want that money in incremennts please.

Fai - cool. WE'LL invest the rest, smart thing to do.

Dundalk - we actually want more now. 300k for astro. Asap.

Fai - crap. We'll see what we can do. *gets them the cash in a few weeks*

dundalkfc10

Chancer3001 wrote: »

Maybe dundalk didmt know.

Or if they did know, maybe they wrongly assumed the FAI had access to 300k fairly quickly.

Maybe at other times of the year the FAI did have access to that cash (profit etc etc)

It was Dundalks money, It should have been waiting in an account to pay out whenever requested

Chancer3001

dundalkfc10 wrote: »

It was Dundalks money, It should have been waiting in an account to pay out whenever requested

As i already posted. It makes more sense for the FAI to invest it rather than leave it sitting idle.

Chancer3001

Chancer3001 wrote: »

Yeah im sure the fai dont know what kind of account gives the best interest until they actually receive the cash tho.

Dundalk - hey we want that money in incremennts please.

Fai - cool. WE'LL invest the rest, smart thing to do.

Dundalk - we actually want more now. 300k for astro. Asap.

Fai - crap. We'll see what we can do. *gets them the cash in a few weeks*

Ah, chancer

All I have to do is open my AIB app and see current, loan and 7 day notice account. But I think 7 day one is gone now. Saying the FAI don’t know what type of accounts they have is making your position worse, not better 😂

Chancer3001

Think you misread my post