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

cmac2009 · 06-12-2019 05:41PM

yabadabado wrote: »

Not too sure the auditors can be blamed ,if the FAI are hiding money etc is there much an auditor can do?
If it's not accounted for or disclosed anywhere how can it be found ?

Obviously the blame lies with the FAI, but we now have "adjustments" of 2.2m and 5.6m in 2016/2017. What exactly were these adjustments comprised of, and why were they not picked up originally? We're not talking about 50k here, it's millions. Struggling to understand how the FAI were able to hide such substantial amounts. Hopefully more details will be forthcoming.

NIMAN · 06-12-2019 05:47PM

I hope the media chase this to the end, and shame whoever needs to be shamed.

Stand at the end of their driveways and ask them questions til they answer. No-one should be allowed to walk away from this scot-free.

To be honest I am not surprised. I went to the Ireland Holland friendly a few years back and stayed in the Sandymount hotel out the back of the stadium. After the game, and the next morning at breakfast, the place was full of FAI men from all over the country with their wives and partners, all up to the capital on a jolly, and I'm sure all the expenses were picked up by the bankrupt association.

Zebra3 · 06-12-2019 05:55PM

NIMAN wrote: »

I hope the media chase this to the end, and shame whoever needs to be shamed.

Stand at the end of their driveways and ask them questions til they answer. No-one should be allowed to walk away from this scot-free.

To be honest I am not surprised. I went to the Ireland Holland friendly a few years back and stayed in the Sandymount hotel out the back of the stadium. After the game, and the next morning at breakfast, the place was full of FAI men from all over the country with their wives and partners, all up to the capital on a jolly, and I'm sure all the expenses were picked up by the bankrupt association.

The media have done their job.

Or rather Mark Tighe at the ST has.

It's time for the state to take of its' gloves.

NIMAN · 06-12-2019 06:06PM

Just reading an Indo piece and seen these lines:

The accounts also did not reflect pension and loyalty bonus agreements with former chief executive John Delaney, which would have seen the association liable for €3m in 2021.

Outgoing FAI president Donal Conway, who is to step down next month, said he had been unaware of the agreements with Mr Delaney.

Why would the President not be aware of such payouts?
Who made the arrangements with Delaney?

yabadabado · 06-12-2019 06:10PM

cmac2009 wrote: »

Obviously the blame lies with the FAI, but we now have "adjustments" of 2.2m and 5.6m in 2016/2017. What exactly were these adjustments comprised of, and why were they not picked up originally? We're not talking about 50k here, it's millions. Struggling to understand how the FAI were able to hide such substantial amounts. Hopefully more details will be forthcoming.

Someone from an auditors or accounting background may be able to answer it but from what I'm told the money was never disclosed in or out so there would be no trace on it.
Arent the adjustments to do with paying revenue etc ?
Hopefully someone here can shed more light on it.

artanevilla · 06-12-2019 06:19PM

Where are the John Delaney defenders that were in this thread a while back?

sydthebeat · 06-12-2019 06:21PM

artanevilla wrote: »

Where are the John Delaney defenders that were in this thread a while back?

hes on gardening leave ..........

lawred2 · 06-12-2019 06:21PM

Time to dissolve the FAI.

NIMAN · 06-12-2019 06:23PM

lawred2 wrote: »

Time to dissolve the FAI.

It might go bust anyway.
They have a lot of employees to pay wages to.

lawred2 · 06-12-2019 06:24PM

NIMAN wrote: »

It might go bust anyway.
They have a lot of employees to pay wages to.

Replace it with the IFAI. Recontract staff to the new association.

Or maybe time to consider approaching the IFA.

Dots1982 · 06-12-2019 06:29PM

lawred2 wrote: »

Replace it with the IFAI. Recontract staff to the new association.

Or maybe time to consider approaching the IFA.

And the debt?

lawred2 · 06-12-2019 06:30PM

Dots1982 wrote: »

And the debt?

The debt goes. That's what dissolution is.

They won't own anything like as it'll all have been sold off during liquidation but let's be honest here; who didn't see this being the ultimate outcome? There's been a bad smell emanating from the FAI for a long time.

salmocab · 06-12-2019 06:32PM

NIMAN wrote: »

It might go bust anyway.
They have a lot of employees to pay wages to.

I’d say unless the state step in it will go bust. It has very little assets and the things it does have notably half the stadium company is likely very difficult to shift even if it has value.
A planned closure with a new association done with UEFA and the states backing is the best that could happen but a lot of money would need to be repaid.

lawred2 · 06-12-2019 06:33PM

salmocab wrote: »

I’d say unless the state step in it will go bust. It has very little assets and the things it does have notably half the stadium company is likely very difficult to shift even if it has value.
A planned closure with a new association done with UEFA and the states backing is the best that could happen but a lot of money would need to be repaid.

I don't think a bailout for the FAI might not be something this government is likely to consider.

Unless it nationalises all of the FAI's assets.

salmocab · 06-12-2019 06:33PM

lawred2 wrote: »

The debt goes. That's what dissolution is.

They won't own anything like as it'll all have been sold off during liquidation but let's be honest here; who didn't see this being the ultimate outcome? There's been a bad smell emanating from the FAI for a long time.

It depends on who the debt is owed to, UEFA might make getting theirs back as part of letting Irish football under a new name back into competition

salmocab · 06-12-2019 06:35PM

lawred2 wrote: »

I think a bailout for the FAI might not be something this government is likely to consider.

Unless it nationalises all of the FAI's assets.

Currently I’d say it’s very unlikely but if we get to a stage where the fai is folding along with football in the country they may feel the need to act for the greater good.

Dots1982 · 06-12-2019 06:35PM

lawred2 wrote: »

The debt goes. That's what dissolution is.

They won't own anything like as it'll all have been sold off during liquidation but let's be honest here; who didn't see this being the ultimate outcome? There's been a bad smell emanating from the FAI for a long time.

Ok the debt’s magically gone somehow, brilliant.

And how does this new FAI pay its staff, how does it pay rent on the Aviva now that it doesn’t own it anymore?

salmocab · 06-12-2019 06:38PM

Dots1982 wrote: »

Ok the debt’s magically gone somehow, brilliant.

And how does this new FAI pay its staff, how does it pay rent on the Aviva now that it doesn’t own it anymore?

Well it doesn’t have staff at that stage and needs to rebuild. I don’t think anyone thinks it’ll be easy but better to have zero money and tiny staff than -50000000 and lots of staff.

yabadabado · 06-12-2019 06:39PM

Isnt the most likely outcome a restructuring of the debt with the bank and then a complete cull of FAI .Just a bare bones staff etc to run the place.

It could and most likely will be a very dark few decades for Irish football will follow.

lawred2 · 06-12-2019 06:41PM

Dots1982 wrote: »

Ok the debt’s magically gone somehow, brilliant.

And how does this new FAI pay its staff, how does it pay rent on the Aviva now that it doesn’t own it anymore?

You seem angry. Calm down. This isn't the second captains thread.

Of course the debt will be gone. The FAI will be history. And rightly so.

I wasn't really being serious about recontracting staff. I was being glib. The IFAI!!?

Dots1982 · 06-12-2019 06:42PM

salmocab wrote: »

Well it doesn’t have staff at that stage and needs to rebuild. I don’t think anyone thinks it’ll be easy but better to have zero money and tiny staff than -50000000 and lots of staff.

Zero money, tiny staff and no assets, no Aviva.... and how does this new association generate money? Not sure it’s a better situation at all to be honest.

There’s no magic spell that’ll fix this.

lawred2 · 06-12-2019 06:43PM

Maybe DOB can step in.

National team can be called Communicorp Football Association.

lawred2 · 06-12-2019 06:45PM

Dots1982 wrote: »

Zero money, tiny staff and no assets, no Aviva.... and how does this new association generate money? Not sure it’s a better situation at all to be honest.

There’s no magic spell that’ll fix this.

Of course there isn't. But it's an outcome that can't be a surprise to too many.

Is there an appetite nationally for bailing out the FAI?

Highly unlikely. It's not going to be an election winner.

Dots1982 · 06-12-2019 06:47PM

lawred2 wrote: »

You seem angry. Calm down. This isn't the second captains thread.

Of course the debt will be gone. The FAI will be history. And rightly so.

I wasn't really being serious about recontracting staff. I was being glib. The IFAI!!?

Yeah, I’m angry at this stupidity where grown educated people think you can just dissolve an entity and make a problem disappear. Life doesn’t work like that son.

salmocab · 06-12-2019 06:47PM

Dots1982 wrote: »

Zero money, tiny staff and no assets, no Aviva.... and how does this new association generate money? Not sure it’s a better situation at all to be honest.

There’s no magic spell that’ll fix this.

Certainly no magic spell, it would need outside help from the state,UEFA and sponsors. It would need public backing to get arses on seats at games. The thing is fai ran themselves into the ground and whilst the organisation itself is unlikely to get much sympathy it's the sport that needs the help and the less it has to do with anything that's gone on the quicker it can recover.

NIMAN · 06-12-2019 06:48PM

RTe and the FAI with the begging bowls out......its time mismanagement was punished instead of rewarded in this country.

lawred2 · 06-12-2019 06:48PM

yabadabado wrote: »

Isnt the most likely outcome a restructuring of the debt with the bank and then a complete cull of FAI .Just a bare bones staff etc to run the place.

It could and most likely will be a very dark few decades for Irish football will follow.

Possibly. But I doubt the FAI's corporate standing is going to be too high in the eyes Of lenders.

Might require UEFA or the Irish state going guarantor. Won't happen without a complete clear out.

Total mess.

But not a surprise.

lawred2 · 06-12-2019 06:49PM

Dots1982 wrote: »

Yeah, I’m angry at this stupidity where grown educated people think you can just dissolve an entity and make a problem disappear. Life doesn’t work like that son.

Nobody thinks that.

NIMAN · 06-12-2019 06:49PM

lawred2 wrote: »

Possibly. But I doubt the FAI's corporate standing is going to be too high in the eyes Of lenders.

Might require UEFA or the Irish state going guarantor. Won't happen without a complete clear out.

Total mess.

But not a surprise.

We have Brexit looking like its going to happen in the new year, Ireland might have more important financial issues to worry about, like huge job losses and trying to hold off another recession.

The FAI might be the least of their worries.

Dots1982 · 06-12-2019 06:52PM

yabadabado wrote: »

Isnt the most likely outcome a restructuring of the debt with the bank and then a complete cull of FAI .Just a bare bones staff etc to run the place.

It could and most likely will be a very dark few decades for Irish football will follow.

Yes this is the most likely solution. But even culled staff will require severance payments. So the next decade or two is fcuked.

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

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