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

salmocab · 06-12-2019 06:53PM

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.

Don’t think anyone thinks the problem will disappear but you can certainly dissolve the entity.

salmocab · 06-12-2019 06:54PM

Dots1982 wrote: »

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

Staff are unlikely to get anything beyond statutory from the state, think that’s 2 weeks per year of service.

Dots1982 · 06-12-2019 06:57PM

salmocab wrote: »

Don’t think anyone thinks the problem will disappear but you can certainly dissolve the entity.

Fair enough, the post that started this flare up glibly suggested to dissolve the entity and rehire the staff. Didn’t mention the debt. No point offering suggestions without addressing the debt because the debt is the main problem. The FAI being toxic is another issue but a smaller one.

Zebra3 · 06-12-2019 06:58PM

salmocab wrote: »

Staff are unlikely to get anything beyond statutory from the state, think that’s 2 weeks per year of service.

Yep, and a lot of staff on about 25 grand a year.

They'd get a pittance if they're lucky.

salmocab · 06-12-2019 07:03PM

Zebra3 wrote: »

Yep, and a lot of staff on about 25 grand a year.

They'd get a pittance if they're lucky.

Out of a job and lots of them on the sporting side are Unlikely to get any similar roles. It really is a cluster f*** and has obviously been brewing for a long time.

Seth Brundle · 06-12-2019 07:08PM

Has there been any word from Michael Healy Rae on today's revelations?

yabadabado · 06-12-2019 07:10PM

Seth Brundle wrote: »

Has there been any word from Michael Healy Rae on today's revelations?

That family are a bit busy themselves today .Best he keeps his head down .

Chardee MacDennis · 06-12-2019 07:13PM

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.

That's pretty much how limited liability companies work. The problem (debt) doesn't just go away but is passed onto its creditors... A new separate entity can be created with no assets and no liabilities to step into the role of national football association left by the fai. Whether FIFA or Uefa would allow it is a big question. Not sure I know of any precedent

Mr.Nice Guy · 06-12-2019 07:17PM

This will be a big disappointment to the FAI apologists on here - who definitely don't have anything to do with the organisation - who have been trying to defend this utterly disgraceful sh*t show. Had one tell me a few weeks back Delaney is gone so he can't keep being used as an excuse! He's got himself a very cushy pension payment we now learn. Still bleeding the body dry.

This literally sums it up:

https://twitter.com/gavreilly/status/1202971080438288385

Absolute embarrassment and they should rebrand at this stage. The FAI will never hold any credibility in this country after this.

Dots1982 · 06-12-2019 07:19PM

Chardee MacDennis wrote: »

That's pretty much how limited liability companies work. The problem (debt) doesn't just go away but is passed onto its creditors... A new separate entity can be created with no assets and no liabilities to step into the role of national football association left by the fai. Whether FIFA or Uefa would allow it is a big question. Not sure I know of any precedent

Whether it would be a good idea to start a new association with no protection because it has no assets anymore is also a key consideration.

artanevilla · 06-12-2019 07:19PM

Just a note that legally the state cannot bail the FAI out.

Oat23 · 06-12-2019 07:22PM

Dots1982 wrote: »

Yeah, I’m angry at this stupidity

:pac:

Dots1982 wrote: »

Take your hunch to paddy power. He’s 14/1 to leave the post by the end of the year.

Dots1982 wrote: »

Delaney is at worst incompetent & overpaid. This idea from some posters that the FAI need to be investigated for Financial misconduct...any shred of evidence for this?

Dots1982 wrote: »

Do I think it’s outright dodgy dealing? No I don’t think it is to be honest.

Dots1982 wrote: »

There’s no money missing. The accounts are completed by independent auditors. They would need to be in b the scam. The chances of that are even more remote.

You’ll never bring down the FAI this way. I’ve posted how I see the best way to reduce their stranglehold over Irish football.

Dots1982 wrote: »

Their end of year accounts are freely available to view and independently audited. Not sure what more you want.

Dots1982 wrote: »

In all seriousness, that has absolutely zero chance of happening. What kind of dreamers exist on this forum.

The “FAI are not fit for purpose” someone said. There purpose is to support and organize all levels of the association football in Ireland or as they put it in a longer way..

Does anyone want to explain to me how the FAI are not fit for purpose?

tastyt · 06-12-2019 07:25PM

What does the league do now though?

There will obviously be a decrease in prize money which is already derisory, if there is any prize money at all.

Will they have to hope for private investors to take over the whole thing now, and how realistic is that?

I reckon Quinn and his backers would be more interested with no fai involvement.

The all island league looks more essential for our clubs today more than ever, but now the IFA seem to be holding all the cards.

Its ****ed

Fann Linn · 06-12-2019 07:27PM

artanevilla wrote: »

Just a note that legally the state cannot bail the FAI out.

Good.

The state is as bad as the FAI for trying to balance the books or complete projects within budget.

irishgeo · 06-12-2019 07:29PM

cmac2009 wrote: »

Deloitte have stated they were unable to attain all the required information and explantions necessary to complete the audit. Furthermore, they cannot confirm the veracity of the directors reports. So does that mean that this diabolical set of accounts is probably worse than they've reported.?

Also, were they the auditors throughout this period? Who signed off on the accounts for 2016/2017. Time and time again we see this with company audits, seems like such a sham.

you have to ask deloitte considering they were the auditors, doesnt look good for them with millions messing.

tanko · 06-12-2019 07:32PM

irishgeo wrote: »

you have to ask deloitte considering they were the auditors, doesnt look good for them with millions messing.

How long have Deloitte been the auditors for the FAI?

beertons · 06-12-2019 07:34PM

artanevilla wrote: »

Filing incorrect accounts is criminal.

I'd personally like to report who ever signed off on this.

MrMusician18 · 06-12-2019 07:35PM

Mr.Nice Guy wrote: »

This will be a big disappointment to the FAI apologists on here - who definitely don't have anything to do with the organisation - who have been trying to defend this utterly disgraceful sh*t show. Had one tell me a few weeks back Delaney is gone so he can't keep being used as an excuse! He's got himself a very cushy pension payment we now learn. Still bleeding the body dry.

This literally sums it up:

Absolute embarrassment and they should rebrand at this stage. The FAI will never hold any credibility in this country after this.

Rebrand? Lol. Disband more like.

All as a result of mismanagement, of course plenty of people here were happy to ignore this for so long as long as they got to dance, sing, get drunk and be da best fans in de wurld...

malinheader · 06-12-2019 07:35PM

Can anyone explain the pension contribution that was made and how much was it

Seth Brundle · 06-12-2019 07:37PM

https://twitter.com/LarsBiscuits/status/1202958324448276481?s=19

NIMAN · 06-12-2019 07:37PM

tastyt wrote: »

What does the league do now though?

The all island league looks more essential for our clubs today more than ever, but now the IFA seem to be holding all the cards.

Its ****ed

I was just about to buy 2 season tickets for the coming season.

Think I'll hold off for a while.:(

shanec1928 · 06-12-2019 07:38PM

Oat23 wrote: »

:pac:

Pity auld chancer hasn’t popped up again in this thread

irishgeo · 06-12-2019 07:40PM

tanko wrote: »

How long have Deloitte been the auditors for the FAI?

since 1997 and made a million while doing it. surely they should be reported for this too.

NIMAN · 06-12-2019 07:44PM

Is the point of auditors coming in every year not to say "hey lads, we might have an issue here"?

How come it can get so bad and go either unnoticed or not mentioned for so long?

salmocab · 06-12-2019 07:48PM

NIMAN wrote: »

Is the point of auditors coming in every year not to say "hey lads, we might have an issue here"?

How come it can get so bad and go either unnoticed or not mentioned for so long?

I know nothing about this stuff but presumably they can only audit what they’re shown.

CrowdedHouse · 06-12-2019 07:51PM

https://twitter.com/MallowNews/status/1203020356908441601

Deise Vu · 06-12-2019 08:06PM

malinheader wrote: »

Can anyone explain the pension contribution that was made and how much was it

I’m a Charteted Accountant (former classmate of Paul Cooke’s !) and I’m baffled by the figures quoted. We were told the 2016 and 2017 directors emoluments were restated because BIK and JDs pension and bonus scheme of €1m and €2m due in 2021 were excluded. The restatements were from €430k to €1.1m and nearly €1m. That’s an uplift of about €1.25m.

We were also told that JD got a settlement of €460k to cover off pension and other entitlements this year. So what did JD really get? Was the restatement because he was actually receiving these payments in those years and they were declared under another heading (which would be unbelievable incompetence on behalf of even the board of the FAI not to mention the auditors). Or, was the true settlement JD received buried in the previous years restatement PLUS the €460k received this year.
In my view it can only be one or the other, or am I missing something? The BIK can’t have been that huge. As far as I know that was the free house worth about €36k pa.
If anyone has any more detail, I would love to hear it. Also, I would love to hear if Conway told us who were the Directors who were “authorized “ to deal with JD and what form this authorization took and if he could show us the board minutes recording the decision.

06-12-2019 08:15PM

CrowdedHouse wrote: »

https://twitter.com/MallowNews/status/1203020356908441601

What was that? Deleted.

CrowdedHouse · 06-12-2019 08:20PM

ReginaldSmythV wrote: »

What was that? Deleted.

FAI to be renamed Allied Irish Football

06-12-2019 08:21PM

CrowdedHouse wrote: »

FAI to be renamed Allied Irish Football

Would be fitting at least.

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

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