New Owners?

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Philistine
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Re: New Owners?

Post by Philistine »

Pepsi wrote: Sun Mar 24, 2024 7:25 pm
Philistine wrote: Sun Mar 24, 2024 5:24 pm
mike wrote: Sun Mar 24, 2024 4:12 pm Sligo used almost all of the CL qualifying money, poss only 1 round too, in 2013 to partly fund that open seating area behind the goal.

I was out in town last night, a lot seem to be disputing the debt saying no was can be 750k, meaning that high and should have been money left. Seems someone not telling the truth.
Highly unlikely to be 750k, assumptions being presented as fact is where all these rumours come from.

Wouldn't make sense to sign so many new players, hire Peter Halpin, let Martin Connolly go etc if the club was that deep in the hole?
1. Without players .... in BA position you have no chance but to sign players, to make a return on investment or to make a go of it.
2. Hiring Peter Halpin, who has a successful record in business to replace Martin Connolly .... again makes sense if you are looking to secure your investment. If the €750k loss and disputes about bonuses are true ... MC has a lot of questions to answer. Where did the money go on his watch ...
3. If the club is that deep in debt ... then professional management is needed and that is PH. BA sees him as being the person to lead the club professionally into a new era and manage the money that himself and his investors put in.
All makes sense of course, something not right obvs. Lets just hope BA and PH can sort out the mess made over the last 4-5 years .
Shedtillwedie
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Re: New Owners?

Post by Shedtillwedie »

Why would MC have to answer anything about player bonuses? Surely his brother (don't forget he pocketed nicely from P6 sale - well over 1.75m and then took a club back for free with close to 2m in the bank according to some leading podcasts in the town) and the stats lads are the ones having to answer the questions.

The issue on the bonuses as I see it are;

The club agreed to pay 'x' % based on their European revenue. A gentleman handshake between the owners and Brian Gartland on behalf of the players. While nothing was signed, this, in the eyes of the law in Ireland, is still a binding contract and the club will be in SERIOUS trouble if they don't hold up their end of the agreement. That unfortunately is with BA and said bonuses were, I am told, not included in any due diligence figures or liability reports presented before sale. That is scandalous and reckless behaviour.

The PFA are actively involved now and one would hope that this is put to bed very quickly.

On the club being in deep debt, Peter Halpin is a sales man. And a good one from what we are led to believe. The club needs forensic review of their books. The 'proper books' and not ones fudged by the those who did so well from the club over the years.

It's so frustrating that a one sided narrative is still being played throughout the town by sad individuals once associated with the club who find themselves somewhat unemployable.

The club will bounce back but it will take time. SERIOUS investment is needed outside of the day to day running costs. If you want to how much is costs to run the club, just head to the square for a haircut
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mike
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Re: New Owners?

Post by mike »

I still can't see where the 750K loss is coming from, the takeover from SS / AC was meant to be smooth with some cash left, and with 550k from europe added?

Where is the black hole coming from, not exactly massive wages, gates (small % of income) not bad, and new sponsorship with 888 meant to be biggest in LOI (next year accounts).

I`m not buying the doom and gloom, but I suppose the accounts will reveal all.
Philistine
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Re: New Owners?

Post by Philistine »

mike wrote: Sun Mar 24, 2024 8:54 pm I still can't see where the 750K loss is coming from, the takeover from SS / AC was meant to be smooth with some cash left, and with 550k from europe added?

Where is the black hole coming from, not exactly massive wages, gates (small % of income) not bad, and new sponsorship with 888 meant to be biggest in LOI (next year accounts).

I`m not buying the doom and gloom, but I suppose the accounts will reveal all.
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Rossco
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Re: New Owners?

Post by Rossco »

Anyone else thinking a certain someone on this forum was recently let go by the club?
Shedtillwedie
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Re: New Owners?

Post by Shedtillwedie »

I really hope BA & PH & team give an honest assessment of the sh!tshow they inherited.

1. The playing budget could be what - €800k/€900k?
2. Staff budget (coaching) - €200k?
3. Staff - MC, Gavin and Gartland - €140k?
4. Insurance, Light & Heat, Rates & Maintenance of Oriel - easily €130k-€150k
5. Half of the European money is lost on travel, accom and board.

The medical costs for Mountney and Benson alone would be 50 grand.

Do the sums lads - the finances are poor.

MC, AC, SOC and AC have a lot to answer for.
Richie87
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Re: New Owners?

Post by Richie87 »

The trip to Iceland would have been quite costly. It's one of the most expensive countries to visit in Europe.
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mike
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Re: New Owners?

Post by mike »

Richie87 wrote: Sun Mar 24, 2024 10:30 pm The trip to Iceland would have been quite costly. It's one of the most expensive countries to visit in Europe.
Almost sure they went on standard flights , plus little travel out there as the club based in North Iceland played in the capital for this game.

For Gibraltar game they flew Aer Lingus into Malaga I think, coach down.
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Re: New Owners?

Post by Shedtillwedie »

The trip to iceland was a charter. I would say it cost 40/50k to charter a flight to Iceland given fuel and leasing/charter costs. Thats excluding the hotel etc...

Aer Lingus for some and some went from Belfast due to operational errors.

Height of summer in July to Malaga would be at least 400/500 per head return. Multiply that by circa 30/35 players, coaches and staff along with some friends of the club who got a free seat. That's approx €17.5/€20k before 2/3 nights in Gibraltar (15k for hotel?). And transport to Gibraltar.

They are simple numbers available to anybody who can use the internet.

Europe costs a lot of money - almost half, if not more, used for transport, travel, accom and board.
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Johnny Guitar
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Re: New Owners?

Post by Johnny Guitar »

Lads. Alot of you are confusing net losses with debt. While they are linked they are definitely not the same.
Net losses can contain non cash items like amortisation and depreciation etc.

Forget about the losses they're irrelevant because they're in the past, set down controls and procedures because it looks like some key controls were bypassed. focus on the debt, prioritise it and deal with it on an case by case bases.

If I was BA I'd be looking at cashflow even on a weekly basis. You need to lock down key weeks where you have little revenue coming and more expenditure going out. You don't want your bank accounts in the red
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mike
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Re: New Owners?

Post by mike »

I was sent this earlier, I know its his background, but should he not be 100% focused on the DFC project at hand?

https://selectma.com/south-shore-select ... al-growth/
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Re: New Owners?

Post by Pepsi »

mike wrote: Sun Apr 28, 2024 2:07 pm I was sent this earlier, I know its his background, but should he not be 100% focused on the DFC project at hand?

https://selectma.com/south-shore-select ... al-growth/
3 Way of looking at it .....

1. He has appointed staff at Oriel and wants them to do what he is paying them to do?
2. He needs cash and this job may mean a few bob more for DFC
3. Maybe this is his way of finding investment ..... owner of South Shore may be the investment that we have been hearing about or maybe he hopes to make contacts.

None of us know what exactly is going on, however from the moment BA took over, I have been saying he is fronting this for someone else with money. Interesting would be to know who the new investor(s) is/are or if the deal that JR claims is incoming has been signed.
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mike
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Re: New Owners?

Post by mike »

Pepsi wrote: Sun Apr 28, 2024 3:34 pm
mike wrote: Sun Apr 28, 2024 2:07 pm I was sent this earlier, I know its his background, but should he not be 100% focused on the DFC project at hand?

https://selectma.com/south-shore-select ... al-growth/
3 Way of looking at it .....

1. He has appointed staff at Oriel and wants them to do what he is paying them to do?
2. He needs cash and this job may mean a few bob more for DFC
3. Maybe this is his way of finding investment ..... owner of South Shore may be the investment that we have been hearing about or maybe he hopes to make contacts.

None of us know what exactly is going on, however from the moment BA took over, I have been saying he is fronting this for someone else with money. Interesting would be to know who the new investor(s) is/are or if the deal that JR claims is incoming has been signed.
What deal is this ? The club did announce weeks ago that further investment was secured, but there was no further details.
Pepsi
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Re: New Owners?

Post by Pepsi »

mike wrote: Sun Apr 28, 2024 4:40 pm
Pepsi wrote: Sun Apr 28, 2024 3:34 pm
mike wrote: Sun Apr 28, 2024 2:07 pm I was sent this earlier, I know its his background, but should he not be 100% focused on the DFC project at hand?

https://selectma.com/south-shore-select ... al-growth/
3 Way of looking at it .....

1. He has appointed staff at Oriel and wants them to do what he is paying them to do?
2. He needs cash and this job may mean a few bob more for DFC
3. Maybe this is his way of finding investment ..... owner of South Shore may be the investment that we have been hearing about or maybe he hopes to make contacts.

None of us know what exactly is going on, however from the moment BA took over, I have been saying he is fronting this for someone else with money. Interesting would be to know who the new investor(s) is/are or if the deal that JR claims is incoming has been signed.
What deal is this ? The club did announce weeks ago that further investment was secured, but there was no further details.
My understanding was that there is more investment on its way .....
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Towelie
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Re: New Owners?

Post by Towelie »

Yeah further investment on the way. Meant to be substantial.
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