Thomas Davis to Fold?

[TacadoirArdMhacha]

Depends what side of the equation you mean Benny.

The DCB fully supported TD in the court case, so they can't realistically turn around and claim they didn't understand that losing would cost money, in this €500,000. Hence a group of people put down individual surities to ensure that the clubs assets were not at risk. Still have not had any indication as to why those bonds are not being drawn down by the High Court.

As for the other €1.5m, who knows what the situation with the borrowing. All will become clearer on Monday I suppose.

But in general, what happens if a club goes pop in a cloud of debt? Are the County Board or Croke Park left liable? Can the assets (land in this case) be siezed?

At the risk of appearing trite, you're the League of Ireland fan, you tell us.

The role of trustees is a strange one in the GAA. At times it appears frustrating that a small number of individuals with no mandate within the club can block decisions of the committee but I can see the argument for trustworthy individuals providing a level of consistency of approach.

[rionach 4]

I am a trustee of my club along with three others . My role is quite clear. In the event of the club winding up and in debt we have the right to sell of assets to settle any debt . We ourselves our not liable for any debt. We oversee the sale and if we are affiliated to the Gaa the county board wil hold onto the premises until such times as the  team may wish to reform again. It is in effect owned by the GAA but they will not sell it unless pursued by creditors.

i have every sympathy for the Tomas davis club and hope that they come to some financial arrangement to ensure their future.
I am not fully informed of their problem but from what I have read here the trustees are responsible for the overseeing of theclub should it discontinue but they are not liable for the debt. As someone earlier pointed out if they were reponsible for the debt who in their right minds would be a trustee.

[INDIANA]

Depends what side of the equation you mean Benny.

The DCB fully supported TD in the court case, so they can't realistically turn around and claim they didn't understand that losing would cost money, in this €500,000. Hence a group of people put down individual surities to ensure that the clubs assets were not at risk. Still have not had any indication as to why those bonds are not being drawn down by the High Court.

As for the other €1.5m, who knows what the situation with the borrowing. All will become clearer on Monday I suppose.

But in general, what happens if a club goes pop in a cloud of debt? Are the County Board or Croke Park left liable? Can the assets (land in this case) be siezed?

TD aren't going anywhere with the level of financial expertise they can call upon. They will restructure their debt with the banks like many organisations are. Its very simple if you're a bank manager. You're not going to pull the nuclear option because you will simply end up writing off the debt and it wont make you look very good at your job . TD Assets cant pay off that level of debt so no bank manager is going to be stupid enough to call it in. They will work with TD on a suitable repayment structure until TD's revenue streams improve. That way the Bank still has a chance of getting its money back. Could you imagine the bad publicity a financial institution would get from pulling the chain on a GAA club? No bank is going to be stupid enough to do it.

They were just unfortunate. The value of the land they secured the all-weather pitch on obviously went tits up and saddled them with a huge debt. But the level of bullshit being paraded on a messag-eboards and the papers in relation  to this case is crazy.

[Jinxy]

GAA clubs don't fold due to financial pressure.
This isn't the league of Ireland.

[Bogball XV]

GAA clubs don't fold due to financial pressure.
This isn't the league of Ireland.

neither do LOI clubs, they just reinvent themselves.

[Thewhataboutery]

Waste of a stadium, Thomas Davis would have had far more there than Shams, i know this for a fact. Thomas Davis are not Shamrock Rovers they are a proper club.

[dublinfella]

TD would average more than 4,000 punters every second week for about 30 games? Will you rev up. The dublin hurlers can't get close to those numbers

[dublinfella]

At the risk of appearing trite, you're the League of Ireland fan, you tell us.

I have no idea, but in soccer the clubs aren't vested into the FAI in the same way GAA clubs are, so its a moot point and ultimately irrelevant

The role of trustees is a strange one in the GAA. At times it appears frustrating that a small number of individuals with no mandate within the club can block decisions of the committee but I can see the argument for trustworthy individuals providing a level of consistency of approach.

If I am reading the story correctly, and I haven't been wrong in any of this yet, its the trustees who have backed out of paying the legal fees leaving the club liable

[Thewhataboutery]

TD would average more than 4,000 punters every second week for about 30 games? Will you rev up. The dublin hurlers can't get close to those numbers

Of course they don't but neither do Shamrock Rovers you go on about crowd figures on a different site yet you quote more than the figure they give? Trying to big up yourself. Get real you are a small club.

[Shamrock Shore]

My wife's brother is heading to the meeting. I told him to sign nawtin at the door.

I'll let ye know the outcome of the meeting and where the liabilities may lie. I may draft him a list of questions to ask.

[dublinfella]

The latter is rubbish for the earlier reasons I outlined. No bank is pull the nuclear option because getting some back is better then getting none at all. No bank is going to write off a 2m debt. As for the publicity thats would go with that- not worth it for any bank. 2m is mickey mouse for Irish banks. They are so much in the hoc- 2m is the equivalent of losing 10 cents out of  a grand. The debt will simply be restructured or a number of individuals I suspect will get together to put cash on the balance sheet for a time period.

I agree that the bank won't write it off, but you are on cloud cuckoo land if any Irish bank will walk away from 2m at the moment.... Get your head around the fact there is a significant chance the land TD play on will be in NAMA hands by the end of the year.

As for the individuals stepping in. Presumably you mean the same individuals who stepped in to cover the legal costs and stepped straight back out again when they actually had to put their money where their mouths were?

[Canalman]

Dublinfella, as far as I am told it is the allweather pitch costs which are the main  problems in TD. To keep harping on about "legal costs" all the time is just agenda driven.
Btw, where did you get NAMA nonsense from? Not applicable.

I know you are just itching to use the "k" word.

Don't fret , Thomas Davis have survived the 1920s, 1950s, 1980s and indeed all "recent" social upheavels that have hit Dublin and no doubt will survive this one also.

[magpie seanie]

More lies from dublinfella - what's new?

[dublinfella]

Dublinfella, as far as I am told it is the allweather pitch costs which are the main  problems in TD. To keep harping on about "legal costs" all the time is just agenda driven.
Btw, where did you get NAMA nonsense from? Not applicable.

About 1/4 is legal fees, and we know about them. I agree the majority of the debts are plain bad planning

I know you are just itching to use the "k" word.

Not really. But Its fair to ask questions of any club that allows a non officer or trustee have that much power.

Don't fret , Thomas Davis have survived the 1920s, 1950s, 1980s and indeed all "recent" social upheavels that have hit Dublin and no doubt will survive this one also.

Hopefully. But this has nothing to do with social upheaval. Stop blaming outside factors. Its a 100% self inflicted problem.

[dublinfella]

More lies from dublinfella - what's new?

Such as?

Like it or not I have called everything in relation to the trials and tribulations of TD 100% correct since day one.

I beat the papers by a few days on this one.

But you carry on sticking your head in the sand. They are broke, they have no ability to generate the revenues required, the begging bowl is out at a time when no-one has the money and the banks are desperate to claw back anything they can and the GAA don't have the resources to bail them out.

"But sure it will be grand...."