Drogheda Utd future in serious doubt
Credit: Extratime Team (ETPhotos)
Drogheda United could cease to exist at the end of the month unless €200,000 is raised, a Q&A meeting on Monday night was told.
Following the Questions and Answers night held on Monday by the group of supporters who are in the process of setting up a new company to take over Drogheda United FC, the serious extent of the problem was explained with the supporters group in no doubt that if the sum of €200,000 is not raised by the end of January, the 92 year old club will cease to exist.
The group believe many supporters who failed to appear believe that someone will come to the rescue at the 11th hour and save the club. However, the small number of hardcore supporters who attended the forum left the meeting adament that this time there is no 'sugar daddy' or 'white knight' waiting in the wings in case things don’t work out. They now also fully understand exactly why 200K is needed.
Speaking on behalf of the three main shareholders in Drogheda United, Vincent Hoey, said “we are hugely encouraged by the calibre and dedication of the people that have taken it upon themselves to step forward to try and keep Drogheda United alive at this time. At the risk of repeating myself, I always saw myself as a custodian of Drogheda United for the people of the town and region rather than an owner or shareholder.”
“I and my fellow shareholders tried to make the club self-sustaining with our ambitious stadium plans", Vincent Hoey continued. That clearly didn’t work for reasons that are well documented. I sincerely hope that with more people involved now and with the offer of community ownership on the table that people will lend their unequivocal support to this group. I certainly will in any way that I can. Unfortunately, however, myself and the other shareholders are unable to financially underpin the club going forward”.
Jim Agnew was one of three supporters who joined the board of the club over a year ago when the idea of using the supporter-run Claret & Blue Club as a vehicle for community ownership was first mooted. Last night he spoke sincerely about how the group had worked over the last three months to try and come up with ways to keep the Boyneside institution alive and that this was the only viable option left. Flanking him at the top table, Frank Pentony, another long-time supporter, addressed the audience when asked by one “is there a plan B?” “This is plan C”, answered Frank. “Plan A was to try and get the Claret & Blue Club to a point where it could take over the club, that didn’t work, plan B was to try and get an investor, that didn’t work, this is the last throw of the dice”.
The group explained in detail why the figure of 200K is required and what it would be used for, outlined the fact that the projected shortfall (following news of a decrease in sponsorship for 2011) now stands at the 150K mark and that this includes a debt of 55K, some of which goes back to Examinership. Brian Markey, who is a member of the group's finance committee, reminded people that the club was also owed money, 14K, which it had been unable to collect.
Members of the group stressed that unlike in 2008 when the club asked for donations from the public to get it through the examinership process, this proposal is about asking people to buy shares and therefore own and have a say in the running of the club. It was made clear that any monies raised will be lodged in a dedicated bank account and, if by the end of January, the sum is insufficient to proceed, all monies will be returned to the applicants.
One supporter, Niall Gregory, captured the mood of the evening “the message simply isn’t getting through to people. I think they see it as the club crying wolf again. I felt the same before tonight but coming here and hearing you put it in these terms, I now understand that this is serious and why it is. The club will be wound up in two weeks if we don’t do something quick to raise money.” Niall went on to ask if the group are open to people making donations, no matter how small, if they can't afford to purchase a share. In response, Ronan Foley, another of the group’s financial committee, said "yes, we are open to all donations, but our preference would be for these donors to pool together and purchase a share, giving them something tangible in return for their money".
Jim Agnew was quick to dispel a suggestion from another supporter that it might make more sense to wind up the club, leaving no debts, and start afresh. “Yes, that would be an option”, he responded “however this is about building bridges with the community and with local businesses and about showing our bona fides. Many of the businesses that we owe money to have been great supporters of the club over the years and allowed us to avail of their services even when we were struggling to pay them. Doing that would certainly not be the way to foster relations within the community. In my book, that would be tantamount to stealing. We have come to arrangements with some of the creditors to pay our debts to them in stages and that’s what we intend to do with them all”.
Ideas proposed included using the club’s existing assets such as the club house, carpark etc to better effect, seeking volunteers in areas such as match stewarding, and a number of longer terms plans such as an all-weather pitch to generate income and save on maintenance. However, the take home message is that without the capital to sustain the club for the 2011 season and to invest in areas that could generate income long-term, and with no one in a position to underwrite any potential shortfall, Drogheda will no longer have a League of Ireland football club in 2 weeks time.
Following the Questions and Answers night held on Monday by the group of supporters who are in the process of setting up a new company to take over Drogheda United FC, the serious extent of the problem was explained with the supporters group in no doubt that if the sum of €200,000 is not raised by the end of January, the 92 year old club will cease to exist.
The group believe many supporters who failed to appear believe that someone will come to the rescue at the 11th hour and save the club. However, the small number of hardcore supporters who attended the forum left the meeting adament that this time there is no 'sugar daddy' or 'white knight' waiting in the wings in case things don’t work out. They now also fully understand exactly why 200K is needed.
Speaking on behalf of the three main shareholders in Drogheda United, Vincent Hoey, said “we are hugely encouraged by the calibre and dedication of the people that have taken it upon themselves to step forward to try and keep Drogheda United alive at this time. At the risk of repeating myself, I always saw myself as a custodian of Drogheda United for the people of the town and region rather than an owner or shareholder.”
“I and my fellow shareholders tried to make the club self-sustaining with our ambitious stadium plans", Vincent Hoey continued. That clearly didn’t work for reasons that are well documented. I sincerely hope that with more people involved now and with the offer of community ownership on the table that people will lend their unequivocal support to this group. I certainly will in any way that I can. Unfortunately, however, myself and the other shareholders are unable to financially underpin the club going forward”.
Jim Agnew was one of three supporters who joined the board of the club over a year ago when the idea of using the supporter-run Claret & Blue Club as a vehicle for community ownership was first mooted. Last night he spoke sincerely about how the group had worked over the last three months to try and come up with ways to keep the Boyneside institution alive and that this was the only viable option left. Flanking him at the top table, Frank Pentony, another long-time supporter, addressed the audience when asked by one “is there a plan B?” “This is plan C”, answered Frank. “Plan A was to try and get the Claret & Blue Club to a point where it could take over the club, that didn’t work, plan B was to try and get an investor, that didn’t work, this is the last throw of the dice”.
The group explained in detail why the figure of 200K is required and what it would be used for, outlined the fact that the projected shortfall (following news of a decrease in sponsorship for 2011) now stands at the 150K mark and that this includes a debt of 55K, some of which goes back to Examinership. Brian Markey, who is a member of the group's finance committee, reminded people that the club was also owed money, 14K, which it had been unable to collect.
Members of the group stressed that unlike in 2008 when the club asked for donations from the public to get it through the examinership process, this proposal is about asking people to buy shares and therefore own and have a say in the running of the club. It was made clear that any monies raised will be lodged in a dedicated bank account and, if by the end of January, the sum is insufficient to proceed, all monies will be returned to the applicants.
One supporter, Niall Gregory, captured the mood of the evening “the message simply isn’t getting through to people. I think they see it as the club crying wolf again. I felt the same before tonight but coming here and hearing you put it in these terms, I now understand that this is serious and why it is. The club will be wound up in two weeks if we don’t do something quick to raise money.” Niall went on to ask if the group are open to people making donations, no matter how small, if they can't afford to purchase a share. In response, Ronan Foley, another of the group’s financial committee, said "yes, we are open to all donations, but our preference would be for these donors to pool together and purchase a share, giving them something tangible in return for their money".
Jim Agnew was quick to dispel a suggestion from another supporter that it might make more sense to wind up the club, leaving no debts, and start afresh. “Yes, that would be an option”, he responded “however this is about building bridges with the community and with local businesses and about showing our bona fides. Many of the businesses that we owe money to have been great supporters of the club over the years and allowed us to avail of their services even when we were struggling to pay them. Doing that would certainly not be the way to foster relations within the community. In my book, that would be tantamount to stealing. We have come to arrangements with some of the creditors to pay our debts to them in stages and that’s what we intend to do with them all”.
Ideas proposed included using the club’s existing assets such as the club house, carpark etc to better effect, seeking volunteers in areas such as match stewarding, and a number of longer terms plans such as an all-weather pitch to generate income and save on maintenance. However, the take home message is that without the capital to sustain the club for the 2011 season and to invest in areas that could generate income long-term, and with no one in a position to underwrite any potential shortfall, Drogheda will no longer have a League of Ireland football club in 2 weeks time.
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