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Limerick clarify licensing issue
LIMERICK FC have moved swiftly to diffuse any potential fall-out from an article which appeared in Friday's Irish Times in which Jack McCarthy expressed his "total surprise" at discovering that the club's licence to participate in the 2010 Airtricity League had been granted to a company other than the one he has invested €280,000 in, and still owns the majority of, without him being consulted.
In the article Jack McCarthy also insisted that the process to initiate a liquidation of the company which he was involved in appears to have been commenced and its only significant asset, the club and its licence, taken over by another company.
The club was contacted by Leader Sport and subsequently released the following statement on Sunday morning: "All trade creditors of Limerick Thirty Seven FC Ltd have been taken on by the new company Munster Football Club Ltd. The majority shareholder of Limerick Thirty Seven FC Ltd. resigned as a director of the company. The remaining director Pat O'Sullivan was unsuccessful in finding a replacement director for Limerick Thirty Seven FC Ltd.
"In order to ensure compliance with company law, a new company was founded.
"The trade creditors from Limerick 37 FC ltd were moved to the new company's balance sheet and a successful licence application was made under this new company which is in compliance with FAI licensing rules. This action was taken in order to ensure the continuation of senior soccer in Limerick. The club at all times have complied with company law and with club licensing requirements. Any insinuation to the contrary is entirely without foundation."
Jack McCarthy has acknowledged that Limerick Thirty Seven FC Ltd (LTSFC) had endured on-going financial difficulties before local businessman Pat O'Sullivan had taken over the funding of it.
Jack McCarthy and Pat O'Sullivan had exchanged correspondence through their legal representatives late last year concerning a possible buyout of McCarthy's investment which, in accordance with FAI regulations, would be made in the form of equity.
LTSFC had held Limerick's licence to play League of Ireland football during McCarthy's time in charge with the American paying off almost €200,000 in debt before investing almost another €100,000.
O'Sullivan became involved in the club last year when McCarthy stated publicly that he could no longer afford to subsidise Limerick FC and McCarthy subsequently resigned as a director of the club.
On Friday last Jack McCarthy said: "I'm disappointed that there wasn't more transparency and communication.
"I put a lot of my heart and a lot of my money into the club and I did hope that there might be some future involvement, but I feel now like eaten bread is soon forgotten".
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Thursday 09 February 2012
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