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Shelbourne in heavy debt
R. of Ireland - 31 January, 2007
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Irish eircom League champions Shelbourne, which is now without a manager or single senior player, is in debt and is in danger of being relegated to the First Division, the Irish Daily Star reported.
Shelbourne's debts, which are said to total as much as EUR 10 million, includes more than EUR 6 million drawn on the proposed sale of Tolka Park, more than EUR 3 million owed to several companies and individuals, and at least EUR 120,000 in unpaid players' wages and bonuses.
If an investigation into the club's accounts shows that debts going back to 2005 were not detailed in previous licensing applications, the club could face immediate relegation to the First Division.
If Shelbourne were downgraded, the club would most likely lose its Champions League and Setanta Sports Cup places for this year. Derry City would then take the title in Europe's top club competition and St. Patrick's Athletic would get the spot in the Setanta and UEFA Cups.
In the meantime, Waterford United, the club that was ranked 13th in the Independent Assessment Group's findings in December, would be in line for a return to the Premier Division.
Shelbourne's debts, which are said to total as much as EUR 10 million, includes more than EUR 6 million drawn on the proposed sale of Tolka Park, more than EUR 3 million owed to several companies and individuals, and at least EUR 120,000 in unpaid players' wages and bonuses.
If an investigation into the club's accounts shows that debts going back to 2005 were not detailed in previous licensing applications, the club could face immediate relegation to the First Division.
If Shelbourne were downgraded, the club would most likely lose its Champions League and Setanta Sports Cup places for this year. Derry City would then take the title in Europe's top club competition and St. Patrick's Athletic would get the spot in the Setanta and UEFA Cups.
In the meantime, Waterford United, the club that was ranked 13th in the Independent Assessment Group's findings in December, would be in line for a return to the Premier Division.
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