Liquidators Report of Rinkcorp

Twinkle · Jul 8, 2011

robbo2306 said:

So, if Ragan did not buy any debt, were all players paid up fully ? were all housing rents paid up fully ? was all equipment paid for ? were all shirts payed for ?......if they were then boy did you guys buy loads of stuff after Christmas !!

If, as you say, there were other options to take over the Steelers,where were they when all this mess started !! why have they not stepped forward now ?

No-one is ready to believe anything Paul says, which you mock...and yet you seenm to believe everything Mr Phillips says...do you realise how silly that is ???

DevilDom · Jul 8, 2011

Mark666 said:

Lets hope no potential new signings read that article. :shock:

Skippy · Jul 8, 2011

This is a little worrying

Liquidator John Cullen, of insolvency firm Harris Lipman, said: “It is difficult for me adequately to define what Rink Corp owns but my strategy is hopefully the survival of the clubs which will, in turn, create revenue for the creditors.”

Read More http://www.walesonline.co.uk/cardiffonl ... z1RVhsCSiJ

Hynod · Jul 8, 2011

skippy said:

I thought that, but read it again as creating revenue in the future for the creditors. :?:

Skippy · Jul 8, 2011

Hynod said:

Reading it again your right it is positive its just the word hopefully I don't like the sound of it suggests the possiblilty that it might not happen.

But I'm a glass half empty kind of a guy anyway.

Hynod · Jul 8, 2011

skippy said:

Skippy I could be wrong, just trying to remain positive on everything at the moment.

Koop11 · Jul 8, 2011

Wow, that’s a worrying amount of debt. A lot of this is still not clear IMO and a part of me doesn’t want it explained.

I think one thing is for certain, as we probably all knew anyway, is that you cannot be competitive in Elite League hockey playing out of the facility we currently have.

Dickie Dunn · Jul 8, 2011

Koop11 said:

I disagree. We were competative last year. The team did do well. The on ice worked better than most had hoped for at the start of the season.

Off ice though was a different matter. We as fans cannot blame the council for the owners' business model failing. Or PI or playing from a tent. If we had sold out last year game after game, or there was a waiting list for season tickets I would understand that sentiment. The BBT might not be new or posh, but it has served it's purpose & yes it needs replaced. But i still cannot find a way to justify either the leagues or the clubs failures on the venue.

My big concern is the very big black hole of cash that has vanished.

there is no trail of money going into the club, or money going out. only a list of Creditors.

drainage · Jul 8, 2011

robbo2306 said:

Not privy to all the inner workings of the clubs ...... My name isn't Bob ....but if Sheffield had no debts why were they in danger of folding ??

Seems odd to me ....and whilst you slinging mud you should remember had he not stepped in you wouldn't have been around to take the league last season.

Along with many I am not happy at what has happened but can be rational about it ......might be worth you reflecting on everything that has gone on

Smith is welcome to you .......where was he last season tho ??[/quote]
I'm sure some people don't read or listen.....

No I am sure people dont read or listen - why did you nearly fold ? I am sure it wasnt because someone paid the hot dog bill a bit late !

I along with everyone else dont know where the ST money is - I assume swallowed up in both clubs. But as a ST holder I have been told I will get a ST so I will get what I paid for .... funny those "interested" parties never came foward assume the tooth fairy was busy !!

As for St Paul comments - not sure you will find anymore people saying St Paul that you would see saying St Bob on this forum.

Sponge Bob · Jul 8, 2011

Dickie Dunn said:

Are you implying that the £300K+ paid to Rinkcorp for next year’s season tickets by both Devils & Steelers fans has been embezzled? If that’s the case it is your duty to report it to the police!

Thats if Uncle Bob hasn't done it already :lol:

steve · Jul 8, 2011

i can't trust Ragan until that black hole is explained.

Let's be honest - he's blamed everyone else in this, but the kind of losses he managed to acrue, we could have been selling out an area twice the size every week and still made a loss!!!

Sponge Bob · Jul 8, 2011

Take a safe average of 27 games x 1300 tickets per game (average £11 each) = £386,000.00

Then a sell out every game 27 games x 2400 tickets (average £11 each) = £712,800.00

That only an extra £326,800.00, doesn’t even reduce the initial liquidators debt analysis by half.

Taking into account the facts already stated that both Devils & Steelers were taken over with no debt and free ice time in Cardiff; thats some serious over spend somewhere within a 12 month period!

James · Jul 8, 2011

Maybe they were hoping to sell 1000+ tickets to the polo

anderson · Jul 8, 2011

This is my first posting on here. I am a Sheffield fan, but probably one with a differing opinion to some posters on here. I firmly believe that had Paul Ragan not taken on the Steelers, the club would have folded. There were no options apart from a consortium who weren't willing to pay Bob a penny. As for the no debt, that's a laugh! Of course there was. There were lots of report about tax and NI for players being unpaid etc. Tony Smith was going to be a rinkcorp investor but reportedly changed his mind after due dilligence checks. He was very much involved in the Steelers last season.

The amount of debt is horrendous, but you have to now put it behind you, get behind your team and give them your full support. Just like I will be doing in Sheffield!

Anonymous · Jul 8, 2011

robbo2306 said:

Why? Just because he was owner of the Devils also? As Drainage says, where would you be if he hadn't of done what he did. Before you slag him off you should buy him a pint or three first !

kettdevil1 · Jul 8, 2011

anderson said:

This is my first posting on here. I am a Sheffield fan, but probably one with a differing opinion to some posters on here. I firmly believe that had Paul Ragan not taken on the Steelers, the club would have folded. There were no options apart from a consortium who weren't willing to pay Bob a penny. As for the no debt, that's a laugh! Of course there was. There were lots of report about tax and NI for players being unpaid etc. Tony Smith was going to be a rinkcorp investor but reportedly changed his mind after due dilligence checks. He was very much involved in the Steelers last season.

The amount of debt is horrendous, but you have to now put it behind you, get behind your team and give them your full support. Just like I will be doing in Sheffield!

Welcome to The Inferno and thank you for being a Sheffield voice of reason. Claims by others of "no debt" in Yorkshire are disingenuous at best....

Kipper · Jul 8, 2011

Well roughly £145k of Devils season ticket money for 2011/12 has disappeared into a black hole.Probably double that for Steelers. How can that amount of money disappear on purely hockey associated expenditure in such a short period of time? No doubt the liquidators will be asking similar questions.

I happened to be at the rink today and helped players and others quickly move all the usable Devils equipment from the storage containers as lorries had arrived on site to remove the containers because bills hadn't been paid to the supplier Hewden.The (now empty) containers are still there because they are connected to the mains and the drivers didnt have the authority to disconnect them.

Enter stage left,a representative of the liquidator to view all the equipment.

toy_car_uk · Jul 8, 2011

Rhythm said:

All that matters is the Cardiff Devils. All that has EVER mattered is the Cardiff Devils. Anyone who thinks my motives for working at the club are personal is wrong and you say anyone who thinks the same about you is wrong also. You have made sacrifices to support the club and so have many others, in some small way myself included.

I love this club. It's time for action not words. Deeds not postings. Support not observation. I know what I will do to help the club rebuild - and it's more than being shocked at the creditors list. I know you can do much too, and I look forward to seeing you helping the club as we both know you can.

Time to enter the trenches again perhaps.

My bold, I am sure there is a motto for the Red Army in rhythms words here somewhere. May be even a song by the guys behind brad voth is coming.

Fubar · Jul 8, 2011

Sponge Bob said:

Funny that that figure is roughly the same that Regan is owed by rinkcorps!! But why is owed that when he publicly stated he didnt make a penny last year and that was why he was taking a salary this year.....

toy_car_uk · Jul 8, 2011

robbo2306 said:

While he may not have bought any debts, he may well have become liable to any NIC and Inc. TAX obligations under TUPE legislation.

robbo2306 said:

I think this is another misrepresentation of the truth, There is a big difference between predicted revenue from season tickets and money you have in the bank. How many of the season tickets do you relay think were paid for in full up front? The financial values being quoted are by some are in excess of a 100% of them.

Liquidators Report of Rinkcorp

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