Cash Plus owes football clubs

[Mosiah]

Cash Plus owes football clubs
Clubs yet to collect December payout from league sponsor
BY KAYON RAYNOR Senior staff reporter raynork@jamaicaobserver.com
Monday, December 31, 2007

Chairman of the Premier League Clubs Association (PLCA), Edward Seaga, says that if title sponsor Cash Plus cannot maintain its monthly payout to the group the nation's top football tournament "could be thrown into turmoil".


SEAGA... it won't be long before some clubs start dropping out because it's not possible to carry on
"... If they can't maintain their payments to us which is a monthly payment, it is going to throw the league into turmoil," Seaga said yesterday.

The newly-formed PLCA - which is an association of the 12 participating Premier League clubs - had not received December's payment and the PLCA head is a worried man at this stage.

"Well they've been up to date with us right through until December. December payment was missed," Seaga said at yesterday's premiership game between Tivoili Gardens and Seba United. Tivoli won 2-0.

Seaga's concern for the well-being of the rebranded Cash Plus Premier League (CPPL) heightened after the Financial Services Commission (FSC) ordered Cash Plus Limited, an alternative investment company, to cease its securities trading operations until it acquired a licence and for it to stop soliciting business in the financial market.

"...And it won't be long before some clubs start dropping out because it's not possible to carry on (the league) without the sponsorship and the sponsorship was negotiated on that basis, so we hope that they can work out something satisfactory," noted Seaga, who is also chairman of Tivoli Gardens Football Club.

Seaga, a former Prime Minister of Jamaica, indicated that sums drawn down on the $150-million three-year sponsorship deal were re-invested into Cash Plus to accrue interest that would eventually benefit member clubs. "...The accumulation would be a great benefit to us (PLCA)... but the way it's looking now we have a problem with just getting the current payment much less accumulation," Seaga added.

Following the FSC order, Cash Plus asked investors to hold strain for a three-month period as they take steps to regularise in accordance with the FSC.

Yesterday this newspaper reported general secretary of the Jamaica Football Federation (JFF), Horace Reid, as saying he does not expect the FSC ruling to affect the island's top football competition, noting that the JFF and Cash Plus will be having dialogue soon over the matter.

"We intend to have some discussions re the situation, but we are not expecting any major problem," Reid said.

Seaga said that the PLCA will also be pushing for an urgent meeting with Cash Plus. "We will be having some discussions with them in order to ensure that something is worked out," he said, noting that the PLCA board is scheduled to have their next meeting on January 8, 2008.

While the JFF runs the CPPL, the PLCA takes care of the business side of the competition.

[No Mercy]

I think Seaga and Burrell is operating under conflict of interest clause ..lol


Don't worry red bull or angostura will sponsor the league.

[Sickko]

Go dig up the archives, I asked months ago what was going to happen when Cash Plus went belly up or Cash less.....

[Assasin]

Seaga have back up plan. He had enough time to negociate another deal as a more than 3 months now Cash Plus under pressure.

PLCA’s has contingency plan following Cash Plus desist order

Monday, 31 December 2007

Chairman of the Premier League Clubs Association (PLCA), Edward Seaga say they have a plan 'B' should sponsors cash Plus Limited be unable to pay monies to clubs and run the island's top club competition.

The PLCA say it has not received monies for December from Cash Plus, to the run the premiership, as well as the prize money for end of first round champions Portmore United & runners-up Tivoli Gardens.

However, Cash Plus stated that as far as they were concerned the money was already sent to the PLCA.

The alternative investment club, which pledged $150 million for the running of the league for three years, will now do an internal check to see what exactly the problem is.

Mr. Seaga says although the PLCA has a contingency plan, he admits that the cease and desist order issued on Cash Plus may affect the monies which should be handed over to the clubs.

[Karl]

Why not one meeting?
What is this about the JFF saying

Yesterday this newspaper reported general secretary of the Jamaica Football Federation (JFF), Horace Reid, as saying he does not expect the FSC ruling to affect the island's top football competition, noting that the JFF and Cash Plus will be having dialogue soon over the matter.

"We intend to have some discussions re the situation, but we are not expecting any major problem," Reid said.

- Observer, Dec. 31, 2007

and the PLCA saying,

Seaga said that the PLCA will also be pushing for an urgent meeting with Cash Plus. "We will be having some discussions with them in order to ensure that something is worked out," he said, noting that the PLCA board is scheduled to have their next meeting on January 8, 2008.

- Observer, Dec. 31, 2007

...the giving of two statements making it seem that both parties - JFF & PLCA - have not spoken and decided on joint concerted action?

[Assasin]

do they have to? The goal is to get Cash Plus to pay up or they will be seeking new sponsors.

[Karl]

do they have to? The goal is to get Cash Plus to pay up or they will be seeking new sponsors.

Saves time and makes for united strong front!
Just makes sense!

...and, no they do not have to! ...not too different from not having to 'jump over a cliff'? Right?
...we all have opportunities to make most sensible decisions!

[Baddaz]

sickko.. i had also asked that question as well... nonetheless, it should have been a major and legitimate concern the moment the issue with cash plus was raised...

[Baddaz]

as a smart finance minister with extensive knowledge in the conduct of business, it would be more of a surprise if seaga did not have a contingency plan for most eventualities with respect to the source financing of the league...

[Assasin]

Not good thing fi the PLCA to align themselves with the JFF, they need to work with them when needs be but don't make themselves a part of the JFF.

[Mosiah]

Not sure if that's what Karl is saying. Combining efforts (aligning themselves) on this issue does not mean "making themselves apart" of each other.

[Assasin]

Might be true but they don't want to make themselves an arm of any JFF or even look like one. Them can sort it out later and I hope the are in contact with each other.

[Mosiah]

Yes, sass. Why do you have that fear? That's what I can't understand.

[Assasin]

Because the JFF usually have their own agenda and I assume the PLCA have their own as well.

Sometimes when you too chummy you ease up inna negociations. If the PLCA fail to do that then we might as well give it back to the JFF. They want to be a strong organization and not influenced by the JFF or anybody else execpt the clubs involved. This is not a Burrell and I can't blame if fi try and influence them, any leader would because he has the ultimate decisions.

[Baddaz]

don't understand either... independent groups have common interests and most often work together on the interest that binds them... in this case, the development of jamaica football...