PLCA dumps Cash Plus

[Karl]

Friday, April 11, 2008



PLCA dumps Cash Plus

EDWARD SEAGA, chairman of the Premier League Clubs Association (PLCA), yesterday evening said the organisation has severed all ties with Premier League sponsor Cash Plus Limited, the embattled investment company which a receiver on Wednesday declared bankrupt and unable to repay investors.


http://www.reggaeboyzsc.com/articles...278&category=1

[Mosiah]

Thank God Boxhill was not responsible. All now him woulda deh pon him way to Golgotha.

[Assasin]

How so? A Seaga them baby so them have to deal with it.

It happen all the time, a same thing happen when Enron went under man have fi change them Enron stadium name and look new sponsor.

[Mosiah]

But Seaga and company are being dealt with respectfully. Mek a did Boxhill!

[Assasin]

maybe you right, as them expect Seaga fi get another sponsor.

Even the EPL went through this a few years ago when one a them media sponsor went south.

[Hortical]

Are you referring to Boxhill? The greatest administrator the Caribbean has ever seen?

[Me]

We still allowed to mention Boxhill's name. It is full time the RBSC implement a filter so that we do not see that name again.

[Mosiah]

CASH PLUS SPONSORSHIP FOR FOOTBALL TERMINATED

The Premium League Football Association (PLCA) has terminated the agreement between the PLCA and Cash Plus for sponsorship of the National Premier League Competition. This has become necessary because of the failure of Cash Plus to make payment on $28.5 million of arrears owed by Cash Plus to the PLCA.

The PLCA recognizes, however, that $32.5million was paid by Cash Plus between October 2007 and February 2008. That amount was far more than any sum received on sponsorship by the clubs in previous years.

I have approached the Sports Development Foundation for emergency assistance since all the clubs have stated in a letter to me that they will be unable to finish the season which ends within two months, unless they can now get some significant support.

At the same time, we will now begin the search for a new sponsor for next year in order to have a smooth transition.

The 500,000 spectators and football fans will be kept abreast of developments to save the future of football.


Edward Seaga
Chairman

April 11, 2008

[Mosiah]

heheh!

[Me]

If they have received more money from that time period than any previous year, why aren't the clubs able to finish the season?

Did they go on a spending spree or am I reading the letter wrong?

[Mosiah]

Well, the clubs are always in a financial hole so I would expect them to have used that money for the many things they always wanted to get done. 32M between 12 clubs is nothing, really!

[Farmah]

The money offered for the sponsorship was good...actually too good to be true, so Eddie et al should've questioned the sustainability and validity of Cash Plus' base. There were several hints that things would go wrong. Even the august Sickko gave insinuations that something was wrong with the people at Cash Plus, and I think(?) he went as far as pointing out that the Cash Plus people had been down that road before in the USA.

Well well, let's hope that JWray and kins will be willing to underwrite the league once more.

[Assasin]

ah well Brethren a suh life go. Them never expected to down so fast. The fact is Wray and Nephew sponsorship was not enough as most teams were not meeting their obligations.

All them have fi do is find a new decent sponsor.

[Karl]

CASH PLUS SPONSORSHIP FOR FOOTBALL TERMINATED

The Premium League Football Association (PLCA) has terminated the agreement between the PLCA and Cash Plus for sponsorship of the National Premier League Competition. This has become necessary because of the failure of Cash Plus to make payment on $28.5 million of arrears owed by Cash Plus to the PLCA.

The PLCA recognizes, however, that $32.5million was paid by Cash Plus between October 2007 and February 2008. That amount was far more than any sum received on sponsorship by the clubs in previous years.

I have approached the Sports Development Foundation for emergency assistance since all the clubs have stated in a letter to me that they will be unable to finish the season which ends within two months, unless they can now get some significant support.

At the same time, we will now begin the search for a new sponsor for next year in order to have a smooth transition.

The 500,000 spectators and football fans will be kept abreast of developments to save the future of football.


Edward Seaga
Chairman

April 11, 2008

I also knew this would happen -

The 500,000 spectators and football fans will be kept abreast of developments to save the future of football

Save football?
Seaga needs to think of getting a sponsor for the PLCA and leave saving football alone. Just do your part...yuh aving problem wid dat areadi!

The 'thousand and one' persons working in football - players, coaches, administrators, fanz and others in diverse organisations and entites are making sure football's future is bright!

Jus tek care a di PLCA? si iffen yuh cyaan angle dat?

[Assasin]

Everybody knew it would happen but when the deal was signed NOBODY said anything, not until months after.

The fact is a few years ago one of the biggest Media Company for the EPL and UK leagues went buss and reduce the money each team got.

Enron went buss even when they sponsored many sports activities in the US.

Them just have to move on, as no company is guranteed to stay afloat, not even Wray and Nephew.

Look at Air Jamaica had a deal with JFF and Virgin took the English route and will not honor it so nothing gurantee.