Drumaville Consortium
Encyclopedia
The Drumaville Consortium was a group of seven Irish
businessmen and one English businessman led by former footballer Niall Quinn
, who were involved in the 2006 takeover
of English Premier League football club Sunderland A.F.C.
. The consortium
was named after the village of Drumaville in Donegal
.
was quoted as saying that the Drumaville Consortium was still intact and the individuals behind it remained the driving force behind the club.
On September 25, 2008 it was reported that Ellis Short
, a Dallas-based billionaire Irish-American fund manager, became the largest single shareholder in the Drumaville Consortium with a 30% buy-in. It was not known how this affected the shares of the original members. Short is one of the co-founders of Lone Star Funds
.
On 27 May 2009 Short announced that he had purchased the remaining shares of the club, becoming the sole owner. Quinn remained as Chairman.
Republic of Ireland
Ireland , described as the Republic of Ireland , is a sovereign state in Europe occupying approximately five-sixths of the island of the same name. Its capital is Dublin. Ireland, which had a population of 4.58 million in 2011, is a constitutional republic governed as a parliamentary democracy,...
businessmen and one English businessman led by former footballer Niall Quinn
Niall Quinn
Niall John Quinn honorary MBE is a former Irish international footballer, and the ex-chairman of Sunderland AFC. He still works at the club as an overseas manager. He is also heavily involved in the management side of horse racing...
, who were involved in the 2006 takeover
Takeover
In business, a takeover is the purchase of one company by another . In the UK, the term refers to the acquisition of a public company whose shares are listed on a stock exchange, in contrast to the acquisition of a private company.- Friendly takeovers :Before a bidder makes an offer for another...
of English Premier League football club Sunderland A.F.C.
Sunderland A.F.C.
Sunderland Association Football Club is an English association football club based in Sunderland, Tyne and Wear who currently play in the Premier League...
. The consortium
Consortium
A consortium is an association of two or more individuals, companies, organizations or governments with the objective of participating in a common activity or pooling their resources for achieving a common goal....
was named after the village of Drumaville in Donegal
Donegal
Donegal or Donegal Town is a town in County Donegal, Ireland. Its name, which was historically written in English as Dunnagall or Dunagall, translates from Irish as "stronghold of the foreigners" ....
.
Members
The consortium consisted of Niall Quinn and eight other businessmen:- Niall QuinnNiall QuinnNiall John Quinn honorary MBE is a former Irish international footballer, and the ex-chairman of Sunderland AFC. He still works at the club as an overseas manager. He is also heavily involved in the management side of horse racing...
had 1180 shares and was the Chairman of Sunderland A.F.C. – The former IrishRepublic of Ireland national football teamThe Republic of Ireland national football team represents Ireland in association football. It is run by the Football Association of Ireland and currently plays home fixtures at Aviva Stadium in Dublin, which opened in May 2010....
international striker was a fan's favourite during his spell at Sunderland. In 2002 he donated the proceeds of his testimonial matchTestimonial matchA testimonial match or testimonial game, often referred to simply as a testimonial, is a practice in some sports, notably football and especially in the United Kingdom, where a club puts on a match in honour of a player for service to the club....
to charitiesCharitable organizationA charitable organization is a type of non-profit organization . It differs from other types of NPOs in that it centers on philanthropic goals A charitable organization is a type of non-profit organization (NPO). It differs from other types of NPOs in that it centers on philanthropic goals A...
in both Sunderland and Ireland. Quinn often expressed his affinity for the club, and in 2006 reports began to circulate that Quinn had spoken to Sunderland chairman Bob Murray with regards to buying out Murray's sharesStockThe capital stock of a business entity represents the original capital paid into or invested in the business by its founders. It serves as a security for the creditors of a business since it cannot be withdrawn to the detriment of the creditors...
in the club. On 3rd July a successful offer for the club was announced, with Quinn becoming club chairman immediately, pending the successful purchase of 90% of the club's shares. On the 3rd October 2011 Sunderland confirmed that Quinn had stepped down as chairman and handed the role over to Ellis Short, the current owner on Sunderland, and had taken a back seat role in international affairs. - Charlie Chawke had 1180 shares – PublicanPublicanIn antiquity, publicans were public contractors, in which role they often supplied the Roman legions and military, managed the collection of port duties, and oversaw public building projects...
, and owner of the Charlie Chawke Group of pubsPublic houseA public house, informally known as a pub, is a drinking establishment fundamental to the culture of Britain, Ireland, Australia and New Zealand. There are approximately 53,500 public houses in the United Kingdom. This number has been declining every year, so that nearly half of the smaller...
. In October 2003 Chawke was shot in the leg during an armed robbery of one of his pubs.. - Louis Fitzgerald had 1180 shares – Owner of the Louis Fitzgerald Group of 24 pubs with an estimated wealth of £86m . The Dublin publican supremo added another asset to his licensed property portfolio, by snapping up The Arlington Hotel on Bachelors Walk near O'Connell Street in Dublin 1 in an off-market deal believed to be worth €37 million.
- Jack Tierney had 1180 shares – Property developer and owner of Faxhill Homes.
- Paddy Kelly had 2360 shares Paddy is a Property developer and owner of Kelland Homes, Rockbriar and Markland Holdings with an estimated wealth of £80m.
- Pat Beirne had 738 shares – Managing director of plastic company Mergon LTD.
- John Hays had 1180 shares and is currently Vice Chairman of Sunderland A.F.C. – Owner of Sunderland-based travel company Hays TravelHays TravelHays Travel Ltd is a travel agent based in Sunderland, England. The company has 43 branches and a call centre. It was founded in 1980 by travel entrepreneur, John Hays.- History :...
, Hays is the only Sunderland-born member of the consortium. - Patsy Byrne had 1180 shares – Property developer and owner of Byrne Bros (Formwork) Ltd, that was founded by Patsy and Johnny Byrne in 1969, and is one of the leading UK Concrete Frame contractors.
Purchase by Short
On September 7, 2008 it was reported in the Irish Sunday Business Post that new shares had been issued to raise additional funding of up to £50 million (€62 million) for new players. It was understood that a number of the original consortium members did not take part in the fund rising and therefore their percentage share holding reduced. Niall QuinnNiall Quinn
Niall John Quinn honorary MBE is a former Irish international footballer, and the ex-chairman of Sunderland AFC. He still works at the club as an overseas manager. He is also heavily involved in the management side of horse racing...
was quoted as saying that the Drumaville Consortium was still intact and the individuals behind it remained the driving force behind the club.
On September 25, 2008 it was reported that Ellis Short
Ellis Short
Ellis Short is a Dallas-based Irish American businessman, president of Lone Star Funds based in Texas...
, a Dallas-based billionaire Irish-American fund manager, became the largest single shareholder in the Drumaville Consortium with a 30% buy-in. It was not known how this affected the shares of the original members. Short is one of the co-founders of Lone Star Funds
Lone Star Funds
Lone Star Funds is a worldwide private equity firm based in Dallas, Texas, that specializes in purchasing distressed companies and assets, often well-known consumer brands that have seen better times or gone through financial difficulties due to leveraged buy-outs...
.
On 27 May 2009 Short announced that he had purchased the remaining shares of the club, becoming the sole owner. Quinn remained as Chairman.
Takeover
- On 19 April 2006, Quinn confirmed he was in the process of gathering a consortium for the purpose of launching a takeover bid for Sunderland. This followed a month of rumour and speculation.
- Nine days later, on 28 April, Sunderland confirmed they were in talks with a group led by Quinn, although they stated that no firm offer for the club had been made.
- On 14 June, Bob Murray announced his resignation as Sunderland chairman as of 30 June, but announced that he would remain on the board of directors of the club.
- On 3 July, Sunderland announced that they had accepted an offer from the consortium valuing the club at around £10m, with Niall Quinn becoming club chairman.
- On 27 July 2006, Drumaville Ltd took full control of Sunderland Football Club after securing 89.13% of the shares in Sunderland Ltd.
Short's buyout
- On 25 September 2008 Ellis Short bought 30% of the shares.
- On 27 May 2009 Short purchased the remaining shares.