When the top team in the land overcome with financial problems and missing half a team, it's no time for the league to be taking out the party hats.

For those who don't know, it hasn't been all joyous public appearances with the league trophy for Shelbourne since mid-November. The manager's gone, the money's gone, the players have left or are in the process of and chairman Ollie Byrne has been making public admissions for the last week that all is not well.

Details of the crash? Well, it's a break-up of the huge and not-altogether pleasant variety. On the playing side, Stuart Byrne and Ollie Cahill are gone to Drogheda, Joseph Ndo and Gary O'Neill to St Pat's, David Crawley to Dundalk. Owen Heary is off to Bohs, Glen Crowe could do likewise, Jason Byrne is on trial with Cardiff, Bobby Ryan is wanted by Dunfermline, Liam Kearney will probably wind up back in Cork. Most of whoever's left have offers to consider from rivals. Chances are that when it comes to preseason training, Shelbourne will have only a few of last year's championship-winning squad of 20.

The only possible comparison of recent times might be to say we're talking a clearout of Juventus proportions here, only that while Juve were tutting and groaning at the injustice of it all while taking in Euro20million for Fabio Cannavaro and Emerson, Euro25million for Ibrahimavic etc, Shelbourne are losing players for a big fat zero.

Reasons for this are fairly simple. Ollie Byrne gambled by bringing in the top players but in the end Shels just weren't getting in enough gate receipts or money of any sort to even cover the massive wage bill. The only surprise is that it took so long before it all crumbled. The outcome is they head into the pre-season without a manager right now, with a shell of a team and a severely reduced budget to get and keep a new one. Oh and they need some investment to clear debts and could have problems getting their UEFA license in March for the Champions League.

It's had a ripple effect outside the club too. The Shels exodus has flooded the market, made the turnover of players from each club as high as it's ever been and all at a time when players are being snapped up by English and Scottish clubs for fun.

Truth is, Kevin Doyle has made cheap Irish talent the new Christmas toy that everyone wants. Bohs have cashed in on Stephen Ward, Wolves handing over something like Euro200,000 upfront with the possibility of the same again and a selling-on percentage to come; Cork City are hanging in there for £100,000stg for George O'Callaghan from Ipswich.

That's just for starters and there are a couple of ways of looking at this craze.

There's the Oh-my-Godisn't-it-great-how-popularwe-are-all-of-a-sudden mentality where we pat ourselves on the back and point to the goings as a sign that there is plenty talent in domestic football and it's about time that was recognised. Or there's the less optimistic view that only one, maybe two, players were sold for anything like what would be considered good money and that in a couple of months time the league could be without arguably its best keeper (David Forde), its top defenders (Danny Murphy, Seán Dillon), and the cream of the attacking talent (Stephen Ward, George O'Callaghan, Jason Byrne).

Add the most exciting player in the league (Roy O'Donovan), who's potentially only a snap decision by someone (Celtic, Wigan, Wolves, Ipswich all interested) away from packing his bags, along with the likes of Paul Keegan, Trevor Molloy, Patrick Kavanagh, Gary Dicker and Bobby Ryan who are gone or probably on their bike to England or Scotland. That's a fair shot of quality taken out of the picture for 2007.

Positives are there from the signings. The league gets greater exposure and respect, both here and across the water. People see enough guys go on to do well and they might give a second thought to attending a few games here. And with Stephen Ward and Roy O'Donovan, Irish clubs are copping onto the fact that they can hold out for more money, in certain circumstances.

Problems there too though. The obvious fact that the more quality that heads off, the less is left over. The fact that the likes of Motherwell, Dundee United, Dunfermline, Livingston are seen as a better bet than anyone over here. That a combination of lack of money and ambition leads to an inability to offer longer contracts, which in turn leads to players leaving for free.

Now in a way, that's just same as it ever was here - Stephen Ward's fee was mentioned as a record for a domestic player - Irish clubs were never well paid in transfer fees and will be selling clubs for a few years yet. But at a time where the quality levels are rising, and with clubs in Norway, Sweden and Scotland getting seven-figure sums , it's an area that needs looking at to block patterns repeating. Financial problems don't help though, not when you've got players talking of mortgages to be paid.

Imagine if a certain Irish striker had brought his Euro2.2million windfall into a domestic club this past week.

Right, back to reality. For us and for Shelbourne. That sort of week.