The High Court has rejected a last-minute application to put a stay on the winding-up of Cork City.
The club had announced its intention to appeal last night's decision by the FAI's independent licensing committee to refuse them permission to compete in the Premier Division this season.
However, it appears that the club's owner Tom Coughlan has run out of options to keep the club afloat.
The majority of the club's players are now expected to be snapped-up by the new franchise after Cork City's supporters' trust, FORAS were awarded a First Division licence last night.
Sonia O'Neill of FORAS has said that they will be ready to compete by the start of the new season.
The consortium consisting of Peter Gray, Michael O’Connell and supporters’ group FORAS (Friends of the Rebel Army Society), earlier expressed its anger and frustration that the bid to save to club had run aground, criticising the actions of current CCFC owner Tom Coughlan.