Former PD candidate in soccer club bid

A FORMER Progressive Democrats election candidate turned property developer is heading one of four groups trying to buy Cork City football club.

Cork-based developer Tom Coughlan, who stood as a PD candidate in the 1997 local elections, confirmed yesterday that his consortium is willing to invest €1 million in the troubled soccer club.

His group is one of four that lodged formal expressions of interest to buy the club with its examiner before yesterday’s 5pm deadline.

Mr Coughlan said his group will invest the money up-front without expecting a return on the investment.

He said he wants to see Cork retain its soccer club, and sees a significant role for fans in the future running of the club.

He has held meetings with the club’s fan’s trust, Foras, which has raised close to €50,000 to keep the club afloat, and outlined his vision and ambition for the club, which includes giving Foras a share of the club, and a seat on the board.

He is due to meet Foras directors this week to update them on the situation.

Foras director, Sinn Féin Cllr Jonathan O’Brien, said they have been impressed with Mr Coughlan’s approach during the examinership process.

“His vision for the club would be very much aligned to what we would see as a fans trust,” he said.

Mr Coughlan, originally from the Glen area of Cork, is behind plans for the €400m City Quays development in Waterford, he is redeveloping the Rushbrooke Hotel in Cobh. He also has business interests in London.

He has bought the Horseshoe Bar next to City’s home ground in Turner’s Cross.

It was unclear last night whether the Cork Hibernian Partnership is still in the running to buy the club.

Headed up by solicitor Gerald Kean and Cork magazine publisher Michael Mulcahy, it says it has €2 million to invest in the club.

Mr Mulcahy was poised to ask for the examiner for an extension of the 5pm deadline before meeting with his investors late last night.

He said his consortium held meetings with other potential investors yesterday and may withdraw from the bidding process and support other bids.

The club’s examiner, Kieran McCarthy, a partner with Hughes Blake chartered accountants, and business advisors, said it will take a day or so for him to examine all the documents received from the various groups last night.

He is to report back to the High Court on October 7.