Last-minute save for Cork City

EMBATTLED Cork City FC secured a last-minute reprieve from a High Court order to have the soccer club wound up.

The court initially confirmed last Monday’s order to liquidate the club’s holding company, Cork City Investments FC, after finding the company was insolvent following the Revenue Commissioners refusal to accept a payment from the club of 210,000, plus certain undertakings to discharge the remainder of the debt of 439,000.

However, yesterday evening Ms Justice Mary Laffoy heard from Dermott Cahill BL, for Revenue, that it was prepared to accept an initial payment of 210,000 and that the remainder of the debt, 219,000, be paid by the close of business next Wednesday.

The club is also owed a VAT rebate of 10,000.

Mr Cahill said that once the final payment is made the winding-up order could be vacated.

It was further agreed that if that payment, which the court heard is to come from a London-based bank, is not made, Cork City Investment FC would not seek to have the stay extended, nor

appeal the making of the winding-up order to the Supreme Court.

The judge said that in light of the acceptance of that proposal she was happy to continue the stay to Thursday, when the matter would be mentioned before the duty judge at the High Court.

Dozens of City fans took to the streets of Cork yesterday to highlight their fears that the club was about to become extinct.

By lunchtime their fears looked to be well founded, but there was widespread joy when the club announced that a deal had been done with the Revenue Commissioners.

Supporters also welcomed news of an offer from Celtic FC to play a match in Cork which would provide a cash boost to the home side.

The news delighted Cork City FC chairman Tom Coughlan, who described the past couple of weeks as a rollercoaster of ups and downs.

“It’s absolutely fantastic that we got a settlement.

“I did feel the pressure because as chairman there was an obligation on me to keep the club going,” Mr Coughlan said.

The chairman said he

hoped other stakeholders would now get together with him to drive the club forward to ensure the club never faced such an uncertain situation again.

“There is certainly enough goodwill out there.

“It is now all about harnessing it for the future benefit of the club,” Mr Coughlan said.