City’s fate to be sealed today
Shortly after 11am this morning, the High Court is set to hear an application to wind-up the club on the part of the Revenue Commissioners, a hearing which was adjourned two weeks ago pending the outcome of a takeover bid for the club.
Then, at 1pm, the club licensing committee will begin its final deliberations on the shape of the League of Ireland for the coming season with, as things stand, Cork City’s participation shrouded in uncertainty. And if current owner Tom Coughlan is able to settle with the Revenue in court today – the amount involved is some €115,000 – it could still be as late as this evening before any further clarity emerges, with City’s League of Ireland application set to be the last to go before the licensing committee.
Confusion reigned last night, as Cork City issued a statement saying that a takeover deal had been agreed, a claim which was swiftly denied by a spokesperson for the bidding consortium of two local businessmen and the supporters’ trust FORAS. In denying that any agreement had been reached, the consortium also threatened to withdraw its offer if a deal was not struck today.
According to the statement issued by the club, the takeover had been agreed but was “subject to Cork City FC obtaining a licence from the FAI, and the club is liaising with the FAI in order to ensure all necessary criteria are satisfied.”
The statement concluded: “The club expects to be in a position to make a formal announcement of the takeover in the coming days.”
However, this version of events was swiftly dismissed by the Quintas Group, on behalf of the consortium. Insisting that no agreement had yet been reached between the consortium and the current ownership of Cork City FC, Quintas issued a statement which expressed frustration at “the apparent lack of urgency within Cork City FC in relation to these negotiations. With a number of external deadlines [today] time is rapidly running out for a successful conclusion to talks.”
The statement went on: “If no agreement is reached before the licensing committee of the FAI makes its ruling and the High Court rules on outstanding monies owed to the Revenue Commissioners, the consortium will have no option but to withdraw the offer made to purchase Cork City FC from its current owners. The consortium sincerely hopes that an agreement is reached before these deadlines are reached.”
Earlier in the day, FORAS chairman John O’Sullivan said: “We’ve put in what we feel is a very fair offer. We very much hope that Mr Coughlan will decide to accept it but if something isn’t agreed by 11am (this morning) then it’s very hard to see what can be done to save the club. If Tom agreed to the deal, then we would hope that the court would agree to an adjournment and that the licensing committee will grant the new entity a license.”
Should the holding company of Cork City go under this morning, a club with that name could still get a place in the First Division under an earlier license application submitted in their own right by FORAS.
“That has always been our Plan B,” said John O’Sullivan. “We feel that what we have put together is the basis for a First Division license, although we accept that that’s no guarantee that we would be allowed to be in the First Division.”
Yesterday, owner Tom Coughlan came under more pressure to agree to the bid when the Lord Mayor of Cork, Dara Murphy, added his support to the rescue plan.
He said: “I have spoken to the chief executive of the FAI, John Delaney, to members of the only consortium I know to be interested in taking over Cork City FC, to members of some of the football clubs in our city, to creditors of Cork City FC and representatives of their supporters club FORAS.
“I believe there is as close to consensus as it is possible to have between the various groups who share the ambition of protecting the game of football in our city. I am particularly aware of the view of the supporters and the sport’s own governing body.
“I would like to thank Tom Coughlan for his contribution to Cork sport.
“I have spoken to Tom today and he accepts the requirement for a new way forward for Cork City FC. For the sake of sport in our city and county it is imperative a deal is agreed between Tom Coughlan and the new consortium. I am satisfied this is now the only option to maintain Cork City in the Premier League.”
CONNECT WITH US TODAY
Be the first to know the latest news and updates
