City takeover deal hits serious setback as deadline looms

HOPES for a deal which would secure Cork City’s immediate future have receded with the consortium bidding to take over the club from current owner Tom Coughlan saying it now looks “increasingly unlikely” that such a deal will take place.

Although it’s understood that significant progress had been made over the last couple of days, it appears that a substantial new debt emerged as late as last night in respect of professional fees owed by the club’s holding company. Some estimates earlier this week had put the club’s overall indebtedness at around €900,000.

Yesterday, the Quintas Group, on behalf of the consortium of Peter Gray, Michael O’Connell and the supporters’ group FORAS, announced that it was setting a deadline of noon today to finalise the takeover deal. However, they added that the prospect of such a deal happening was now increasingly unlikely.