City settle tax bill

Cork City FC in a statement this afternoon said it has settled its outstanding tax liability with the Revenue Commissioners.

City had last week secured an eleventh-hour reprieve from a High Court order to have the club wound up over its outstanding debt of €439,000 to the Revenue.

The Revenue on Friday said it was prepared to accept an initial payment of €210,000, with the club's holding company Cork City Investments FC given until close of business today to come up with the remainder.

The club was taken out of examinership last October after a scheme of survival was approved by the High Court under which significant investment was promised. Creditors, including the Revenue, were also to receive a percentage of the money owed to them.

In its winding-up petition Revenue claimed it has received only part of dividend monies and other taxes due to it under the survival scheme and, in those circumstances, sought a winding-up order.

The move paves the way for the High Court to quash the winding-up order on the club at a hearing tomorrow morning.