Cork City confirm Coughlan resignation

Cork City Football Club have confirmed the resignation of Tom Coughlan as chairman of the club.

The club went on to say that the administration team at the club "is continuing the restructuring process already underway in a bid to ensure the financial stability of the club for the forthcoming season".

Included in this process will be the implementation of a player salary cap of €750 per week which will be effective from February 1, a figure in line with most other League of Ireland clubs.

The club statement went on to say that they "will be appointing an interim chairman to facilitate the smooth transition of ownership to those parties who have expressed an interest in taking over the club. In the meantime, General Manager Liam Meaney will continue to oversee the day-to-day running of the club."

Speaking this morning, Liam Meaney said: "It is crucial to secure potential future investment in the club in order to ensure the club’s continued participation in the League of Ireland.

"My understanding is that talks regarding the proposed takeover of the club are at an advanced stage, and it is hoped that these will reach a successful conclusion in the very near future."