Consortium set midday deadline for Cork City takeover

The consortium looking to take over at Cork City have set a deadline of midday today to complete the acquisition from current owner Tom Coughlan.

Quintas Group said the debt levels at the club are even higher than initially believed, in the region of €900,000, while there is also uncertaintly over the provision of future loans to the Leeside outfit.

However, the group said it is looking increasingly unlikely that such a deal will take place.

According to McGuire Desmond Solicitors, acting for the group, a lack of verification and certainty regarding particular pledges that may have been made in securing possible loans to the club are proving to be a "serious impediment to the deal progressing".

There group said are also issues with new debts being uncovered during the course of due diligence as well as doubts over the title to shares within the club.

The group said they also feel that there is "a lack of information coming from the current owners of the club regarding many of these issues".