Cork City takeover negotiations stalled

Finance consortium Quintas said tonight that negotiations with Cork City FC owner Tom Coughlan on the takeover of the club had stalled.

"An offer was made to the current owners of the club this afternoon and there has been no meaningful engagement in relation to the bid," a statement from the Quintas group said.

The group said that at this stage it was now focussing on the plan by FORAS, the Cork City Supporters Trust, to secure a First Division licence.

"The group would like to thank all the third parties that have been supportive of the bid and have facilitated the process," the statement said.

The group, fronted by Jim McCarthy, were first reported to be seeking to take over the embattled club late last year.

The consortium earlier set a deadline of midday today to complete the acquisition from current owner Coughlan.

Coughlan took over the Leeside outfit in October 2008 but they have been beset by financial woes.