Cork City supporters' trust to vote on sale of club to outside investor

Wednesday will see the members of Foras, the supporters’ trust which runs Cork City, vote on whether or not an outside investor should be allowed to avail of a call-option to purchase the club.

Set up in 2007 as a safeguard for the future of City, Foras took over prior to the 2010 season after a Premier Division licence had been refused. For the past decade, the fan-owned outfit has won the Premier Division once, two FAI Cups and a first division title but financial problems over the past few seasons led to a situation at the beginning of this year where the club’s existence was in danger.

At that time, Preston North End agreed to purchase sell-on clauses City held for Republic of Ireland internationals Seán Maguire and Alan Browne and further contact led to discussions on a possible takeover by Grovemoor Ltd, the company owned by Preston owner Trevor Hemmings.

At the remotely-held meeting, Foras members will vote on allowing Grovemoor to purchase the club and take on the existing liabilities. As Foras is a not-for-profit industrial and provident society, the takeover fee would be a nominal €1.

The Foras board of management has unequivocally backed a yes vote – a simple majority is required – and today the club’s administrative staff, some of whom are Foras members, gave their support too.

Chairman Declan Carey makes the case the City wouldn’t exist without Grovemoor and that the sale would represent the best long-term option for the Rebel Army.

“The board has worked collaboratively with Grovemoor Ltd over the past number of months finalising the various terms of their potential acquisition of Cork City FC, which after thorough consideration we deem to be in the best interest for the future of Cork City FC and by extension, that of Foras,” he said.

“The whole board unanimously support the motion and we are encouraging the shareholders of Foras to support the authorized completion of the sale option agreement.

“Again, we would not have a football club today without the support of Mr Hemmings and Grovemoor Ltd. In the event that we did go out of business in February, there would have been no Foras as a fall-back to restart in the first division, as we had done in 2010.

“We continue to be honest and forthright in communications with the shareholders of Foras and have maintained our dedication to transparency over the course of this exceedingly difficult time. As a board, we remain as ambitious as we always have been, but being on the inside we cannot discount how difficult the last two years have been for the football club, primarily due to our financial position.

“It is due to our ambitions, the environment that we are operating under, and our commitment to, and dealings with Grovemoor and Mr Hemmings, that at this moment in time we feel that the best thing for our football club is to support the motion authorizing completion of the sale option agreement.”

Grovemoor will not have a representative present at the meeting but the board will read a statement on the company’s behalf.

Foras members will be allowed to ask questions prior to the vote, which is expected to take place at around 10pm. Members unable to attend have had the opportunity to send postal votes.