The members of Foras, the supporters’ trust which runs Cork City, voted on Wednesday night in favour of allowing Grovemoor Ltd to exercise a call-option which would allow it to complete a takeover of the club.
Foras has been in charge of City since the beginning of the 2010 season and the Rebel Army have won a league title and two FAI Cups in that time but recent years have seen financial problems and the club risked going out of business earlier this year.
At that stage, the surrendering of sell-on clauses for Seán Maguire and Alan Browne to Preston North End provided a vital cash injection and further discussions led to the possibility of a takeover by Grovemoor, the company run by Preston owner Trevor Hemmings.
While the Covid-19 pandemic delayed the process, Wednesday saw a remotely-held members’ meeting, with a vote held on whether Grovemoor should be allowed to move forward on a transfer of ownership. As Foras is a not-for-profit organisation, the fee is a nominal €1, with Grovemoor taking on the club’s liabilities.
With the Foras board of management and the Cork City administrative staff publicly stating their support for a takeover, members backed the move by just over a two-thirds majority.
A club statement released after midnight read: “We have already engaged with Grovemoor Ltd on the matter, and a further comment will issue in due course.
“The Board would like to thank all of our members for their input and their ongoing support.”