Frustrated Cork City chairman says Grovemoor takeover will be decided soon

The group – which also owns English Championship club Preston North End – has retained a “call-option” to take over Cork City

Sun, 20 Feb, 2022 - 18:27

John Fallon

Cork City chairman Declan Carey has expressed his “incredible frustration” at further delays over Grovemoor’s proposed takeover of the club, but predicts a closing date to be confirmed in the “very, very near future”.

The English-based group – led by Trevor Hemmings, who died last year, and his son Craig – had bailed City out in early 2020 with a financial injection to secure a licence from the FAI. They bought out City's sell-on clauses for Seani Maguire and Alan Browne.

Although members of FORAS (Friends Of The Rebels Army Society) in October 2020 voted to approve the sale of City and its debts to Grovemoor for €1, the takeover was aborted when the buyers were unable to agree terms with Turner’s Cross owners Munster Football Association (MFA) over a lease agreement for City’s home venue.

Instead, the group – which also owns English Championship club Preston North End – retained a “call-option” to execute the deal.

That has prolonged into a second year, with City kicking off the First Division campaign last Friday with uncertainty hovering over their ownership.

The pandemic and passing of billionaire Trevor Hemmings last October have delayed matters but the club chairman believes Grovemoor deserve the extra time they’ve sought.

City’s board have been dealing with Mr Hemmings’ son Craig, as well as their advisor, ex-Leeds United Chairman Peter Ridsdale, and the group’s solicitors in Cork.

“Grovemoor have expressed to us that they would like more time,” Carey told The Other Three Amigos Podcast.

“I must say that it’s unbelievably frustrating. We are working towards the goal of getting a call option expiry date. We expect to have a closing date in the very, very near future.

“That’s a date by which they’ll either have taken over the club or potentially walk away.

“We are at the mercy of Grovemoor and their representatives.

“They are still willing to help us in some shape or form and are committed to facilitating the takeover when the time is right.

“If they don’t, we are still here and have the club in a stable position.

"That’s thanks to Grovemoor as well. I was in that room two years ago and I’m willing to give them the extra time. I think they deserve the time.

“We were at serious risk of a 2010 repeat when the club was denied a licence due to it not having a tax clearance cert.

“To see that money come up at the final moment and the wave of emotion is something we’ll never forget. Hopefully the pace picks up pretty quickly and I’d be confident that some date will be nailed down in near future.

“I don’t think there will be any ill-will if they chose to walk away in the future but they have expressed to us their willingness to carry on and get this over the line.”

The Chairman said that following the club’s latest period of turmoil, City will announce “record profits” to members at the AGM in late March.

“That club was easily in debt of seven figures across 2018 and 2019, whereas look at us now,” said Carey, first elected in January 2019 and with another two years to run as a board member.

“We’re in the First Division and we’ll take that on the chin but it’s better than having no club at all.

“The proof will be at the AGM where we’ll announce record profits, real profits, and the accounts won’t be revised in two or three years' time, saying this was misquoted here and there. I’ll take that to my grave all day long, flags to the mast.”