Dermot Usher set to complete takeover of Cork City at meeting of FORAS members

CHANGING HANDS: A general view of Cork City's stadium, Turner's Cross. Pic: ©INPHO/Laszlo Geczo

Cork City have provisionally accepted a bid from Irish businessman Dermot Usher to purchase the entirety of Cork City FC – subject to approval by members at a special general meeting on December 4.

The acceptance of the board is subject to approval by a majority of shareholders of the Friends of the Rebel Army Society (FORAS), the supporter's group who currently control the club.

Grovemoor Limited, who had held a call-option for buying the club but recently declined to do so, will surrender that entitlement under this deal.

City are back in the Premier Division for 2023 after Colin Healy led the Rebels to promotion at the second time of asking since their relegation in 2020.

Kildare-based Usher had a long association with Irish football through his SONAS Bathrooms company and has been seeking the right project to invest in.

SONAS has sponsored Bray Wanderers in previous years but more recently he had been linked with potential involvement with Waterford, Shelbourne and Dundalk before deciding to go all in on what City Chairman Declan Carey considers one of the biggest clubs in the country in terms of support and social media reach.

Appointing a full-time Director of Football is just one of the commitments made in Usher’s vision for City, as is outlawing any forms of betting sponsorship.

"I have been passionate about sport all my life and I'm an avid fan of the League of Ireland,” he said.

“Since I sold my business in 2021, I have been looking to contribute more to football in this country and having spoken to the Board of Management and others around the league, Cork City FC is such an exciting opportunity for everyone involved.

“FORAS under fan ownership have done the club proud over the past 12-years. I just hope they will now give me the chance to bring the club to the next level.

“I will always aim to over-deliver and will look to grow every area of the club including the Academy and Women's teams, and also working with the community.

“I understand how difficult times have been under different owners in past, but I promise I will do everything possible to make your football club successful and competing at the right end of the League of Ireland.

“I have committed the financial support to make this happen. This club deserves to be competing for trophies and that is exactly what I want to achieve. I look forward to meeting everyone and discussing my plans over the coming weeks."

City’s board said they will exclusively be engaging with Dermot Usher and will not be considering any additional approaches from other third parties.

They will be unanimously supporting a vote in favour of a sale, in what they believe could be an exciting next chapter in the history of Cork City FC.

Both Dermot Usher and Chairman Declan Carey will be making a number of media appearances over the coming weeks, whilst Dermot will also be highlighting his vision for the club at the SGM.

Usher is a successful businessman, where he previously led the Irish market-leading bathroom brand, SONAS, over a 30-year period, growing the business to in excess of €40 million in revenues per annum.

He exited his company in 2021 following a buy-out and remains on the Board of Directors as Non-Executive Director.

The bid and business plan consists of the following elements:

· Dermot Usher to assume full control of Cork City FC effective immediately, after the completion of legal and financial due diligence. The club had informed the FAI of the potential change of company during the licensing process, where a mechanism exists for a change in ownership before the 2023 League of Ireland season.

· An ambition to qualify for European Competition.

· Investment into the Women’s side of the club.

· The hiring of a Full-Time Marketing Executive to boost the club's profile across Cork city and county.

· The hiring of a Full-Time Director of Football to oversee Academy integration with the first-team, club recruitment policy, establish scouting networks, youth transfer policy, and ensure the same football philosophy and culture are embedded throughout the club.

· A commitment to work with the MFA on the development of Turner’s Cross.

· A commitment to end all gambling sponsorship associated with the football club.

· The development of a memorandum of understanding with FORAS to include regular meetings and supporter engagement throughout his ownership. More details on this will be provided prior to the SGM.

· FORAS will be left with a sum of money to enable the Trust to continue operating in its original capacity as acting as a guardian for Cork City FC.

· The execution of the sale will be subject to an end-date; following a passage of the vote at the SGM, which will include the surrendering of the call-option by Grovemoor Ltd. on pre-agreed terms.

As a result of the vote, FORAS membership will now close until after the vote itself.

Speaking today, Club Chairman Declan Carey said: "The Board will be strongly advocating for a sale and we will be communicating our reasoning in full over the coming weeks and on the night of the Special General Meeting. We've met with Dermot and heard what he has to say. He is passionate about the League of Ireland but critically has the business knowledge, experience, and personal wealth to back up his ambitions for our football club. This will be the right decision for our football club".

Club Treasurer, Conor Hallahan commented: "Anyone who has attended our AGM's in recent years will know the attention to detail this Board has paid to the club's finances and we have been pretty rigorous in making tough decisions to improve our financial position. However, even with the changes we have made, the club is becoming more and more difficult to manage from a financial perspective. Costs have increased across the club and we expect further increases in the coming years. External investment is now required to allow the club to grow in a sustainable manner.

"We have analysed Dermot's plan and conducted our due diligence. His plans are prudent and align with our vision for the club. They will enable us to compete at the right end of the League of Ireland, whilst also continuing to support our player development policies. We owe it to ourselves to back the sale and secure the funding for the next chapter of our club's history."