Treaty United and Drogheda United latest LOI clubs to confirm takeovers

ALL CHANGE: A general view of Weaver's Park in Drogheda. Pic: Ramsey Cardy/Sportsfile

Treaty United and Drogheda United have become the latest League of Ireland clubs to announce takeovers, with companies from across the Atlantic pitching in with significant investment.

Limerick-based Treaty will have women’s team player Ciara McCormack as their new chief executive, the first female in Ireland to hold that position. She has joined forces with a Canadian-based investment group led by Tricor Pacific Capital Inc to acquire the club, whose men’s team have operated a part-time operation in the First Division since entrance to the LOI in 2020.

Drogheda secured their Premier Division status with five games remaining despite being the sole top-flight team not to work off a full-time playing staff. 

Former Chairman Conor Hoey emphasised last year the unrealistic prospect of maintaining that status without external backing and they’ve secured that, subject ratification by members at a special meeting on November 6, through the 100% acquisition by Trivela Group. 

They are a US sports investment firm headquartered in Birmingham, Alabama, which follows their purchase last year of English League Two outfit Walsall.

These takeovers followed quickly after Hull City’s Turkish owner Acun Illicali added Shelbourne to his stable of clubs, with a vow to upgrade Damien Duff’s side into Ireland’s top club. Reds boss Damien Duff has denied a claim by his Shamrock Rovers counterpart that their Dublin rivals will carry the highest wage budget in the league next year.

Rovers, too, have been subject to new shareholders in recent years, with billionaire Dermot Desmond equalling the 25% stake that lifelong fan and Sydney-based businessman Ray Wilson previously bought. The other half of the club, on the brink of sealing an historic four-in-a-row of titles, is owned by fans but boardroom tensions have caused delays in planning for next year.

Last year’s FAI Cup holders Derry City also received a domestic cash injection from Chairman Philip O’Doherty, the local entrepreneur whose engineering company was bought for €2billion, while Dundalk are under familiar ownership. 

Statsports and Andy Connolly stepped in after the takeover by US-firm Peak 6 nosedived within four years.

Irish businessman Dermot Usher last year took Cork City out of the fan-owned model too, vowing to invest up to €850,000 in his first year at the helm.

A challenging season has put them at risk of relegation and could be swapping places with Waterford, who 14 months ago were taken over by Andy Pilley. The man who also owned Fleetwood Town has since been jailed for fraud but his son Jamie has maintained continuity of the club’s operations.

One team definitely in next year’s top-flight are Galway United. John Caulfield’s promotion tilt was aided by the investment of the Comer Brothers, local billionaire developers whose takeover bid with a pledge of at least €500,000 per annum was endorsed by members. Another First Division club, Athlone Town, have also gone the American route by clinching a partnership with Valeo FC.

Treaty’s statement outlines the role of McCormack, the former Ireland international still playing at 44.

“Ciara is an accoladed footballer who joined Treaty United in 2023. She has eight caps for the Republic of Ireland women’s team and was a UEFA Women’s Champions League finalist. Ciara has a long history playing professional football in five different countries.

“She is also a prominent advocate of safe sport and will combine her expertise in both football and business to lead Treaty United FC as CEO.

“Ciara is a graduate of Yale University and has a Master’s in Sports Management from the University of Connecticut. She is also the owner of TOPP Soccer, a US-based organisation that helps high school players win university scholarships through the events TOPP organises throughout North America.” 

Sean O’Brien, a founding member of Treaty United and current Director of the club will provide continuity in governance on the club’s board.

Tricor’s stated mission is "to build winning partnerships in pursuit of shared dreams we can all be proud of” and this is a perfect example of standing behind that intention. Ciara approached Tricor with her vision of owning a club that could create a lasting community impact.

As long-term investors with a successful track record of leading great businesses over several decades, Tricor is aligned with Ciara’s vision and believes deeply in the potential opportunity for Treaty United and the City of Limerick. 

Tricor will support and enhance the governance and strategic direction of the club together with its leadership and local management team.

While Treaty are content with the Markets Field venue they play in, Drogs are looking at a new stadium. Weavers Park in the town, previously known as United Park, is considered antiquated and is only passed for Premier Division use annually through a derogation.

Prior to this public announcement, Trivela has already completed full financial, legal, and technical due diligence on the football club, has been confirmed as a suitable club owner by the League of Ireland, and has built out an initial plan for the governance and management of the club in the immediate future.

Their statement said: “The Drogheda United Members Club Ltd has been engaged in discussions with several potential investors for Drogheda United Ltd since the conclusion of the 2022 season. The aim has been to identify an investor or owner who shares the vision of fully professionalising the club and working towards a new stadium, reflecting a genuine commitment to the future of Drogheda United.

“Post-acquisition, Trivela Group plans to increase investment in the club's front-office operations, implement a comprehensive long-term plan to fully professionalise the sporting department, increase the overall fan experience at Weavers Park in the short term, and begin discussions around a new stadium for Drogheda United for the long term.”