Cork takeover stalls as deadline passes

LEAGUE OF IRELAND: TALKS ON the takeover of Cork City Football Club were on the brink of collapse last night after the consortium bidding to take control of the club announced its intention to pursue a First Division licence previously applied for by the fans.

The consortium led by the Quintas Group tabled a bid yesterday afternoon but claimed to have heard nothing back from owner Tom Coughlan.

“Quintas Group, on behalf of Peter Gray, Michael O’Connell and Foras, the Cork City supporters trust, can confirm that negotiations have stalled with Tom Coughlan in relation to the takeover of Cork City FC,” a statement released late last night read.

“An offer was made to the current owners of the club this afternoon and there has been no meaningful engagement in relation to the bid.

“At this stage, the group has focused on the Foras plan for a First Division licence. The group would like to thank all the third parties that have been supportive of the bid and have facilitated the process.

The statement came after “significant progress” in talks yesterday morning led to the group abandoning a deadline set for noon but insisting “a number of outstanding issues remain to be resolved before a deal can be completed.”

The saga has taken so many twists and turns it cannot be ruled out that Coughlan may somehow resurrect the deal over the weekend.

His appointment yesterday of barrister James Duggan as interim-chairman with a brief to oversee “the smooth and transparent transition of ownership of the club” would suggest he still has hopes of a deal going through.

However, if it does not Cork is highly unlikely to be granted a league licence and may effectively exist in name only, with the club’s holding company, Cork City Investments Limited, believed to have other debts in excess of €750,000.

This would lead to Bray Wanderers – who were relegated last season – filling the vacancy in the Premier Division and the consortium seeking to start afresh with the fans by securing a licence to take their place.

Cork are due back in the High Court on Monday, but the debt of just over €107,000 owed to the Revenue Commissioners is reported to have been paid and proceedings are expected to be struck out.