Cork City in crisis as club struggles to repay debts
Cork City striker Denis Behan
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SOCCER: The fate of Cork City hangs in the balance this morning after the debt-ridden club admitted they face big decisions about their long-term future, WRITES DANIEL McDONNELL.
It is understood that Cork have accumulated debts of about €800,000, and owners Arkaga are seriously considering their involvement with the club.
Cork City are thought to be considering the possibility of applying for examinership through the High Court. Entering receivership or even going into liquidation was also mooted by Leeside sources yesterday.
FAI authorities have contacted Arkaga regarding "a written undertaking made by one of its companies to guarantee all liabilities arising from Cork City Investment FC Ltd for a 12-month period from January 29, 2008 through to January 29, 2009".
