Coughlan in talks about takeover of Cork City
CONTROVERSIAL Cork City owner Tom Coughlan has confirmed that he is in talks with a consortium of interested parties over a potential takeover of the troubled club.
Financial advisors Quintas - who helped Coughlan out during his battles with the Revenue Commissioners - have linked up with businessman Michael O'Connell and supporters' group Foras with a view to assuming control.
With the FAI and Coughlan at loggerheads, and licensing deadlines approaching, Cork are in real danger of demotion from the 2010 Premier Division. Authorities in Abbotstown have indicated they would be favourable towards a change at the helm on Leeside.
Coughlan, who spent the weekend considering the undisclosed offer from the interested parties, released a statement in Cork on Sunday evening detailing his stance.
"I am delighted that this group have an interest in developing a community-based club which can aspire to bring the best domestic and European football to Cork," he said.
"The hard work of readjusting its cost base has been completed, it now needs a larger capital base to strengthen its future position."
Coughlan said he inherited issues with respect to back-pay and the Revenue when he took over in late 2008, and that a further investment of €430,000 was involved to cover day-to-day running.
"The club, having made all the necessary cuts, is confident that with this new investment, coupled with a new manager in Roddy Collins and a European campaign to come, is well positioned to have a great year on and off the field.
"Cork City is being advised by James Riordan, who hopes to progress discussions this week. The club will keep the FAI fully informed of all negotiations."
Drogheda United, meanwhile, have signed former midfielder Gareth O'Connor, who formerly played with Bohemians, Burnley and Bournemouth.