THEY are arguably the most marketable club in the League of Ireland with good attendances, a decent stadium and a large catchment area with no opposition of substance.

Yet the tragic reality is that this morning, Cork City's very survival hangs in the balance. While the last couple of years on Leeside have featured a fair share of peaks and troughs, few imagined that it would come to this.

What is lacking is certainty, both in terms of the future and the exact method by which the League of Ireland title contenders have arrived at this situation.

Their creditors know what they are owed, and it has been speculated that Cork could be as much as €800,000 in debt.

Clarifying who will pick up that tab as well as keep the club in existence is another matter altogether. With scenarios like entering receivership or examinership being floated, the 3,500 punters who venture to Turner's Cross on a regular basis have a mountain of questions that need answering.

Who are the owners of Cork City?

The Arkaga fund are widely recognised as the owners of Cork City, with Brian Lennox selling the club to them last year. However, it has been suggested that there are complications with the transfer of ownership but despite that it is Arkaga who have been paying the wages and appointing people to call the shots.

Who are Arkaga?

Arkaga, founded by Irishman Gerard Walsh, are a private equity fund that invest principally in the healthcare, technology, property, media and leisure sectors. They are also engaged in stocks and real estate. They have offices in Jersey, London and Dublin.

How do they operate control of Cork City?

Three Arkaga employees became directors of Cork City last October, namely Denis O'Sullivan, David Hayes and Aidan Tynan, with the latter already having landed as general manager of the club at that juncture.

Arkaga also appointed current manager Alan Mathews after parting company with previous boss Damien Richardson. Mathews was interviewed by Liam Brady, who was deployed by Arkaga to fulfil that task.

Hayes officially resigned his position from Cork City Investment FC Ltd -- the company who operate Cork City -- on July 25 and is thought to have severed ties with Arkaga. However, he is still listed as a director -- along with O'Sullivan -- of another private limited company, Irish Bioethanol Limited, which is based in the IFSC and has also been invested in by the equity fund.

O'Sullivan remains on the board of Cork City Investment FC Ltd with Lennox and Patricia Jones (Lennox's mother in law), while Tynan is still registered as a director with the Companies Office, despite leaving the club a number of months ago -- he was still appearing as a director on Cork City press releases until recently.

Lennox, who has poured in fortunes of his own money in recent years, tried to resign his position on Wednesday night but it is understood that there are legal obstacles preventing him from doing so.

So, who is owed money?

The list of Cork's creditors include the Munster FA, from whom they rent Turner's Cross, kit suppliers Hummel, local club Mayfield United and food providers, amongst others. Player payments are up to date, but they recently went three weeks without wages.

Yesterday's panic arose amid the suggestion that Arkaga were now looking to pull the plug on further investment.

The option of High Court examinership is being strongly considered, although Cork reacted angrily to reports yesterday that it was the course of action which had been decided upon.

Shamrock Rovers went through this process three years ago and were deducted league points while an agreement was reached whereby creditors were repaid with the Revenue Commissioners receiving seven cent in the euro and others 3.5 cent in the euro. Rovers were relegated but quickly bounced back and are now a solid part-time entity.

But why would Arkaga not liable for the club's debts?

This is where things get confusing.

There's no question that it has been involved in Cork's business, dealing with the FAI, drawing down the money to pay players, and recently meeting Mathews for talks about the club's future.

However, its liability is unclear, and again this comes back to the technicalities surrounding the transfer of ownership and the very classification of Arkaga itself.

The FAI yesterday released a statement saying they had contacted the Arkaga Fund with regards to 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. Nobody, from either Cork or the FAI, was willing to reveal the name of this company -- thought to be a parent of Cork City Investment FC Ltd -- when contacted by the Irish Independent yesterday.

Where have the FAI been through all of this?

The FAI will argue that they will not discourage investment in any League of Ireland club, and plenty of people in Cork viewed Arkaga as a welcome arrival with financial clout.

Their statement yesterday said:

"It is the FAI's view that the club's sustainability depends on its investors and directors managing the company's affairs as a sensible business.

"We await news of what the Arkaga Fund, as investors in Cork City Investment FC Ltd, intend to do.

"If Cork City Investment FC Ltd is in financial difficulty, then the onus is on the club's investors and directors to take all necessary corrective action to ensure its survival.

"The FAI has been and will continue to provide professional assistance to assist the club in any way possible at this difficult time."

Nevertheless, the overall scenario adds fuel to the flames of recent crises around the league, with a number of senior figures involved in the game calling for strong leadership from the top.

Considering they receive monthly accounts from each club, they will have been aware of mounting debts on Leeside.

Certainly, the healthy prognosis offered by John Delaney at the recent FAI AGM rings hollow, with the CEO stating that "the hard work of the clubs and the new league team is clearly working."

One club who wished to raise the financial problems being felt around the country were advised against doing so because the press were present.

This culture of denial has not helped the FAI's cause, particularly now, when one of their leading clubs is in dire straits.

What is the mood in the dressing room?

Mathews, who quit a lucrative banking job to commit himself to Cork full time, could not hide his disappointment yesterday.

"I'm thinking about my future, my family's future, the players and their families' future," he said.

"This is our livelihood. People have committed an awful lot and I hope that the people who are administering this football club will ensure that the best efforts are made to keep people in employment."

Naturally, the players are concerned.

Joe Gamble, whose girlfriend gave birth to their first child earlier this week, turned down a monster contract with St Patrick's Athletic to sign a new contract with Cork last month.

Understandably, he is wondering what he has got himself in for.

The entire debacle has overshadowed preparations for a huge FAI Ford Cup clash with Shamrock Rovers at Tolka Park tonight.

In the context of their current plight, the best result for Cork would be a draw and a replay in front of a bumper crowd at Turner's Cross, where the fans have remained loyal throughout the turmoil.

Are we heading for another Shelbourne situation?

While the demise of Shels was somewhat different, they were ultimately demoted due to financial problems and suffered a mass exodus. It remains to be seen what sanctions Cork could face.

If a rescue package can be found to get them through this season, or Arkaga commit to providing cash until January and then pull out, then they may escape the drop but, either way, a return to part time football is likely.

Nine players are out of contract in November, with key figures like Colin Healy, Liam Kearney, John O'Flynn and Neal Horgan amongst them. They will have offers from elsewhere.

Meanwhile, if Gamble or other contracted stars like Dave Mooney go without their wages for a few weeks, then they would be entitled to apply for free agent status, the method by which most players secured their release from Shels.

Why did Arkaga invest in Cork?

The motivation for Arkaga investing in Cork has never been established. They are strong supporters of the proposed All Ireland League -- in fact early meetings regarding its establishment took place in their Dublin office -- and are thought to be frustrated about the obstacles that stand in its way, with the FAI and IFA unwilling to buy into the idea in the structure put forward by Platinum One.

So, what happens next?

Cork say they have engaged in negotiations with "potential new investors" for the last few weeks, and some members of the business community in the south have come out publicly to state their interest.

In reality, though, the situation with the mounting debts needs to be addressed first.

In a brief statement yesterday, Cork said their board will meet next week and "come to a decision on the future of the club." The suspicion, however, is that their fate is ultimately out of their hands.