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Cork debts close to €900k

THE potential takeover of Cork City remained in the balance yesterday after the local consortium hoping to purchase the club found that it has debts of close to €900,000.

The local consortium had been informed that the debts were at €600,000, but were not prepared to purchase the club until they filed through the level of potential debt.

The Leeside outfit's tax bill, meanwhile, was cleared yesterday after their AIB account was unfrozen by the High Court on Monday, allowing Tom Coughlan to transfer the €107,653 to the Revenue's accounts.

Elsewhere, the format of the Setanta Cup is to be changed again next year after the competition's chairman Milo Corcoran admitted that the current format was not working.

This season's competition had been split between the League of Ireland and Irish League seasons, meaning the first round of games took place between August and November of 2009, while the second phase kicks off this weekend. But Corcoran has promised that the competition will be played over one season in 2011.

"We have a meeting later on and it (format change) could happen over the next few months. Spring is cited as probably the best time to play it in its new format which could come into being for the 2011 season."

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