Friday 23 February 2018

Noon deadline for Cork

Neil Ahern

THE LOCAL consortium attempting to purchase Cork City football club yesterday gave current owner Tom Coughlan a deadline of 12 noon today to finalise a deal for the takeover.

The Quintas group representing the local businessmen last night released a statement which cast serious doubt over the future of the club, saying "it is looking increasingly unlikely that such a deal will take place.

"According to McGuire Desmond Solicitors, acting for the group, a lack of verification and certainty regarding particular pledges that may have been made in securing possible loans to the club are proving to be a serious impediment to the deal progressing," continued the statement.

"There are also issues with new debts being uncovered during the course of due diligence as well as doubts over the title to shares within the club.

"The group also feel that there is a lack of information coming from the current owners of the club regarding many of these issues."

Cork is also unlikely to be given a League of Ireland Premier Division licence next Monday if Coughlan is still in charge -- the Leeside outfit still has debts of up to €900,000.

But the incoming consortium will clear those debts if they can agree to a takeover today, while they have also promised to inject funds for the coming season.

Irish Independent

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