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Cork City considering examinership

  • 14-08-2008 10:09am
    #1
    smackbunnybaby
    Registered Users, Registered Users 2 Posts: 2,335 ✭✭✭


    http://www.rte.ie/sport/soccer/2008/0814/corkcity.html

    Cork City considering examinership

    Thursday, 14 August 2008 09:29

    RTÉ News has reported that Cork City Football Club are considering an application to the High Court for examinership in order to prevent the club from folding.

    The current FAI Cup holders are believed to have debts of more than €800,000. One of the best supported clubs in the League of Ireland, the club requires immediate investment if it is to continue to trade.

    RTÉ soccer correspondent Tony O'Donoghue reports:

    FAI Cup holders Cork City face a daunting challenge over the coming days, the club requiring immediate investment if it is to survive.

    Less than two weeks ago the Cork players failed to get paid on time ahead of a top of the table clash with Bohemians.

    However; it is understood that all the current staff are now paid up to date.

    The club are now preparing an application to the High Court for examinership. Former Chairman Brian Lennox, who sold Cork City to venture capital firm Arkaga in 2007, resigned as a director last night.

    Cork are one of a number of League of Ireland clubs to experience severe financial difficulties this season, among them Galway United, Sligo Rovers and Cobh Ramblers, and the fate of several other Premier and First Division clubs hangs in the balance.

    The situation is a considerable cause of concern to the FAI, who took over the running of the League in 2007. A decision on Cork's future is likely in the next 48 hours.


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