23/02/2010 - 09:49:05
The consortium which failed in its bid to take over Cork City FC after the FAI last night refused to grant the club a Premier Division licence today said it was âangry and frustratedâ by what had happened.
In a statement, the group consisting of Peter Gray, Michael OâConnell and supportersâ group FORAS (Friends of the Rebel Army Society), said: âWe would like to express our deep frustration and anger resulting from our failed attempt to rescue Cork City FC from being wound up in the high court today.â
âThis is a real tragedy that could have so easily been avoided,â the statement said.
The group said it had been attempting for several weeks to acquire the club from current owner Tom Coughlan, and in the course of negotiations it had uncovered liabilities in excess of âŹ1.2m, âwell above the âŹ600,000 that was initially stated by the clubâs ownersâ.
âWe are angry that the lack of engagement from the current owners made it impossible to conclude a deal in time for the outstanding revenue and licencing issues to be dealt with in an efficient, professional manner.
âWhile Tom Coughlan eventually signed a deal yesterday afternoon, as late as 6pm yesterday evening, our group was refused access to vital club documents as we tried to get our Premier League application in order.
âAs a result of this brinkmanship, this morning players and staff are unemployed and creditors, including the Revenue Commissioners, face the prospect of not having their debts settled as the club has no assets to speak of.â
The club now faces the enforcement of a winding up order at 2pm today, the final deadline set by the High Court yesterday for City to pay a âŹ160,000 debt to the Revenue Commissioners for outstanding VAT, PAYE and PRSI bills.
The FAI last night said the licence application âfell seriously short of the criteria required to fulfil a Premier Division Licence in a number of areasâ.
The group said it would now offer its support to the FORAS-backed club in the first division and would to encourage the people of Cork to do likewise.
Crazy shit, debts of over ÂŁ1.2m and not an assest to their name.