Things looking up for City, word is this is an excellent proposal.
[size=“6”]New bid offers fresh hope for City future
[/size]By Liam Mackey
Friday, February 12, 2010
Against all the odds, the prospects of Cork City retaining their Premier Division status appeared to improve dramatically last night, when a local consortium made an eleventh hour bid to take control of the embattled club.
Although he had yet to receive confirmation of the offer – and was therefore not in a position to say if it would be accepted – City owner Tom Coughlan said he “warmly welcomed” news of the development.
“If someone else can pull everything together and drive on the club that would be fantastic,” he said.
Ahead of Monday’s dual deadline of a High Court winding-up hearing over an unpaid tax bill of €130,000 and the issuing of FAI club licenses for the new season, the consortium is understood to be confident of making sufficient inroads into the club’s overall debt of €500,000 to not only secure its future but also retain its place in the League of Ireland top-flight.
Up until yesterday, the very best option for Cork had looked like being a place in the First Division next season.
The new bid, facilitated by Cork-based financial consultants the Quintas Group, brings together businessmen Peter Gray and Michael O’ Connell – who had previously been involved in separate but unsuccessful takeover talks with Tom Coughlan – as well as the supporters’ group FORAS.
Peter Gray is a semi-retired businessman from the UK who now bases himself between London and Kinsale. Previously a sponsor of Millwall FC, his property development company was bought out by a Turkish firm three years ago.
Commenting on the offer to acquire Cork City FC, he said: “I have a genuine love of football and believe that Cork has the potential to be a really successful club.”
Michael O’Connell owns Mocad Golf and was previously Chief Executive of Adidas in Ireland.
According to a statement released last night, the consortium has offered FORAS the opportunity to share in the ownership and management of the club. The supporters’ trust is expected to take a vote on the matter this evening.
John O’Sullivan, Chairman of FORAS, said: “We support this move. This is a really exciting offer made by individuals who have the best interests of the club at heart. We sincerely hope that the bid will succeed and we will put the chance to share in this new opportunity to our membership as soon as possible.”
News of the potential breakthrough came towards the end of a day during which current owner Tom Coughlan had earlier reported that takeover talks had apparently collapsed. “Nothing has transpired and we’re back to square one,” he said during the afternoon.
But it then became clear that separate negotiations had been ongoing between all the key parties who had recently expressed an interest in taking over the club, resulting in last night’s dramatic announcement.
While there was no official reaction from Abbotstown, the FAI are understood to be supportive of the new bid, having made no secret in the recent past of their desire to see Tom Coughlan relinquish control of the club.
While the outcome of expected negotiations today between Coughlan and the new consortium will be eagerly awaited, this afternoon is also due to see a press conference in Cork – scheduled before last night’s news broke – at which the club’s General Manager Liam Meaney, manager Roddy Collins and captain George O’ Callaghan will address the media.
Meanwhile, in related news, Danny Murphy, who left Cork City this week, trained with Shamrock Rovers yesterday and is due to have a medical at the club today.
Read more: http://www.irishexaminer.ie/sport/new-bid-offers-fresh-hope-for-city-future-111975.html#ixzz0fKNkOW5U