The consortium interested in buying Cork City have set a deadline of noon tomorrow to complete a takeover. The group has admitted that a buy-out from current owner Tom Coughlan is looking increasingly unlikely after learning that the club has debts of nearly 900,000 euro. The locally-led consortium have also expressed concerns about the lack of information coming from the current owners about their debts. Statement issued on behalf of Quintas Group: “Quintas Group, on behalf of Peter Gray, Michael O’Connell and FORAS, the Cork City Supporters Trust, have set a deadline of 12 noon on Friday the 19th of February to finalise a deal to take over Cork City FC from current owner Tom Coughlan. However, 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. 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 and, with the licensing committee of the FAI due to meet early next week, a deadline of 12pm on Friday the 19th of February has been set for a decision on whether to finalise the deal to purchase Cork City FC.”
11 Feb 2012
