Soccer:Cork City appear to have staved off the threat of a winding up order after being given until the close of business on Wednesday to clear their debts with the Revenue Commissioners. The High Court today adjourned the Revenue's petition to wind-up the club until next Monday with Cork due to settle their €107,653 tax bill in the interim.
The club are owed approximately €158,000 from the English FA, the bulk of which is made up of a fee Burnley have paid for the transfer of Kevin Long. In accordance with Fifa regulations, Burnley paid that fee to the English FA who were due to pass it on to League of Ireland club.
However, as Cork’s bank account had been frozen, the English FA were unable to forward the money on to the Leesiders. The presiding judge today ordered that Cork’s bank account be re-opened.
Ms Justice Mary Laffoy said she would grant the order directing the bank to receive the funds from the UK from which Revenue should be paid.
The judge said the debt must be paid by Wednesday and, if that was done, she would strike out the winding up proceedings next Monday. “Hopefully, we won’t be here again,” she added.
Should Cork meet their commitments, and a mooted takeover of the club go ahead, they will likely be granted a Premier Division licence for the coming season. The FAI’s licensing committee had been due to deliberate this afternoon but have now delayed a final decision until next Monday.
A consortium of local businessmen and supporters, the Quintas Group, have agreed in principal to buy the club, but today opted to double-check clubs accounts to ensure there will be no skeletons lurking in the closet at Turner’s Cross.
“The group is now in the process of verifying the figures supplied by the current owners of Cork City FC to ensure that the current net liabilities of the club are consistent with what has been presented,” they said this evening.
The prospective owners also maintain that any agreement is “also contingent on the FAI approving a Premier Division licence for the coming season”.
Explaining the decision to defer their licensing decision until next week, the FAI said tonight: “In making its decision, the Independent Club Licensing Committee noted that one of the fundamental principles of club licensing is the protection of creditors such as club employees, other clubs and the Revenue.
"The Independent Club Licensing Committee was made aware of a potential takeover which may result in commitments to creditors being honoured.
"As this takeover is dependent on the outcome of the High Court order, the Independent Committee felt it prudent to await that outcome and give maximum opportunity for creditors to be paid."
Drogheda United were granted their premier division licence despite recent financial problems while Derry City received approval to play in the first division.
Premier Division:Bohemians, Bray Wanderers, Dundalk, Drogheda United, Galway United, Longford Town, Monaghan United, Shelbourne, Shamrock Rovers, Sligo Rovers, St Patrick's Athletic, Sporting Fingal, UCD, Waterford United.
First Division:Athlone Town, Derry City, Finn Harps, Longford Town, Mervue United, Salthill Devon, Wexford Youths
A Championship:Castlebar Celtic, Cobh Ramblers, FC Carlow, Tralee Dynamos and Tullamore Town.