Businessman Denis O'Brien has lost a High Court challenge to stop the Moriarty tribunal examining his 1998 purchase of Doncaster Rovers Football Club.
The proposed public inquiry is to look at the football club purchase by a company controlled by an O'Brien family trust and the purported connection of former minister Michael Lowry to that purchase. The challenge was heard by Mr Justice Henry Abbott over five days last month .
Judge Abbott held that the Tribunal was entitled to inquire in relation to payments relating to a transaction which straddled the date it was set up and the date when its terms of reference were laid down.
He said the Supreme Court had already included "money and any benefit in kind" in its definition of "payment" made to someone, within the meaning of the Ethics and Public Office Act 1995.
Judge Abbott said there had been a significant overlap of professional personnel and business associates in the Doncaster deal.
The court heard Doncaster was purchased for some €4.3 million in August 1998 by Westferry Limited, a company controlled by the Wellington Trust, which was established by Mr O'Brien for the benefit of himself and his immediate family.
Both Mr O'Brien and Mr Lowry have stated that Mr Lowry had no involvement in the Doncaster transaction. Mr O'Brien contends that there is no evidence to support a public inquiry.
Mr Eoin Mc Gonigal, SC, counsel for Mr O'Brien, had also argued that the Doncaster purchase took place after the Tribunal had been established and two years after Mr Lowry had left office.
O'Brien's legal team thererfore contested that the Oireachtas which had set up the Tribunal did not have powers to investigate matters which happened afterwards.
However, Brian Murray SC, for the Tribunal, told the court that the tribunal had received different versions of events relating to the transaction and was justified in proceeding to a public inquiry.
The Tribunal was established to inquire into alleged payments to former taoiseach Charles Haughey and Mr Lowry. O'Brien has denied having made any payments to Mr Lowry.