Cork City have been given a stay of execution by the High Court after undertaking to settle the club's outstanding debt with the Revenue Commissioners in full within five days. A payment of €220,000, including €10,000 in tax credits, will be made today, while the remaining €219,000 is to be paid by 4.30pm on Wednesday afternoon.

The High Court will quash the winding up order at a Thursday morning hearing if the payments have been made, but the club has undertaken not to challenge a decision to uphold the order if they have failed to settle the liability.

The money, according to owner Tom Coughlan, has come only from a hastily arranged friendly with Celtic, scheduled to take place over coming months, and other fundraising activities.

The club's players were due to be paid deferred wages by Wednesday, but the chances of that happening now look slim.

"We feel vindicated now that we're able to bring this thing forward. So many people have worked hard to get us here. It is not about me, I'm just trying to shepherd it," said Coughlan this afternoon.

"It's been tough and there is a lot of work to do to drive things, but we have a game tonight.

City were on the brink of collapse this morning.

The club had hoped to strike a deal with the Revenue Commissioners, by which they would pay half the debt today and the rest in four monthly instalments, but their proposal was rejected by the tax authorities.

The club intended to appeal to the Supreme Court prior to the latest arrangement being agreed upon.

The winding up order was issued against the club at a hearing on Monday but, having been granted a stay until this morning, City set about raising extra funds.

Coughlan went on a fundraising drive and managed to bolster the clubs coffers to the tune of €100,000, with a match against Celtic one of the initiatives to bring in more cash.

The English-based Quintas Group was also called upon to offer business management expertise.

In a statement released on the club’s website this afternoon, Coughlan added: "As we said earlier today, we believe that our proposal today demonstrated not just our commitment but also our ability to settle our liability in full in the short term.

“In addition to this, under the guidance of the Quintas Group we now have a sustainable business model which will protect jobs and ensure that a similar situation will not arise going forward.

“This has been a very difficult period for us all but I firmly believe that the club will be stronger as a result."

Cork, third in the League of Ireland’s Premier Division, face Bray Wanderers at Turner’s Cross this evening.