Former Limerick FC owner Danny Drew has announced his intention to assume control of Cork City. A consortium led by Drew is hoping to hold talks with examiner Kieran McCarthy of Hughes Blake in the near future to discuss buying out the Leesiders' current owners, the Arkaga Fund.
Drew says the consortium will settle a portion of the clubs debts immediately and pay back the remainder over a 10-year period.
"Our plan would be to settle the debts say 30 per cent of them up front to all creditors and pay the rest over a 10-year period," he told the Cork's Evening Echotoday.
"We are only interested in buying the club outright rather than pumping money in with Arkaga still in place."
Drew is reportedly not the only party interested in the club but he is the first to make his intentions public.
The sale of Dave Mooney to Reading this month has alleviated some of the financial strain on Cork but the club's debt is still believed to be in the region of €1.1 million, with the Revenue Commissioners owed some €360,000.
Other significant creditors include sportswear company Hummel as well as a security company and a print firm.
The Leesiders may also find themselves being docked points by the league's licensing committee.
The measure is not mandatory but was imposed on Shamrock Rovers and Longford Town as a result of specific aspects of the financial difficulties that affected them.
