GROVEMOOR LTD HAS been given the go-ahead to proceed with a takeover of Cork City FC after the members of Foras voted overwhelmingly in favour of a sale.
Supporters’ trust Foras was established in 2007 and has controlled the club since the beginning of the 2010 season. As a fan-owned club, City won the domestic double in 2017, following the FAI Cup win of 2016, but financial troubles since then brought the club to the brink of extinction earlier this year.
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Vital revenue came in February when English Championship club Preston North End bought sell-on clauses that City held on Alan Browne and Seán Maguire, and conversations led to the possibility of a takeover by Grovemoor, a company owned by Preston owner Trevor Hemmings.
That process was held up due to the Covid-19 pandemic, but last night Foras held an online meeting to vote on whether or not Grovemoor should be allowed to exercise a call-option regarding the takeover.
With a simple majority required and the Foras board of management and club administrative staff having backed the move, close to 70% of members voted in favour.
City confirmed the decision on their club website: “We have already engaged with Grovemoor Ltd on the matter, and a further comment will issue in due course. The board would like to thank all of our members for their input and their ongoing support.”
Cork City are set to play in the League of Ireland First Division next season after their relegation was confirmed last weekend following Finn Harps’ win over Bohemians.
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Cork City vote overwhelmingly in favour of selling club to owner of Preston North End
GROVEMOOR LTD HAS been given the go-ahead to proceed with a takeover of Cork City FC after the members of Foras voted overwhelmingly in favour of a sale.
Supporters’ trust Foras was established in 2007 and has controlled the club since the beginning of the 2010 season. As a fan-owned club, City won the domestic double in 2017, following the FAI Cup win of 2016, but financial troubles since then brought the club to the brink of extinction earlier this year.
Vital revenue came in February when English Championship club Preston North End bought sell-on clauses that City held on Alan Browne and Seán Maguire, and conversations led to the possibility of a takeover by Grovemoor, a company owned by Preston owner Trevor Hemmings.
That process was held up due to the Covid-19 pandemic, but last night Foras held an online meeting to vote on whether or not Grovemoor should be allowed to exercise a call-option regarding the takeover.
With a simple majority required and the Foras board of management and club administrative staff having backed the move, close to 70% of members voted in favour.
City confirmed the decision on their club website: “We have already engaged with Grovemoor Ltd on the matter, and a further comment will issue in due course. The board would like to thank all of our members for their input and their ongoing support.”
Cork City are set to play in the League of Ireland First Division next season after their relegation was confirmed last weekend following Finn Harps’ win over Bohemians.
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LOI Takeover Cork City