FAI reject Cobh's sale-leaseback plan
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Cobh Ramblers have been dealt a bitter blow ahead of the start of the 2009 season with the news that the FAI have rejected the club's proposal to enter into a sale and leaseback agreement with the organisation.
Ramblers' members had voted to put a proposal to the FAI whereby the FAI would buy the club's ground - St Colman's Park - from the club and then lease it back to them. The club, which was relegated to the First Division last season, said the plan would allow it to clear debts and attain financial stability.
However, at a meeting last night FAI chiefs vetoed the proposal stating that it "could not, under proper league governance, provide financial assistance to any single club involved in the League of Ireland that would assist it in obtaining a license".
The meeting puts a large question mark over the club's ability to gain a licence for the 2009 season.
On a brighter note, the FAI have agreed to look at a financial solution to keep the club in football post the licensing process.
