Cork City FC 1984-2009
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After a second sitting in the High Court this afternoon, it has been announced that Cork City are to be wound-up. The judgement comes after the club could not settle with the Revenue Commissioners over an accumalation of unpaid tax bills.
The case had been adjourned by Miss Justice Laffoy on several occasions but the end has finally come due to owner Tom Coughlan's inability to repay money owed to the Revenue.
The Leesiders were unable to pay half of the amount owed, despite selling Colin Healy and Denis Behan as well as ticket sales from the recent friendly with Ipswich Town.
Cork have been granted a stay until Friday - this means that they have until close of play this week to find the full amount owed before folding. The club can continue trading until then but as Justice Laffoy stated, Cork City Investments Ltd is "effectively insolvent".
More to follow...
The case had been adjourned by Miss Justice Laffoy on several occasions but the end has finally come due to owner Tom Coughlan's inability to repay money owed to the Revenue.
The Leesiders were unable to pay half of the amount owed, despite selling Colin Healy and Denis Behan as well as ticket sales from the recent friendly with Ipswich Town.
Cork have been granted a stay until Friday - this means that they have until close of play this week to find the full amount owed before folding. The club can continue trading until then but as Justice Laffoy stated, Cork City Investments Ltd is "effectively insolvent".
More to follow...
About Alan Smith
Alan Smith works as a sub-editor for the Guardian newspaper in London. Originally from Cork, he freelances for several other newspapers and websites. Follow him on twitter @alansmith90. View Full Profile