Revenue tightens hold on Leesiders
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Tom Coughlan met with the Revenue again this morning in Limerick and the Commissioners have now become even tougher on Cork City Investments Ltd, by insisting that the full amount owed must be paid by Friday if the club are to remain in existence.
€200,000 would have been enough in the High Court yesterday, once the club could guarantee monthly instalments to pay off the rest of the debt. However, Coughlan has confirmed this morning that the Revenue now want the full amount, which is in the region of the €430,000, by Friday morning before the club is dissolved entirely. Coughlan is, at present, only in a position to give €120,000 due to the sale of Denis Behan and Colin Healy.
The stand-off between FORAS and Coughlan also continues, with committee members declaring on local radio this morning that the Property Developer is not willing to take money from them to help save the club.
FORAS would not have enough to save the club by itself and with the two parties not communicating on proper terms a joint bail-out seems like an unrealistic solution as the clubs final hours pass by. Cork have now set up an account for people to make donations to in an attempt to pay the debt, while local radio station and club sponsor, Red Fm have also set up an appeal.
The Cork players are scheduled to be paid tomorrow and it is unknown whether their bank accounts will be credited on time, if at all.
€200,000 would have been enough in the High Court yesterday, once the club could guarantee monthly instalments to pay off the rest of the debt. However, Coughlan has confirmed this morning that the Revenue now want the full amount, which is in the region of the €430,000, by Friday morning before the club is dissolved entirely. Coughlan is, at present, only in a position to give €120,000 due to the sale of Denis Behan and Colin Healy.
The stand-off between FORAS and Coughlan also continues, with committee members declaring on local radio this morning that the Property Developer is not willing to take money from them to help save the club.
FORAS would not have enough to save the club by itself and with the two parties not communicating on proper terms a joint bail-out seems like an unrealistic solution as the clubs final hours pass by. Cork have now set up an account for people to make donations to in an attempt to pay the debt, while local radio station and club sponsor, Red Fm have also set up an appeal.
The Cork players are scheduled to be paid tomorrow and it is unknown whether their bank accounts will be credited on time, if at all.
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