Coughlan steps down as Cork chairman
Credit: Extratime Team (ETPhotos)
After 18 torturous months for Cork City supporters, Tom Coughlan’s tumultuous reign as owner of the club has come to an end.
The property-developer, who took the club from the brink of extinction into even more dour financial circumstances during his time at the helm, stepped down from his position as chairman of the club.
“Cork City Football Club wish to confirm the resignation of Tom Coughlan as chairman of the club," read a club statement.
"Notwithstanding this, the administration team at the club is continuing the restructuring process already underway in a bid to ensure the financial stability of the club for the forthcoming season.
"Included in this process will be the implementation of a player salary cap of €750 per week which will be effective as of February 1st, a figure in line with most other League of Ireland clubs.
"The club will be appointing an interim Chairman to facilitate the smooth transition of ownership to those parties who have expressed an interest in taking over the club. In the meantime, General Manager Liam Meaney will continue to oversee the day-to-day running of the club."
The announcement comes after Coughlan failed to overturn his 12 month ban from any football related activities at the High Court on Wednesday. Having brought the game into disrepute last season, the FAI had issued him with a year-long ban.
With local businessman Michael O’Connell reportedly interested in buying the club – having met with Coughlan and financial advisors Quintas – it appears that Coughlan is now ready to sell up ahead of next Monday’s impending winding-up order.
The club also have outstanding debts to pay, amounting to a figure which is believed to be as high as €250,000, and unless those matters are sorted out they will fail to obtain a licence for the coming season.
“It is crucial to secure potential future investment in the club in order to ensure the club’s continued participation in the League of Ireland," said Meaney.
"My understanding is that talks regarding the proposed takeover of the club are at an advanced stage, and it is hoped that these will reach a successful conclusion in the very near future."
The property-developer, who took the club from the brink of extinction into even more dour financial circumstances during his time at the helm, stepped down from his position as chairman of the club.
“Cork City Football Club wish to confirm the resignation of Tom Coughlan as chairman of the club," read a club statement.
"Notwithstanding this, the administration team at the club is continuing the restructuring process already underway in a bid to ensure the financial stability of the club for the forthcoming season.
"Included in this process will be the implementation of a player salary cap of €750 per week which will be effective as of February 1st, a figure in line with most other League of Ireland clubs.
"The club will be appointing an interim Chairman to facilitate the smooth transition of ownership to those parties who have expressed an interest in taking over the club. In the meantime, General Manager Liam Meaney will continue to oversee the day-to-day running of the club."
The announcement comes after Coughlan failed to overturn his 12 month ban from any football related activities at the High Court on Wednesday. Having brought the game into disrepute last season, the FAI had issued him with a year-long ban.
With local businessman Michael O’Connell reportedly interested in buying the club – having met with Coughlan and financial advisors Quintas – it appears that Coughlan is now ready to sell up ahead of next Monday’s impending winding-up order.
The club also have outstanding debts to pay, amounting to a figure which is believed to be as high as €250,000, and unless those matters are sorted out they will fail to obtain a licence for the coming season.
“It is crucial to secure potential future investment in the club in order to ensure the club’s continued participation in the League of Ireland," said Meaney.
"My understanding is that talks regarding the proposed takeover of the club are at an advanced stage, and it is hoped that these will reach a successful conclusion in the very near future."
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