Cork City hit by 10 point deduction

Following on from the recent revelations concerning the state of Cork City's finances, the FAI have tonight confirmed that Alan Matthews' side have been deducted 10 points as a result of their decision to go into examinership. The FAI released the following statement this evening:

"Following Arkaga’s regrettable decision to renege on its written undertaking to guarantee all liabilities arising at Cork City Investment FC Ltd until January 2009, the club entered into examinership on August 18. The FAI has already expressed its displeasure at Arkaga’s actions which have placed the club in the difficult position it currently finds itself.

The FAI met this morning with the Examiner appointed to Cork City Investment FC Ltd. He expressed his desire for a quick decision from Licensing regarding a sanction for Cork City FC as it would make it more desirable for the investors currently interested in the club to proceed with their intentions.

A meeting of the Independent Club Licensing committee was convened tonight and they deducted 10 points from Cork City FC for being involved in an examinership process as per section 3.1.2 of the club licensing manual. This sanction is effective immediately. The Committee was keen to express that it is imperative for all clubs to adhere to sound financial policies.

Now that the club has entered into examinership, the FAI has provided the examiner with a letter stating that the FAI will support the club during the examinership process as it strives to regain sound financial footing."

The decision sees Cork City drop only one place on the table to fourth, but they are now eight points behind Derry City who are now in third.

Ciaran McCarthy tonight told extratime.ie that he felt the penalty was a bit severe and that the club will be looking to appeal this decision.