Deal struck on Dundalk future

Dundalk FC have confirmed that following discussions between the club and a local consortium and the Dundalk FC Community Trust, a deal has been agreed in principle for the transfer of ownership of the football club. Despite there being some outstanding legal issues, the involved parties are confident that all major obstacles have been overcome and they can look forward.

The club was put up for sale by current owner Gerry Matthews a number of weeks ago as the club suffered financial strain putting the future of the club in serious doubt. The club received several expressions of interest for the sale of the club and it looks like finally a consortium has successfully negotiated a deal to take control of the club.

Matthews had made it quite clear that he was looking to step down and relinquish control of the club as early as September last year however despite some interest in a takeover, nothing materialised and the local businessman remained in charge. Matthews then confirmed he was not going to apply for a licence for the club for next season signalling further his intent to leave. Now, he has finally got his wish and has decided to hand over control to the local consortium backed by the Dundalk FC Community Trust.

In the statement released by the club, representative for the local consortium, Ciaran Bond, spoke of the immediate plan to stabalise the club and its finances and Trust member Colm Murphy spoke about the plan to safeguard the future of the club and the work that lies ahead over the next few months. Current owner, Matthews, said that the deal was essential to the club's future and confirmed he would be 100% supportive of the new owners.

The statement reads in full:

'Following discussions held in Oriel Park on Friday morning between Dundalk FC, representatives of a local consortium and the Dundalk FC Community Trust – an agreement in principle has been reached on the transfer of ownership of Dundalk Football Club.

While there are a number of legal issues that need to be finalised, all parties are now confident that all the major obstacles have been successfully negotiated.

Consortium representative Ciaran Bond stated: “Our immediate plan is to stabilise the club’s finances. This will be achieved through a three-year sponsorship package that will be factored around current sponsorship frameworks. The due-diligence process has revealed that the financial situation at the club is much more serious than anticipated.”

“The successful conclusion to these negotiations, while bringing stability to the club, does not solve all the club’s problems. We have already this morning addressed a very serious creditor that demanded immediate attention. A major concerted effort will be required between now and the end of the season”.

The consortium and the Trust have been working closely together in recent weeks to put in place a long-term plan to safeguard the club’s future. Trust representative Colm Murphy stated: “The Dundalk FC Community Trust is now working with the consortium to put together a short and long-term plan to secure a sustainable future for the club. Both the Trust and the Consortium are working towards implementing a supporter-orientated community owned model that we believe we will bring both short-term stability and long-term growth to Dundalk FC.

“The next few months will be very busy as we seek support from supporters and the community so that we can put the club on a firm footing. Upcoming matches and fundraisers are hugely important and we encourage everybody to give their support to these events”.

Current Dundalk FC Owner Gerry Matthews stated: “This deal will save the club as it was likely that the club would have closed if agreement had not been reached. This will bring stability to Dundalk FC and I wish everybody who will bring the football club forward every success. I support them 100% in their endeavours”.'