Cork City Fc out of examinership

Cork City Fc have been declared debt-free and are now out of Examinership since 5pm this evening. The ruling was made this morning by Mr Justice Kelly at the High court, who deemed Examiner, Kieran Mc Carthy had done enough to put the club back on the right track and settle its debts with the various creditors.

This now means that Cork can now focus on the upcoming Setanta Cup Final against Glentoran on November the first without having to worry about the financial problems left by former owners, Arkaga.

In a statement the club confirmed that the examinership period is now over and thanked all connected with the club on the behalf of Kieran Mc Carthy.

The full statement read as follows:"Cork City FC is delighted to confirm that Justice Kelly in the High Court today approved the proposed scheme of arrangement for the club. Accordingly, the club will emerge successfully from Examinership at 5 pm today. The Examiner wishes to thank all of the club’s staff, sponsors and supporters for their commitment in difficult circumstances and is pleased that Cork City FC can now look to the future with optimism."

A short time later the club released another statement, this time on behalf of new owner Tom Coughlan. Coughlan was clearly happy at todays outcome "I am delighted with the High Court decision and look forward to working hard to ensure a sustainable, successful future for the club both on and off the pitch."

The Rebel Army's new owner also stressed the importance of the upcoming cup final against Glentoran. "In two weeks time, we will host the Setanta Sports Cup Final at Turner’s Cross and all of our focus and energy must now switch to ensuring that we create a really memorable occasion and that we give the team every chance of becoming All Ireland champions for the first time in the club’s history." said Coughlan

Finally, the local property developer applauded all the people involved with the club who had to withstand the past couple of months. "The club has had some tough times this season, but the efforts of Alan Mathews and the squad, together with the support of the fans, have been magnificent."