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The board of directors of Foras, the fans trust that owns Cork City, has endorsed a proposal to sell the club to Grovemoor Ltd.
Members of Foras have been informed of a general meeting on Wednesday, October 28. There will be only one point to vote on, namely the authorization to complete a ‘call option agreement’ which was signed by the board of directors and Grovemoor in February.
Grovemoor is controlled by English businessman Trevor Hemmings, who also owns Preston North End. Earlier this year, Preston alleviated some of the financial pressure on the City of Cork when they agreed to purchase the Rebel Army’s sales clauses in relation to Seán Maguire and Alan Browne, who moved from the City to the club. from Lancashire.
That led to discussions about the club’s long-term future and Grovemoor expressed interest in an acquisition should the possibility arise.
A simple majority of 50 percent plus one vote is required for the motion to pass, and if that happens, Grovemoor will be entitled to exercise the call option. The property would pass to them for the nominal price of 1 euro and they would also assume the responsibilities of the club.
Foras was established in 2007 as a safeguard in case Cork City ran into trouble, and when Tom Coughlan-owned City was denied a license for the 2010 league season, a fan-owned entity entered a team in the first division.
During the time that City was a fan-owned club, it won a Premier Division title and two FAI Cups, but late last year it emerged that the financial situation had become precarious, to the point where a license by 2020 it would not have been awarded without Hemmings and Preston.
Cork City are currently mired in a relegation battle in the Premier Division with time and games running out to avoid a fall to Division 1.
From a golden era with John Caulfield when they were at the forefront of Irish League football, culminating in a double in 2017, they have slid alarmingly down the table.
Former Caulfield assistant John Cotter was in command for a time before Neale Fenn took office, but the former league-winning forward has struggled amid budget cuts and the loss of key players.
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