Cork City will cease to exist by the end of this week after the High Court today ruled that the club was insolvent. Cork City Investment FC, the holding company that runs the club, will now be wound up on Friday.
The club had been set a deadline of today to meet the requirements of the Revenue Commissioners to help settle a €360,000 debt.
The Leesiders had raised €120,000, mainly through the sales of Colin Healy and Denis Behan, and offered to pay back the rest of the money owed over a 12 month period.
But this was rejected Ms Justice Mary Laffoy this afternoon, who issued a winding up order against the club with a stay was placed on it until the end of the week.
The upshot is that unless some last minute settlement can be reached with the Revenue Commissioners, the club will cease trading on Friday
“The club is doing everything within its power to settle these liabilities and asks that our supporters and the people of Cork get behind us to help us to save the club,” the club said in a statement.
“It is the intention of the club to continue trading and we are determined to do everything in our power to overcome this hurdle.
“At this time, the support of all is vital to us emerging from this situation and the continuation of League of Ireland football in Cork.
“As we look ahead to Friday night’s game against Bray Wanderers at Turner’s Cross, we ask the people of Cork to come out and support the team and buy tickets for the game in advance of Friday through our kiosk in Daunt Square and our club store at 22 Sullivan’s Quay.”
Cork are currently third in the League of Ireland Premier Division but, should they go out of business, it is expected that all the games they have played this season will become null and void.