The proposed takeover of Cork City which has been widely reported this afternoon has yet to be agreed, despite an offer being tabled by a consortium of local businessmen and owner Tom Coughlan stepping aside from all club affairs with immediate affect.
It was thought that Coughlan's announcement this afternoon was proof of his acceptance of the offer but Quintas, the financial management group facilitating the proposed deal, has claimed it is yet to be accepted.
Quintas director Jim McCarthy was offered the position of interim chairman but turned it down because it would conflict with his current role of facilitating the takeover led by Peter Gray and Michael O'Connell.
A statement released this evening read: "Quintas Group can confirm that Jim McCarthy, director of the Quintas Group, was offered the chairmanship of Cork City FC by the club’s current owners.
"Jim’s role in this process has been to bring together a consortium of local businessmen to take over the running of Cork City FC and to bring stability to the club.
"Quintas confirms that Jim McCarthy has turned down the chairmanship offered as it would be in conflict with the role he is currently fulfilling for the consortium that has lodged a bid to take control of Cork City FC.
"Peter Gray, a member of the consortium, was also offered a seat on the board of Cork City FC. He has turned down this offer as it would be inappropriate given his involvement in the consortium looking to take over the club."
The statement concluded: "The offer that was made by Peter Gray and Michael O’Connell, along with the Cork City Supporters’ Trust, Foras, was submitted to Cork City FC at 5.30pm on Thursday the 11th of February. The consortium has not yet had a response from Cork City FC in relation to their bid.
The saga would on the face of it appear to be a breakdown in communication but for now, at least, Cork fans are yet to see their club come under new stewardship, in which they have been offered a role.
O’Connell is the former head of Adidas Ireland, while Gray is a property developer and one-time sponsor of Millwall FC.
“I have a genuine love of football and believe that Cork has the potential to be a really successful club,” said Gray last night.
Regardless of who is in charge on Monday, Cork are due in the High Court in relation to an attempt by the Revenue Commissioners to wind up the club for non-payment of an estimated €115,000.
There is also nearly €400,000 of debt on the club, which will need to be addressed immediately if a league licence is to be secured from the FAI by the deadline at the start of next week.