The immediate future of Shelbourne looks set to be decided during the first half of next week following the news that Finbarr Flood has resigned as the club's chairman having completed his work to put together a package intended to pave the way for its survival.

The deal, which involves the provision of significant funding by Ossie Kilkenny, will now be considered by either Ollie Byrne or members of his family over the coming days. It is hoped that agreement can be reached ahead of the midweek deadline set by the FAI's First Instance Committee for the receipt of the financial guarantees required if the club is to retain the license it needs to play League of Ireland football during the coming season.

"From the outset," Flood said in a statement issued through the club yesterday afternoon, "I made it clear to both Ollie and his management committee that combining the role of chairman of a professional football club with my other business and personal commitments is not possible, given my own medical history.

"I am therefore now withdrawing from my role in Shelbourne football club to allow Ollie and his representatives to objectively consider the proposals on offer."

Asked about the situation subsequently Flood expressed concern regarding the tone of initial reports of his departure. "This is not a crisis for Shelbourne," he said, "it's a stage in a process initiated with the intention of addressing the problems at the club."

Though details of the deal concluded with Kilkenny are not known it is believed it contains many of the same elements included in the one rejected by Byrne at Christmas. Clearly circumstances have changed since then but it is not entirely clear whether the conditional offer of funds will be accepted or what, if any, alternatives might exist.

"Nothing is certain at the moment but the legal advice was that the deal that has been negotiated could only be formally agreed by the shareholders of Accolade Limited (one of two companies associated with the running of the football club) and that means Ollie Byrne.

"Either he or members of his family have to make a call on that now and today's news is aimed, at least in part, at allowing them to do that without any sense of external pressure. It's important to realise, though, that members of the family were represented in the talks that have taken place and so none of this will come as any great surprise to them."

If the deal is concluded then Shelbourne will be in a position to inform the licensing committee by Wednesday that it has the required funds to pay all outstanding back pay due to players, settle its Revenue obligations and meet its wage bill for the duration of the season ahead. If not, then the club would be thrown into renewed uncertainty.