Cork City confirm Grovemoor Ltd takeover will not proceed

Cork City have confirmed that they have been informed by Grovemoor Ltd that their proposed takeover of the club will not proceed.

Grovemoor informed the club that they would not be going through with the proposed takeover after failing to agree on a lease agreement with the Munster Football Association for Turners Cross.

A statement from Cork City read: “Grovemoor Ltd has informed the Board of Management that due to being unable to agree terms on a lease agreement with the Munster Football Association (MFA), Grovemoor Ltd will not be proceeding with their option to purchase Cork City Football Club at this time.

“Friends of the Rebel Army Society Ltd (FORAS) will now be proceeding with our own plans for 2021 and implementing a budget which will give us a stable and sustainable team for the 2021 football season.

“We can confirm that FORAS has lodged a license application in accordance with the deadlines laid out by the Licensing Department and we remain in constant contact with the FAI with regards the status of our application.

“We may seek to negotiate reduced rates with the MFA for Turner’s Cross in line with our budget, which if unsuccessful will result in us exploring alternative venues for playing behind-closed-doors for next season.

“The Board will not be making further comment at this time but will send a full update to our members on our plans, for Tuesday, December 22nd.”