"On behalf of Cork City FC, we wish to confirm our decision to appeal the decision made by the Revenue Commissioners not to accept the proposal put forward in the High Court this morning," said a club statement.

"It is our intention to seek a stay on the order for leave to appeal to the supreme court. During this period we will settle our outstanding liability in full.

"We believe that our proposal demonstrates not just our commitment but also our ability to settle our liability in full in the short term. In addition to this, under the guidance of the Quintas Group we now have a sustainable business model which will protect jobs and ensure that a similar situation will not arise going forward.

"We have a big match tonight against Bray Wanderers at Turner's Cross, so we are looking forward to getting back to football and hope to see the Rebel Army there in big numbers.

"It is appropriate that we take this opportunity to thank all of those who have rallied behind the cause and demonstrated their support in recent times.

"In particular we would like to thank our manager and players for their loyalty and continuing hard work to deliver success on the pitch.

"Also, Dermot Desmond and Celtic FC for their commitment to come to Cork, John Delaney and the FAI who have been very helpful and supportive behind the scenes and of course, Jim McCarthy of Quintas for lending us their considerable expertise and advice. Also, we would like to thank Olann Kelleher and Mark Riordan."