Drew bids to buy Cork City FC
Cork businessman Danny Drew has made a formal bid to buy Cork City FC, it has emerged.
The former owner of Limerick FC says that he will incur the existing debts in a bid to wrestle control of the club from Arkaga.
Drew is heading up a consortium that hopes to meet examiner Kieran McCarthy and accountant Neil Hughes later this week.
Drew has two UK-based partners, former shareholders in a Championship club, ready to come on board.
“Our plan would be to settle the debts say 30% of them up front to all creditors and pay the rest over a 10-year period.
“We are only interested in buying the club outright rather than pumping money in with Arkaga still in place,” he said.
One of the next streamlining issues to be handled by Cork City FC is the re-location of the club shop to a site nearer Turner’s Cross.
The existing premises on Grand Parade is costing the club €65,000 a year, but when you add on rates and insurance, the figure rises to €100,000 and that is not thought to be sustainable in the current climate.
Cork had a 20-year lease, but managed to reduce it to five and one source said that it is time for “common sense to prevail.”
Meanwhile, a place in the League Cup final is on offer when Cork City take on Wexford Youths at Turner’s Cross..
This will be the first competitive meeting between the two sides, and both go into the game having won over the weekend.
“This game offers us the chance to reach the final of a competition which was last won by the club ten years ago,” said City boss Alan Mathews.
“I am sure that Wexford will give us a tough test but we will not underestimate them and will give our all to reach the final.”
Striker John O’Flynn returned from injury as a substitute against Bray and with no other injuries to report, Mathews has a full-strength side to choose from this evening.
Mick Wallace’s Wexford have skipper Anthony Russell suspended and Kyle Dempsey, Stuart Lawlor and Shane Dempsey are all out injured.
