Cork City's planned takeover by English company Grovemoor Ltd will not go ahead as planned. The company, which also owns Preston North End, had hoped to acquire the club, but they could not reach an agreement with the Munster Football Association over a lease for Turner's Cross.
The Munster FA own the ground and Cork City may need to find a new stadium if an agreement cannot be reached. Cork City confirmed the news, in a statement released on their official website.
— Cork City FC (@CorkCityFC) December 17, 2020
The statement reads:
"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 our 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," the statement reads.
Cork City had a very disappointing season in 2020 and were relegated to the League of Ireland's first division. The news was originally broken by Denis Hurley in the Echo, who said relations between the two parties remain amicable and the deal may be revisited in 2021.