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City take first step towards clearing debts E-mail
Written by Graham Lynch   
Thursday, 21 August 2008
Cork City Football Club took the first step towards financial redemption last night, following the transfer of Dave Mooney’s to Reading FC.

The eircom Leagues leading goal scorer completed a move for an undisclosed sum, believed to be e250,000, having passed a medical at the Madejski Stadium.

A statement released by Cork City FC following the completion of the deal read, “The transfer fee will provide the initial sums that will assist Mr Kieran McCarthy, the interim examiner appointed by the High Court yesterday (Tuesday, August 19) , to prepare proposals for the creditors of the company”.

The transfer of Mooney, 23, who has scored 34 League of Ireland goals in the past season-and-a-half, will go a considerable way towards getting City through examinership, although the fee itself could be considered paltry by comparison to previous sales of City players to cross channel clubs.

In addition, the statement also said that Mr McCarthy is currently exploring a number of concrete leads following unsolicited expressions of interest from parties who are keen on investing in the Company, an unusual occurrence at this early stage of an examinership.

One such name to mentioned is property developer Owen O’Callaghan, who was quoted as saying he was interested in the future of the club. O’Callaghan, who was on holidays yesterday could not be contacted for further comment, but Pat Casey of Casey Communications, spokesperson for O’Callaghan, said that it was far too early to speculate before adding that his client had not been in touch with the FAI or the club for that matter.

Another former City striker at Reading, Kevin Doyle, could also yet play his part in Cork’s financial crisis, with reports in Birmingham today suggesting a bid by Martin O’Neill’s Aston Villa for the Wexford man is imminent.



The Irish international, who is said to be valued at €10 million by the Berkshire club, could net City as much as €1 million from any sale due to a clause in his contract that guarantees his former club 10% of any re-sale, which along with the sale of Mooney would be enough to all but bring Cork out of examinership. Speculation continues to mount in the midlands however, that O’Neill has placed Blackburn’s forward Santa Cruz  at the top of his wish list, ensuring that all City eyes may well be focused on events at Villa Park over the coming two weeks.


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