Cork City are struggling a bit at the minute. Having been the main challengers to Dundalk in the past few years, they hit a bit of a wall last season.
They stumbled to an eighth placed finish, while manager John Caulfield was also relieved of his duties. This season doesn't look like it will be much better. Some are even tipping them to go down.
Their finances are a real concern. After spending big in the pursuit of success on the European stage, the purse strings are a lot tighter at the moment. It was announced today that the club even gave up one of their biggest financial assets in search of some immediate income.
The path from Cork to Preston is a well-trodden one in recent times, with Sean Maguire and Alan Browne both making the trip across the water. While the League of Ireland side did not receive massive financial packages for either, they did have a sell-on clause in both deals that could have seen them net some sizeable cash down the line should either player leave Deepdale.
However, with the club in dire need of some money they have gave up the rights to both clauses for a €500,000 settlement from the Championship club the board have confirmed this afternoon. The deal was required in order to have the funds for Cork to secure a League of Ireland licence for the 2020 season.
It also reported Preston's involvement in the club could become stronger in the near future. Echo Live report that Preston owner Trevor Hemmings is in negotiations to buy the club outright, although any deal would have to approved by supporters group Foras.
It is anticipated that a deal could even be completed before Foras' AGM on March 5th.
