The proposed new owners of Cork City FC have until 2pm today to pay a debt of more than €160,000 to the Revenue Commissioners. Otherwise, the club will be wound up.
At the High Court yesterday, Ms Justice Mary Laffoy made an order winding up Cork City Investment FC Ltd but agreed to put a stay on that order until this afternoon.
She granted the stay after being told an agreement to sell the club had been reached and the new owners had €600,000 available to discharge all liabilities due to the Revenue.
The Revenue initiated the proceedings last year to wind up the club over an outstanding bill for VAT, PAYE and PRSI.
The original demand was for €107,000 but the debt now due is €163,000.
Seeking an adjournment, Ross Gorman, for McGuire Desmond Nominees Ltd, said it had entered into an agreement yesterday to buy the club from Tom Coughlan.
The judge refused the adjournment.