The High Court has appointed an interim examiner to the company that runs Shamrock Rovers football club, which has debts of more than €2.36 million, including more than €540,000 to the Revenue Commissioners in PAYE and PRSI arrears.
The court was told the club's directors believe it has a reasonable prospect of survival, particularly if it can secure a long-term home ground.
The appointment allows time for attempts to be made to put together a survival package for the club. Discussions with a view to the club playing at Morton Stadium, Santry, Dublin, next season will be intensified.
Mr Justice Peter Kelly yesterday appointed accountant Neil Hughes as interim examiner to Branvard Ltd, which trades as Shamrock Rovers, and fixed the full hearing of the petition for a full examinership on Monday week.
The judge was told Shamrock Rovers has had serious problems since leaving Glenmalure Park, Milltown, Dublin, in 1987, and has since had to use several venues of competitors as its "home" ground.
The club had hoped to move to a new facility at Tallaght but planning problems arose. There had been recent negotiations with South Dublin County Council to see if an alternative neutral home ground could be obtained on a secure basis.
Yesterday, John Doherty, for Fingal County Council, said his clients were willing to open negotiations with the club with a view to it using Morton Stadium. There had been contacts between the sides previously, and yesterday a representative of the club had contacted the council.
Ms Aoife Goodman, for the Revenue Commissioners, said they were taking a neutral position to Branvard's application for the appointment of an interim examiner and were not objecting.
Gary McCarthy, for Branvard Ltd, had presented the company's petition to the court on Monday, but Mr Justice Kelly refused it then and adjourned the matter to yesterday to allow further evidence to be furnished in relation to the Morton Stadium option and also to allow for the Revenue to be represented if they wished.
The Revenue had been informed of the intention on Monday to seek an interim examiner but did not attend that hearing.
The petition stated that the company's directors are Anthony Maguire, Knockfield Manor, Knocklyon, Dublin; Paul Boyle, Virginia Heights, Blessington Road, Tallaght, Dublin; Anthony Ennis, Kingston View, Dundrum, Dublin; and John Breen, Castlefarm, Swords, Co Dublin.
Mr Justice Kelly said he was satisfied there was sufficient evidence to warrant the appointment of an interim examiner. He would continue the appointment of Mr Hughes to the hearing of the petition on Monday week next, and reserve costs until then.
Following his appointment as interim examiner yesterday, Mr Hughes said the examinership process would provide the club with the framework to facilitate its survival. He would work to gain the support of creditors, members, supporters, the directors and the company, and all others associated with the club.
If confirmed, the period of examinership would allow Shamrock Rovers to attract investment required to deal with its historic liabilities so as to ensure its survival in the short term, and the structure to provide for its success in the future.
"Examinership can be a very effective tool in protecting a trading company so that it can survive," added Mr Hughes.