Cork City's losses are near €400k while the club had to pay revenue debt due to VAT issues

Cork City's losses are near €400k while the club had to pay revenue debt due to VAT issues
The sale of Sean McLoughlin was key in offsetting Cork City's debt. Picture: Jim Coughlan.

Cork City are heading for losses approaching €400,000 while the club had to make a tax settlement with Revenue relating to historical VAT issues.

On Thursday night, FORAS (Friends of The Rebel Army Society), the supporters’ trust which owns the club, held a general meeting at the Metropole Hotel on MacCurtain St and members were told that the club had had a VAT issue relating to the commercial side of the club in 2016 and 2017, but the liability of approximately €85,000 had been settled and details will be published by Revenue in December.

City’s losses for the year were eased somewhat by the sale of Seán McLoughlin and the success of the ‘Win A Gaff’ fundraiser.

While the club had other debts, these would be managed in a sustainable fashion going forward and more fundraisers with Kinsale AFC and Douglas GAA.

Chairman Declan Carey and the FORAS board fielded a number of tough questions at the meeting, however, optimism for the future was expressed with regard to matters on and off the pitch.

Meanwhile, left-back Ronan Hurley has signed a new deal with City. The Schull native impressed under Fenn in the latter part of the season and is likely to be a first-choice in defence in 2020. Elsewhere, former City midfielder Garry Buckley has joined Sligo Rovers.

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