An agreement on the takeover of Dundalk FC by local barrister John Temple to ensure the club's survival has been completed.
He will lead a consortium of investors who have agreed to underwrite the players’ current wages until the end of the season and will examine the viability of the club and its facilities going forward.
Boston-based Dubliner Brian Ainscough confirmed the existence of the club was on the line this week due to a cashflow crisis and the plea has resulted in a preferred consortium being chosen to take on his 80 per cent stake.
A second group are in place to take a 20 per cent stake.
Speaking on the takeover, Mr Temple said: "Dundalk is a football town and the club is hugely important to all the staff, players and supporters. We appreciate the concerns raised by all of our supporters in recent weeks and it has underscored what the club means to every one of them."
Dundalk were close to liquidation on Monday, before current owner Brian Ainscough entered exclusive discussions with the leading party.
Meanwhile, Minister for Sport Thomas Byrne said Dundalk would receive the majority of a €500,000 grant it had requested to develop pitch and lights at Oriel Park.
He said the Government would bring forward the payment to help the club at this "critical juncture".
Fine Gael Senator John McGahon said: “The situation has been so fluid in recent days, with developments taking place with every passing hour.
“It’s a pity that it had to go this late in the day with self-imposed deadlines from the current owner, but as calm and level heads prevail, it’s important that there are interested parties around the negotiation table.
“Dundalk is and always has been a footballing town, the club is an integral part of the town – it’s a community club and part of who we are.
“The last few days in particular have been extremely distressing for everyone involved in the club, whether it’s the senior team, our male and female academy teams who are our stars of the future, the staff of the club, but most importantly, the volunteers and supporters who put aside many hours of their own time into making the club what it is.
“The funding model of League of Ireland Clubs needs to be looked at and we must move away from this cycle of clubs standing on the edge of financial ruin from season to season, but that is a conversation for another day.
“The key and most pressing issue for everyone concerned is that a deal is reached that steers the club out of immediate danger and allows everyone to get their bearings and see how we can move forward as a footballing town and place the club on a firmer financial footing.”
