Dundalk are set to avoid liquidation and complete the remainder of the League of Ireland Premier Division season after a deal was agreed to save the club.
There had been fears the Lilywhites would fold on Monday after the club had been hit by cashflow problems under the ownership of Brian Ainscough.
Local businessman John Temple has agreed a deal with Ainscough that will see a consortium of investors underwrite the players’ wages for the remainder of the Premier Division season.
A club statement said the Temple-led consortium “will examine the viability of the club and its facilities going forward”.
“Dundalk is a football town and the club is hugely important to all the staff, players and supporters,” said Temple, who added it was a “proud day” for everyone associated with the club.
“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.”
Ainscough had said earlier in September that he was concerned about Dundalk’s ability to see out the remainder of the season after players’ and staff’s wages had been delayed.
The financial issues came to a head on Monday when supporters met outside the club’s Oriel Park ground as fears about liquidation grew.
However, after initial talks, a deal has swiftly been struck with Temple and the consortium to stop the club going under.
The Lilywhites are bottom of the Premier Division with six matches remaining but will now fight for survival on the pitch with the new investors.
Jon Daly’s side are one point behind Drogheda United having played a game more.
“We are fully supportive of Jon Daly and the team to get the results required on the pitch,” said Temple.
“I am more concerned right now about getting the off-field matters sorted.”
The deal also saves the Football Association of Ireland and League of Ireland a headache as Dundalk folding midway through the season would have likely meant the club’s results would be expunged – which would have changed the race for the title and European football.
Dundalk, who have a 121-year history, are the second-most successful club in the League of Ireland.
The recent problems come after Dundalk won five league titles and three FAI Cups in the space of seven years, and played in the Europa League as recently as 2020.
Shortly after taking over, Ainscough described Oriel Park as a “pig sty”.
In a bid to help attract investment, the Irish government’s sports minister Thomas Byrne said a 500,000 euro grant to improve the artificial pitch and floodlights at Oriel Park would be brought forward.
“We are very grateful to Minister Thomas Byrne who has pledged the Government’s support for our Sports Capital Grant application, which is most welcome, and this is the silver lining for today’s takeover announcement,” Temple added.
“A new Board of Directors will be appointed in the coming weeks and a meeting will take place with staff and players in the next week when everything is finalised.”