The High Court has appointed an interim examiner to Drogheda United Football Club.
In its petition to the court, the directors of Hinge Trading said the club's current financial difficulties were caused by significant delays in securing a new 10,000 seater stadium at Bryanstown in Co Meath.
The court was told that plans for the stadium may not now be viable and because of the delay the club had encountered serious cash flow difficulties. The directors have also invested €8m of their own and company's money in trying to bring the proposal to fruition.
The club's directors are now considering an alternative location for a new stadium.
It is understood the club has debts of over €700,000.
The club has been approached by several potential investors and is due to meet interested parties from the UK tomorrow.
The directors say that even if a stadium is not built they are confident the club and company can survive but would have to be a 'less ambitious enterprise going forward.'
