Financial ultimatum for Drogheda United

The group of supporters who are in the process of setting up a new company to take over Drogheda United FC say that if €200,000 is not raised by the end of January, the club will cease to exist.

The group has failed to attract an investor and is now asking supporters to buy shares in the club to keep it afloat.

The group, who explained in detail why the figure of €200,000 is required and what it would be used for, outlined the fact that the projected shortfall (following news of a decrease in sponsorship for 2011) now stands at the €150,000 mark and that this includes a debt of €55,000, some of which goes back to examinership.

Brian Markey, who is a member of the group's finance committee, reminded people that the club was also owed money totalling €14,000, which it had been unable to collect. Members of the group stressed that unlike in 2008 when the club asked for donations from the public to get it through the examinership process, this proposal is about asking people to buy shares and therefore own and have a say in the running of the club.

It was made clear that any monies raised will be lodged in a dedicated bank account and, if by the end of January, the sum is insufficient to proceed, all monies will be returned to the applicants.

The small number of hardcore supporters who attended Monday's forum left under no illusion that this time there is no sugar daddy or white knight waiting in the wings in case the financial support is not forthcoming.

The reality is that those who have provided funding in the past when the club has faced similar difficulties are no longer able to do so.

Speaking on behalf of the three main shareholders in Drogheda United, Vincent Hoey, said: 'We are hugely encouraged by the calibre and dedication of the people that have taken it upon themselves to step forward to try and keep Drogheda United alive at this time.

'At the risk of repeating myself, I always saw myself as a custodian of Drogheda United for the people of the town and region rather than an owner or shareholder. I and my fellow shareholders tried to make the club self-sustaining with our ambitious stadium plans.

'That clearly didn’t work for reasons that are well documented. I sincerely hope that with more people involved now and with the offer of community ownership on the table that people will lend their unequivocal support to this group.

'I certainly will in any way that I can. Unfortunately, however, myself and the other shareholders are unable to financially underpin the club going forward.'