The board of management of FORAS, the supporters trust that runs Cork City Football Club, has confirmed that the members last night voted in favour of the motion to endorse the board's recommendation to sell the club to Preston North End owner Trevor Hemmings and his company Grovemoor Limited.
Grovemoor Limited now has the option to take over the club for €1 while also taking on the existing liabilities.
While a simple majority was required on the call option agreement, FORAS confirmed the vote was carried by 69.8% to 30.2%.
Last weekend, Cork City were relegated from the Premier Division of the League of Ireland and it’s believed that because of financial issues they would have difficulty in obtaining a licence to compete in the First Division in 2021.
RTÉ Sport understands that Grovemoor will work with the current board to complete its due diligence regarding current liabilities and forward cash flow requirements.
It’s believed that Grovemoor has committed to providing cash flow and resources to ensure an immediate return to the Premier Division.
"The Board of Management of FORAS... are pleased to confirm that the members of the Trust have endorsed the Board’s recommendation and have voted in favour of the motion," the club said in a statement.
"We have already engaged with Grovemoor Limited on the matter, and a further comment will issue in due course.
"The Board would like to thank all of our members for their input and their ongoing support."
A key part of Grovemoor's ambition is to finalise talks with the Munster Football Association to secure a freehold interest in Turners Cross, where Cork City have traditionally played their home games.
Grovemoor believes that linking the club to the stadium is fundamental to the long-term prospects of the club.
At a virtual general meeting members of FORAS were told that pursuing the option to buy Cork City Football Club was seen as a great and unique opportunity to contribute to a sporting entity with such potential.
However, Grovemoor insists it will not be making any unrealistic promises, with a belief that football clubs must be run with a business model that is contingent upon excellence in human resources and the financial backing that allows a club to grow and compete at the highest level of professional football.
Critically, football clubs need to operate without the financial risks associated with any business that operates with low cash reserves.
Grovemoor would contribute to the resources and backing in three key areas.
Firstly, the human resources and personnel required to grow the football club to its full potential and maximise commercial and other income.
Secondly, the necessary infrastructure to enhance the matchday experience and professional environment for players.
And finally, the working capital to help the club compete each year through investment in the playing squad across the whole of the club, whilst ensuring financial stability.
Cork City FC, Grovemoor say, is a club steeped in Irish football history with a heritage and an identity. It is a fundamental part of Cork sporting life and culture.
The mission, members were told, is to help the football club reach its maximum potential.