Grovemoor Limited's takeover of Cork City will not go ahead after the Munster FA and the Trevor Hemmings-owned company failed to agree terms for the use of Turner's Cross next season.
Members of FORAS, the supporters trust that runs Cork City, voted in favour of a motion to sell the club to Grovemoor Limited in October, giving the company owned by Preston North End owner Trevor Hemmings the option to take over the club for €1, while also taking on its existing liabilities.
However, access to Turner's Cross was key to the deal, as Cork City prepare for life in the First Division next season.
A statement from the club read: "Grovemoor Ltd has informed the board of management that due to being unable to agree terms on a lease agreement with the Munster Football Association (MFA), Grovemoor Ltd will not be proceeding with their option to purchase Cork City Football Club at this time.
"Friends of the Rebel Army Society Ltd (FORAS) will now be proceeding with our own plans for 2021 and implementing a budget which will give us a stable and sustainable team for the 2021 football season.
"We can confirm that FORAS has lodged a license application in accordance with the deadlines laid out by the licensing department and we remain in constant contact with the FAI with regards the status of our application. We may seek to negotiate reduced rates with the MFA for Turner's Cross in line with our budget, which if unsuccessful will result in us exploring alternative venues for playing behind-closed-doors for next season.
"The board will not be making further comment at this time but will send a full update to our members on our plans, for Tuesday, 22 December."
