A US-based consortium remains interested in acquiring Cork City despite having a formal takeover offer rejected. The group, led by LA-based Shane Lohman, submitted a letter of intent three weeks ago with a proposed figure of €3.75 million.

Shane Lohman said the bid was not entertained by the club's current ownership. His Monarch Sports Partners group began surveying the League of Ireland market earlier this summer and held exploratory talks with a Cork City representative before making the formal approach.

Lohman's vision for the club

"Cork City has the most untapped potential in the LOI," Lohman said. He argued the club should be among the country's most successful sides consistently. Lohman's proposal included an option for current majority owner Dermot Usher and minority stakeholder David Cronin to retain a minority shareholding. The plan also envisioned reestablishing a shareholding for supporters.

Lohman's background is in the brewing industry and he is backed by individual and institutional investors from the US and Europe. Some of these backers have experience in acquiring and owning sports clubs worldwide. The combined personal investment by Usher and Cronin since the start of 2023 is understood to be around €4 million.

Cork City have declined to comment on the approach. The club's position is that no substantive approach worth considering has been received.

Current context on the pitch

The takeover interest comes as Cork City sit first in the First Division with 71 points from 32 games. They hold a commanding 21-point lead over second-placed Bray Wanderers. Their recent form shows two wins, two draws and one defeat from the last five outings.

Tim Healy scored a hat-trick in the last home match, a 5-1 victory over UCD on September 18. The team's next challenge is an away fixture against fifth-placed Longford Town on September 26. Fans can check the full schedule on the club's fixtures page.

Historical backdrop

The club's recent history includes a yo-yo existence between the Premier and First Divisions for the men's team, while the women's side has struggled at the foot of its table. Cork City were rescued from financial oblivion in 2010 by the supporters' trust FORAS, which operated the club until Usher's takeover pitch was approved by 86% of members at the start of 2023.

In a separate development in Limerick, Treaty United confirmed on Monday that it has completed the acquisition of Limerick FC's intellectual property. Treaty United, controlled by Canadian-based investors Tricor, plans to adopt the historic Limerick FC name from next season. The club thanked former Limerick FC owner Pat O'Sullivan for his contribution and willingness to transfer the identity. Cork City's focus remains on securing promotion as they prepare for their trip to Longford.

The original report is at irishexaminer.com