Oct 22,2024
Cobh Ramblers are the latest League of Ireland side to come under new ownership, with the East Cork club announcing a takeover by USA-based group FC32.
The acquisition and operating agreement follows a long process that started with an appeal for investment in December 2022. An EGM to discuss three interested parties was held earlier this year.
Cobh described FC32 as "an international group of experienced sports executives which are focused on building a player-first platform through the acquisition of multiple clubs around the world".
The takeover has been under discussion since the summer, and it involves Cobh Ramblers falling into a 'multi-club' system of ownership which includes Austrian side SKN St Pölten, who compete in 2. Liga, the second highest division in the country.
The group hope to build on the foundations laid by Cobh’s academy over the last few seasons, while establishing a senior women’s team that will play Premier Division football in 2026.
Speaking about the takeover, Cobh Ramblers chairman Bill O’Leary said: "We are proud to partner with FC32, who share our vision for the club’s future. The Board of management and our club members are excited and hugely in favour of this potentially transformative deal. It recognizes our history, our relatively strong operating and financial models and positions us for growth in so many areas into the future."
Paul Francis, founder and CEO of FC32 said: "Our focus is on player development and high performance. We aim to partner with Cobh Ramblers to build a world-class talent pipeline and elevate the club to new heights."
Deanna Brown, President & Co-Founder: "The community’s support is vital, and we look forward to accelerating growth while honouring the club’s rich tradition."
This takeover is one of many in recent times in Irish football, a wave which was spurred by the financial challenges facing clubs over rising inflation after the Covid-19 pandemic.
Cork City were one of the first to follow the trend, with Dermot Usher taking over the club from FORAS after a vote by the supporters’ group in December 2022, and this was formalised by the FAI in February 2023.
Treaty United were recently acquired by Canadian-based investment group led by Tricor Pacific Capital Inc and Trivela Group became the new owners of Drogheda United after a vote by the club’s supporters at the end of 2023.
Shelbourne changed hands twice last year, starting with the acquisition of the club by Turkish billionaire Acun Ilicali. His 60% stake was then bought back by an Irish group in November 2023.
Cobh have been edging closer to this situation since their appeal for investment in 2022.
The issues around getting the deal done were changing from a co-op - the club had been owned by the fans - to a private company.
