An examiner appointed to soccer club Drogheda United has informed the High Court that the club could continue successfully if the court approves a survival plan.

However, Ms Justice Finlay Geoghgan has sought further clarification on the type of funding secured by the club after receiving the report of the examiner.

The court heard that a meeting of creditors yesterday had approved proposals for discharging debts. Lawyers for the examiner said the dividends involved were not enormous but would ensure the survival of the club.

Gerry Mc Carthy said the examiner was inundated with accounts from the people of Drogheda about the signifcance of the club in their lives. He said while it was a company, it was more than that and the court would appreciate the enormous significance of the club to the people of Drogheda in considering the application.
The judge said she did not want to take away from the voluntary people who had put together funds to allow the company to survive and come out of examinership. However, she said if a scheme of arrangement was put forward the court had to be satisfied not only about the funding in place but also about the form of that funding and about working capital.

She made an order receiving the report of the examiner and adjourned the case to next Thursday when she will rule on whether or not it may come out of examinership.

Afterwards a spokesperson for the club, Terry Collins, said they were disappointed that the process could not be concluded today but were hopeful it would be next week.

RTE