Published Friday, 08 January 2010
Club shareholders held a meeting on Thursday night in a bid to strike a deal with creditors and stop the Ballyskeagh club going bust.
Claims are rife that the Premier League's bottom team hasn't paid their players for the past six weeks and the club's debts are between £65,000 and £250,000.
Jim McGrory - the previous chairman - and other directors of the club resigned before Christmas after news broke the club had been served with a wind-up order after an unpaid rates bill.
At a meeting of club shareholders on Thursday night, a plan was agreed to enter into a Company Voluntary Arrangement in an attempt to secure the club's future.