New investment claimed by Dundalk FC directors

Dundalk FC’s directors claim to have secured fresh investment, as per the company’s abridged financial statements for the year ending December 31st, 2023.

The delayed accounts confirmed the club’s highest-ever deficit of €1,467,166 – exceeding the €1,226,067 that was lost during PEAK6’s fraught ownership at Oriel Park in 2019.

Up until November 2023, the club was under the ownership of STATSports duo Sean O’Connor and Alan Clarke, as well as FastFix businessman Andy Connolly.

The figure of €1,467,166 also represents a sizeable increase from the loss of €497,649 that was recorded at the end of the previous year, also under the same ownership.

US-based businessman Brian Ainscough acquired a 100% stake from the local trio at the end of last year, but came very close to entering the club into liquidation in September before handing over his remaining 80% share to barrister John Temple at the 11th hour.

The remaining 20% had since been obtained by Dublin-born, US-based investors Chris Clinton and John Keenan – both of whom were onboarded by Ainscough in February.

The Democrat has learned that Connecticut-based Michael Cianci was also brought in by Ainscough as a minority shareholder at that time, and has up to now retained his stake.  

In the latest accounts, which were independently audited by KMR Accountants Ltd, it was noted that: “The company regards Brian Ainscough Soccer LLC as its parent company until September 2024 when majority shareholding transferred to John Temple. The company regards John Temple as the ultimate controlling party.”

Signed off on November 27th by its two directors, Temple and Clinton, it added that: “The company has incurred a trading loss of €1,467,166 and has been relegated from the Premier Division for the 2025 season.

“New owners took charge of the club in late 2024 and have set about a process to turn the company around.

“The directors believe that they have procured investment which is currently being finalised, and they have reached payment agreements with the company’s main creditors.

“On foot of this, the directors have prepared financial projections which show the company continuing to trade for at least a period of 12 months from the date of these financial statements.

“On this basis and on the assumption that the club receives a licence from the FAI for the 2025 season, the directors are of the opinion that it is appropriate to prepare these financial statements on a going concern basis.”

The club’s income dropped from €2,359,540 in 2022 to €1,861,891 in 2023. According to the accounts, the club employed 41 individuals, including directors, in 2023, an increase from 34 in 2022, but a decrease compared to 47 in November 2021 and 45 in 2020.

In payables, it was revealed that €785,336 was due within one year, with €278,647 of this amount attributed to taxation, a significant rise from €49,425 the previous year. Trade payables increased as well, growing from €163,559 in 2022 to €279,785 in 2023.

In 2023, Dundalk secured a fifth-place finish in the SSE Airtricity League Premier Division and advanced to the second qualifying round of the Europa Conference League.