Updated at 20.15

CORK CITY HAVE sold the sell-on clauses in the contracts of former players Sean Maguire and Alan Browne to the players’ present club Preston North End. 

The FAI informed Cork City last week that they would not be granted a licence for the 2020 season if they failed to settle a debt with Revenue, and it was at that point that Cork reached out to Preston to negotiate over the sell-on clauses.

It is understood that the final fee is in the region of €600,000. 

In a letter to members, the Cork City board confirmed they had reached an agreement with Preston for the sale of the sell-on clauses, which “aided the club in securing its premier division license for 2020.” 

The club also clarified it has not entered into a formal business arrangement with Preston. 

“The board also wish to confirm that CCFC have not entered into a formal partnership with Preston North End”, read the statement to members, “and any further decisions will be voted upon by the membership.

“That being said, we would like to thank Preston North End and their associates for their endeavors to get this transfer deal over the line over the past number of days.

“The board will continue to work in the best interests of Cork City Football Club and its members, which includes the exploration of any/all potential funding opportunities for the football club, which are ongoing.”

Cork begin their 2020 campaign at home to Shelbourne tomorrow night. 

Originally published at 15.15