SHELBOURNE’S IRISH DIRECTORS are set to regain control of the club from Turkish millionaire Acun Ilicali before the end of this week.
And The 42 can reveal that it’s a deal that will not cost them a single cent as Ilicali has agreed to walk away without recouping any of his firm’s initial investment.
It is believed that his takeover, almost five months ago to the day, came with a view to injecting €3 million into the League of Ireland side. A substantial amount was presented up front for a 60% stake but it is understood that the deal which is close to being confirmed will not require any money to be paid back, with some of the cash still in the bank to remain.
The uncertain future of manager Damien Duff was the catalyst for this agreement to be thrashed out.
The 42 has learned that it is a situation that has been brewing for some time and while Ilicali made no explicit reference to letting him go, when the former Ireland international spoke out after the final Premier Division game of the season about the lack of movement on a new contract offer, it put the wheels in motion for Shels’ Irish directors – led by Premier Sports founder Mickey O’Rourke – to act.
Ilicali also owns English Championship outfit Hull City, and it’s understood that the two clubs will retain a strategic partnership going forward, but with no minority ownership or directorships on the new board offered to the outgoing Turks.
Effectively, Ilicali is happy to walk away from Shels and cut his losses in a deal that has been described as amicable.
An announcement of the takeover is imminent and so too is confirmation that Duff will stay on as manager.
After leading Shels to a fourth-place finish last season, they are hoping for St Patrick’s Athletic to beat Bohemians in this weekend’s FAI Cup final to ensure qualification for the Europa Conference League qualifiers.