Limerick FC have confirmed that talks are at an advanced stage with an investment group represented by Sean Connor. In a statement, the club say talks have been ongoing since July of last year about potential investment.
The news comes less than a fortnight after a group led by Donal Magee said they no longer wished to invest in the First Division club.
Magee's group seemingly lost patience with owner Pat Sullivan, saying in a statement of their own, "in light of the weekend revelations that players have not been paid, we feel our time would be better appreciated pursuing other options".
Limerick have been on thin financial ice for more than a year, with strike action threatened last season due to the players going a number of weeks without being paid. Such wage issues have arisen again this season following their relegation to the First Division.
Today's statement appears hopeful of an upturn in fortunes, should the Connor-fronted investment come to pass, saying, "The group have a firm business plan and strategy in place".
Connor is formely a manager at Sligo Rovers, Bohemians and Dundalk. His most recent League of Ireland job was with Galway United in 2011. Since then, he's had stints in charge of Zimbabwean side Caps United as well as South African National First Division side, Black Leopards.
Limerick say a formal announcement on the deal is due next week, pending the completion of legal documents. They've clarified Connor's involvement in the deal as the 51-year old "representing the investors at the club this week and has been preparing the ground from a procedural perspective, to allow for this strategy to be implemented."
Limerick's statement appears hopeful that wage issues will be eliminated with the new investment. They claim the group "will bring certainty and structure to the Club’s affairs and will alleviate the current stresses around the club."
It's expected Connor and co will work alongside current owner, Sullivan.