LONG-SERVING LIMERICK FC chairman Pat O’Sullivan has informed fans of his decision to sell some, or all, of his share of the League of Ireland club as he can no longer bankroll the operation.

In a video released by the SSE Airtricity Premier Division outfit today, O’Sullivan revealed he is in discussions with a number of parties having decided he can’t carry the financial cost of the club in the long-term.

O’Sullivan, who has invested heavily into Limerick since 2009, said: “I personally had been funding the development and day-to-day cost of running this club and trying to keep it at a level as competitive as possible in a very competitive top half of the table.

“I have been saying for quite some time that this was not possible for me in the long-term. We have reached a point now where we have to firmly address this particular issue because some clubs have become much stronger and given the structures of our league significant finances are required of any club that wants to stay in competition with the top of the table.

“At this moment in time, I am in discussion with a number of parties with a view to selling an interest in the club. That may mean 100%, but certainly, it will ensure a majority share.”

O’Sullivan insisted the club’s vision is to qualify for European competition but to do so the financial gap between producing local talent and being competitive at that level needs to be bridged — he estimates it to be €500,000 a year.

“Our vision is to go to Europe, but we need to fill that gap,” he said. “Hence we need to have investors, to include outside investors or strong local commercial support.”

With the new League of Ireland season starting on 15 February, Limerick are currently in the process of searching for a new manager following the unexpected departure of Neil McDonald last week.

McDonald, who left to take up the assistant manager’s position at Scunthorpe United, had been in charge at Markets Field for just nine months. His former understudy, Eric Kinder, will take temporary charge during pre-season.

“From now on Eric Kinder and staff will take over the management of pre-season training, etc,” O’Sullivan added.

“We, at this moment in time, are receiving applications for the job. All of this will be considered towards the end of next week when we sit down with the staff and with Eric.”

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