Cork owner and chairman Tom Coughlan leaves court

Cork City have been handed a late lifeline at the High Court after a deal was agreed with the Revenue Commission to settle outstanding monies owed.

Lawyers for the Revenue Commission said that the football club's company had agreed to pay half of its debt on Friday and the balance by Wednesday.

Ms Justice Mary Laffoy put a stay on the winding up order until next Thursday to allow payment to be made.

Cork must raise the additional 219,000 euros by next week's deadline.

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