LIMERICK FC Chairman Pat O'Sullivan has confirmed that he hopes to sell a majority share in the SSE Airtricity League Premier Division club.
O'Sullivan revealed in a Youtube post this Thursday that he is in discussion with a number of parties at present with a view to selling an interest in managerless Limerick FC.
The Blues Chairman insisted that their aim was to maintain senior soccer at the highest level in Limerick.
Speaking from the Club's training base in Bruff, O'Sullivan 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.
"It might mean 100% of the club, but certainly it will ensure a majority share of the club.
"It must be said that it is our intent to maintain senior soccer at the highest level within our city and region. Our city and region deserved to have a competitive senior soccer team, but it also deserves and must have a structure and pathway to allow the development and production of our own young players."
O'Sullivan said there is 'a financial gap in building the bridge between producing local players and taking Limerick team into European club competition of typically €500,000 per annum on the basis of the income and expenditure structuresat the moment.
"Our vision is to go to Europe, but we need to fill that gap. Hence we need to have investors, to include outside investors or strong local commercial support."
O'Sullivan said he did not wish to prove an obstacle in the way of recently departed manager Neil McDonald leaving the club last week.
Limerick are currently in the process of finding a replacement for McDonald with the start of the new League of Ireland season now just five weeks away.
O'Sullivan added: "From now on Eric Kinder (Neil McDonald's assistant-manager from 2017) and staff will take over the management of pre-season training, etc.
"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."