The Galway United Friends Co-Op have voted in principle for a takeover of the club by a Saudi consortium.
The co-op, which currently owns 100% of the club's shares, voted in favour of the motion at a Special General Meeting assembled on Monday evening.
The club brought the motion in response to an offer from a “third party” for a “majority shareholding” in the First Division club, believed to be around 75% of shares.
While the ballot doesn't bind the club to the sale, it will provide the sitting board with a mandate to negotiate and finalise a deal with the proposed investors.
Galway this afternoon parted company with manager Shane Keegan following a largely unsuccessful 18-month spell that saw them relegated to the second tier.
The investors, believed to be led by the former Al-Hilal vice chairman Abdulrahman Al-Nemer, reportedly plans to invest €500,000 even before any deal is concluded.
A statement released by the club to co-op members last week explained that the investment was forthcoming with the following aims:
1. Investment in the first team to target promotion to the Premier Division.
2. Investment in the development of the club’s underage infrastructure and youth academy.
3. Investment in a Galway United training facility.
4. Recruitment of key personnel to ensure the right structures are in place both on and off the pitch to support the long-term development of the club. These individuals will be at board level, general management and a director of football.
5. To play a bigger role in the community.
A statement released by the club on Monday evening read: “Galway United FC is 100% owned by the Galway United Friends Co-operative.
“At the Special General Meeting (SGM) this evening (Monday, June 18th, 2018) members voted in support of the motion to accept the offer by a third party to take a majority shareholding in the club.
“As a result of this decision, the board will now continue discussions with the investors.