2 days ago
Cobh Ramblers under new ownership following chaotic end to FC32 reign
Cobh Ramblers' search for investment is over following US-based group Digital Athlete Ventures taking a 90% stake in the club.
This comes after a chaotic end to the FC32 era, which began last October with a much-publicised takeover by the multi-national organisation that included two-time Super Bowl champion Lawrence Tynes as one of their backers.
They spent big and built a squad that is now second in the First Division under Mick McDermott, who was brought down from Glentoran last winter.
The plan was to build a multi-club model but that collapsed following the acquisition of Spezia Calcio in Italy.
SKN St. Pölten, the Austrian subsidiary, suffered the most as their funding was cut off immediately, while Cobh were forced to release a statement that distanced themselves from the organisation's issues.
Their announcement came as Vice President Paul Francis, who was the face of the original takeover, resigned.
Cobh have been searching for investment since, and their saviours are US-based Digital Athlete Ventures.
This organisation is led by entrepreneur Ilya Movshovich, Pedro Lombardo, managing partner at JPX Investments, and Bryant Clark, founder of Texas-based Fifty Five South Ventures.
This organisation is described as a sports and media investment firm that works on empowering 'elite athletes, entertainers, and strategic investors' to positions in professional sports clubs and related platforms.
DAV is backed by 'several prominent sports investors' and is based on the principle of combining capital, content, and operational insight to drive long-term value across its portfolio.
This was communicated in a press release by the club on Monday, which said the goal of the takeover long term stability.
Cobh Ramblers Chairman Bill O'Leary is thrilled to have the takeover over the line after months of negotiations.
'After months of hard work, the Board is proud to announce this investment partnership,' he said in a statement released by the club.
'In a highly competitive landscape, securing a deal of this calibre reflects our commitment to the club's future. What set DAV apart was not just their financial backing, but their operational capabilities and respect for the club's legacy and community.
"Ilya and Pedro have been a pleasure to work with, and we're excited to move forward together.'
Jim Farrell, a board member at Cobh Ramblers, added: 'A massive thank you to our volunteer Board and all the other dedicated volunteers. Your efforts in recent months, along with DAV's support, and guidance from Eric and Alex has been crucial in securing the club's long-term future."
Ramblers are currently second in the League of Ireland First Division, four points behind leaders Dundalk and they open their FAI Cup campaign this weekend with a game against non-league side Bangor Celtic.
Mick McDermott and his players are also the holders of the Munster Senior Cup, after their victory over Rockmount in the competition's final last May at Turner's Cross.
