Cork City have sold their sell-on clauses for Seani Maguire and Alan Browne to Preston North End to help maintain their Premier Division license for the coming season.
City were told by the FAI that they needed to settle a bill with Revenue, believed to be in the region of €600,000, in order to be granted a license for the 2020 campaign.
Preston have now paid the League of Ireland club that amount to relinquish their right to a fee should Ireland internationals Maguire or Browne be sold.
Cork say the deal has “aided the club in securing its premier division license for 2020" but deny that there is now a formal link-up with Preston.
"The board also wishes to dismiss reports that a previously unreported tax liability was the primary driver of this decision.
"Although a full discharge was made to the Revenue Commissioners, this liability was incurred during the normal course of business and was reported as part of the overall debt figure at the last FORAS General Meeting.
"The board also wish to confirm that CCFC have not entered into a formal partnership with Preston North End, and any further decisions will be voted upon by the membership.
"That being said, we would like to thank Preston North End and their associates for their endeavours to get this transfer deal over the line over the past number of days.
"The board will continue to work in the best interests of Cork City Football Club and its members, which includes the exploration of any/all potential funding opportunities for the football club, which are ongoing.
"The board will make another announcement over the coming days as it pertains to the club's current position and the AGM.
"Most importantly, we are all here to support Cork City Football Club, and our main focus should now turn to supporting our manager, Neale Fenn, and his young and hungry squad as they take on Shelbourne tomorrow night."