CORK CITY'S players yesterday accepted what is described as an "interim" pay cut at a meeting with the club's examiner who is seeking to dramatically reduce costs while the search continues for new investment.

Assistant manager Paul Magee and two other members of the club's backroom staff are to lose their jobs while all of the playing staff will have their wages cut by some 70 per cent for at least the period of the examinership which will be at least one month and, most likely, significantly longer.

Talks with five separate would-be investors are said to be ongoing and hopes of securing backing for the club are high but yesterday's cuts are part of a determined attempt by examiners Hughes Blake to balance the books.

The club entered the process with debts of some €1.3 million and while David Mooney has since been sold to Reading for around €250,000, that money is believed to have been earmarked to settle a Revenue bill and the legal costs of the current process.

The players issued a statement through the club in which they confirmed they have agreed to the cuts and expressed sympathy for the club staff who have lost their jobs. "After meeting with the examiner again, a number of our colleagues have received the sad news that they have been laid off, and our thoughts are with them at this time," read the statement.

"Those of us who remain have agreed to take an interim pay cut of 70 per cent as the examiner works to guide the club through this difficult time.

"It is our fervent hope that the club will emerge from these difficulties and we will all do everything in our power to assist in this. At this point we once again appeal to our loyal fans, whose support over the past few weeks has been absolutely magnificent, and the people of Cork to get behind the club in the coming weeks."