But Dundalk’s debt situation – which is now in seven figure territory – remains an obstacle to a number of interested parties who have been alerted by the news that Brian Ainscough looks to be on the way out just ten months after taking control in Louth.

Jeffrey Saunders, a former footballer turned businessman, has previous with Dundalk after helping then owners Peak6 with the shock appointment of Giovagnoli in 2020.

Saunders is the man behind the Metropolitan Oval academy in New York, where Giovagnoli was employed when Dundalk came calling. The unknown Italian brought Dundalk to the Europa League group stages and presided over an FAI Cup success but things turned sour in the 2021 season and he departed with his lack of a Pro Licence a major complication.

His boss, Saunders, has expanded on his football interests in the intervening period, establishing an investment group with the intention of creating a multi-club network in Europe.

That work has started with Swiss Super League side Yverdon Sport FC, where he is now the Club President. Giovagnoli has been working for them as a Technical Director, splitting his time between Switzerland and America where he has retained his role with Met Oval.

It’s understood that Saunders made a good impression when he visited Dundalk in 2020 when Giovagnoli was there, and has been following developments at the club from afar in the intervening period – he had no role in Peak6’s stewardship of the Lilywhites.

He is believed to be one of a number of individuals to reach out since it emerged the club is in a crisis position – and has been in contact with stakeholders around Irish football to see what the options are.

Ainscough, an Irishman based in Boston, only took control of Dundalk last November after doing a deal with Andy Connolly and tech firm Statsports, the co-owners who eventually took over from Peak6 in the winter of 2021.

But Ainscough admitted earlier this week that the club didn’t have the funds to see out the season, attributing that to a failure to secure the support of investors he had lined up.

It has placed Dundalk into a perilous situation, with manager Jon Daly admitting last week that wages were late.

The FAI are in the process of advancing monies due to Dundalk later this year, and that is expected to cover pressing costs in the short term but it will not be enough to meet commitments for the remainder of the season.

Worried supporters have launched a GoFundMe campaign in an attempt to provide additional support, raising almost €15,000 this week.

It was reported last weekend that one of the options being explored is Dundalk going into a new Small Companies Administrative Rescue Process (SCARP) – a system for companies with turnover below €5m and fewer than 50 employees.

SCARP has previously been described by government as a process that ‘allows fundamentally viable companies experiencing temporary financial problems to restructure with the agreement of creditors’ and provides an ‘effective lifeline to viable small and micro companies that would otherwise go into liquidation, thus maintaining jobs and maximising total value to creditors.’

This is effectively an alternative to the examinership process familiar to various League of Ireland clubs through the 2000s and early 2010s and would still require a write-off of certain liabilities.

It is accepted that it is highly unlikely that Dundalk will find a buyer willing to inherit all of the existing debts.

Dundalk are bottom of the table and engaged in a battle to avoid the drop. They could face sanction from the FAI if they fail to meet certain obligations but the most pressing concern is securing a licence for 2025. The club are waiting on news of a sports capital grant which is required for urgent upgrades to their pitch and floodlights at Oriel Park.