Derry City could face at least two seasons in the First Division if their application to play in the League of Ireland is successful as they will start next year with a significant points deduction.
A new limited company will be formed to take over the running of the club after FAI chief executive John Delaney said they would look favourably on any good application to rejoin the league.
But although the debts of the old company would be left behind, there would still be punishment in terms of a points deduction.
Former Derry City chairman Paul Diamond, one of the businessmen who met with the four-man FAI delegation visiting the city yesterday, said the steering group of which he was a part, was there to get the club back on track.
“There has been a lot of damage done and although it’s almost certain that the FAI will accept an application for a new Derry City into the First Division, it is likely that the club will start the new season with a significant points deduction,” he said.
“We need a new board or group to take over.
“The steering group is all about keeping the club alive and it’s important hat there is new blood to take over the club.
“The new Derry City will be largely part-time, costs will be kept down, and the club will be run on a very professional basis.
“People like myself will be providing support in terms of advice and there will also be some financial support available if we can get the right people together,” he added.
Acting chairman Stephen McCarron, the only club director not to resign on Tuesday, stepped down yesterday and did not meet with the FAI delegation.
“The reason that I decided to stay on was that I wanted to make sure that everyone is considered and looked after,” he said referring to debts owed to players and other creditors.
“Even though I am going to stand aside now as a member of the board and acting chairman I will remain to oversee the wind-down of the company.
“I’m more than happy to do that. After that I’ll step away.”