Shelbourne secure new investment with American ties

Shelbourne have revealed they have secured a new "significant" equity investment from Closebreak, a US and Irish-based consortium.

Shels, part-owned by chairman Andrew Doyle, have said the new funds will benefit both their male and female teams.

It could also have an impact on the club's plan to abandon a move to Dalymount Park and take back ownership of Tolka Park from Dublin County Council.

The club's men's team is managed by Damien Duff. After securing promotion to the top-flight, they lost 3-0 to St Patrick's Athletic in the opening game of the SSE Airtricity League of Ireland Premier Division season.

Doyle said: "This is a very welcome investment which brings finance and new skill sets to Shels, and which validates the ambitious plans we have set out for the club.

"Our goal is to have a positive impact on Irish football – in both sporting and social terms – and we are making good progress."

The club added that the move "will support the achievement of Shelbourne’s strategic vision and the implementation of our five-year plan".

The consortium has an existing link from the club as it includes New York-based Chris Farrell who is already on the board.

Irish businessman Joe Devine, who is a former Ardmore Studios shareholder has joined the board, as he is part of the new investment.

Steven Silver and Gavin Baiera, senior managing directors with US private equity firm Centerbridge Partners, are also involved, as is Justin Breen, head of leveraged finance at London law firm Proskauer Rose. Baiera will take on a role of "board observer".

Farrell said: "We believe that the club is well positioned to achieve success with both the male and female set-up.

"This investment demonstrates our belief in Shelbourne, as well as the prospects