Chairman of Bray Wanderers football club, Denis O'Connor and fellow director, Kieran Kelly are leading an attempt to buy the struggling League of Ireland club at the price of €0.005 per share.

Irish Times reports that Mr O’Connor informed shareholders on June 17th that the pair, and a team of other investors, want to take control of the club.

The letter says that if the group is to buy the club it is committed to "providing the financial and supporting structures to ensure that the company can remain in business on an ongoing basis and to deal with the legacy debt and borrowings that exist."

Bray's last published accounts date from 2013, during the year it registered a loss of almost €84,000 and net liabilities of €202,898. Its total accumulated losses were close to €1m.

Late in 2014 the club's main sponsors, the McGettigan family who own the Royal in Bray whose logo is printed on the team's jerseys, were believed to be close to joining the board as shareholders - but that deal never happened.

In the past Mr O'Connor has expressed a preference for the club joining with schoolboy and junior club, Ardmore Rovers and moving out of the Carlisle Grounds.

According to the IT his letter says that the financial position of the club has improved, but he acknowledges that there have been "problems in getting the level of financial backing needed to secure the [club's] future."

Bray Wanderers are currently second last in the premier division with 11 points after 16 games.