DUNDALK are on the lookout for a new manager after opting to part company with Ian Foster.

 The club announced on its website www.dundalkfc.com: "Dundalk FC wish to advise that the board of the football club have decided not to renew the managerial contract with Ian Foster, and will be seeking an immediate replacement for this key position.

 "The football club wish to acknowledge the work done by Ian Foster over the last two seasons and wish him every success in the future."

 Meanwhile, current owner and CEO of Dundalk FC Gerry Matthews, has confirmed his intention to transfer the ownership of the club into the hands of the people of the town and to become a Supporter-Owned and operated football club within the coming year.

 Because of the pressing requirements of Club Licencing for the 2012 season and the legal complexities of finalising this transfer, it is intended to manage the ownership transfer on a transitional basis with completion of the formalities targeted for 2012.

 A new board of management including supporter, business and community representation is to be constituted with a view to managing and guiding the club towards completing this smooth transition to a Supporter Owned model.

 Gerry Matthews said: “It has always been my desire and intention to handover the ownership of the club to the supporters and community of Dundalk, and I share the view of the Dundalk FC Trust that the clubs long term interests will be best served by the club being supporter/community owned and operated as opposed to the private ownership alternative.

 “My wish is to step down as CEO and from the management board when the new board is fully operational and to hand over full day-to-day executive powers to this group which will consist of supporters and community members.

 "I have had very positive discussions with the DFC Trust group who I envisage having a pivotal role to play in both the immediate and long term success of the club. With the deadline for licensing applications fast approaching and with many other footballing matters an immediate priority, it is important that we create stability and a clear vision for the immediate future.

 "I hope to be in a position to be able to provide more details and the specifics of the transition plan within the coming days. With the club being placed directly into the hands of the supporters and community of the town , I feel a strong enthusiasm and optimism about the future of the football club.”