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Dundalk have signed Philip McCabe and William Woods on amateur contracts for the rest of the season

Cash-strapped Dundalk FC have added two new players to their squad after being forced to release Ger Hanley and Dan Cunningham due to financial troubles at Oriel Park. 18-year-old defender Philip McCabe and 21-year-old striker William Woods have been signed on amateur contracts for the remainder of the 2012 Airtricity Premier Division season.

Left-back McCabe moves from Bohemians, while Woods transfers from fellow Louth club Drogheda United. Caretaker manager Darius Kierans has signed the duo to offer cover for his small squad. “Philip and William are two young, hungry players, and it’s good to have them at the club,” Kierans told

“Unfortunately, the budget has to be cut and we’ve already started doing that, because the most important thing is the survival of the club.

“We have signed both players on amateur terms and they will be valuable to us between now and the end of the season.”

McCabe and Woods are expected to be included in the squad for this evening's match with Derry City, which kicks off at 7.45 at Oriel Park.