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Articles on football club takeovers and related issues
No deal has yet been reached to secure the future of troubled Plymouth Argyle. On Thursday Kevin Heaney, the man behind the Gibraltar-based Bishop International bid, told BBC South West, ‘If the administrators will not get the deal over the line on Thursday I will walk away.’ However, subsequently the Truro City owner and property developer has vowed not to walk away.
It’s now 123 days since Bishop International Limited was named as the preferred bidder for Plymougth Argyle and with no deal in sight it it is no wonder that the administrators have resumed talks with other possible bidders.
Plymouth Argyle players are threatening to strike this weekend as they still have not been paid. Their personal financial situations are becoming very difficult. The club may be able to raise a team against Burton Albion but several senior players may be missing.
The administrators of Plymouth Argyle are satisfied that Bishop International Limited have sufficient funds available to complete the acquisition of the club. The necessary paperwork is being prepared by the solicitors involved. The deal still has to be approved by the Football League but it looks as if Plymouth are safe from liquidation.
As fans hold a candelight vigil and there is a campaign to get #savepafc trending on Twitter, it is zero hour for League 2 club Plymouth Argyle. Unless a deal is done by 17:00 today (Friday) the club could be liquidated after 125 years and tomorrow’s game against Crewe could be the last.
Coventry City have confirmed that they have received a formal offer for the club from Gary Hoffman. However, they have said that the offer raises many questions and they want further clarification on his backers.
This process has been characterised by mishaps, misunderstandings and tensions, but a decision point looks close.
According to ITV Central regional news last night, a formal offer has now been made for Coventry City FC. The amount was not specified, but it was implied that it might be in the region of the £1 already offered informally. It has to be borne in mind that any new owner would inherit a substantial debt and would also need to find funding to try and acquire a share in the Ricoh stadium.
A takeover bid for Coventry City FC has degenerated into a war of words between the parties involved. A bid by former vice-chairman Garry Hoffman to buy the club has stalled.
Malyasian entrepreneur Tony Fernandes has completed his takeover of Queens Park Rangers. He has bought out the stakes of majority shareholders Bernie Ecclestone and Flavio Briatore giving him a 66 per cent stake in the club.
QPR said Mr Fernandes would become chairman and Amit Bhatia, the son-of-law of steel entrepreneur Lakshmi Mittal, who owns the remainder of the club, would return as vice-chairman. He resigned in May angered by board decisions to sack former chief executive Ishan Sakesensa and to increase ticket prices.
An announcement that Air Asia entrepreneur Tony Fernandes has acquired a majority stake in Queens Park Rangers is expected today. Most reports refer to a 51 per cent holding, but another possible formula is a 56 per cent stake for Fernandes while Lakshmi Mittal would increase his stake to 43 per cent. He and Fernandes are reported to have struck up a good relationship.