The Fishy - Grimsby Town FC

Question of the Week

Is football a business or a sport?




51% Stake
51% Stake

Fenty Gets Green Light

By: Rob Sedgwick
Date: 29/12/2005

TOWN Chairman John Fenty received a ringing endorsement from shareholders at today's AGM. The club's shareholders voted unanimously to allow Mr Fenty to increase his share capital to 51%, giving him overall control of the company.

Mr Fenty was delighted with the result, which he had described as a "vote of confidence" in his board, telling the meeting, "I can't tell you how humbled I am. I will do my utmost, along with this board, to take the club forward."

The Town chairman had explained to the assembled shareholders why it was important for him to have overall control of the club in order to be certain of protecting the additional investment which he is planning to make in it to "bridge the funding gap" in the club's plans.

With Town looking to move to a new stadium within the next few years, Fenty believes continuity is essential both for the club itself and its partners in the new stadium project, which was stalled in the past by changes in the boardroom.

"Shareholders politics in the past have dogged progress. It's important that this board is allowed to see this through without interruption."

Fenty also made it clear that although he was not offering an "open chequebook", the need to sell players had rescinded with the passing of the resolution.

"Today's resolution gave us no immediate pressure to want to sell," said Fenty. "There is no aspiration to break up the success we are having."

Fenty also revealed that former director Michael Rouse has issued a writ to the club to try and release a loan which he made to Grimsby Town. The club are to contest this, arguing that Rouse can only have his money back once the existing debts had been paid off. The club have drafted a new "Directors' Protocol" document to stop this happening in the future with any new board members, which the club are still very keen to bring to Blundell Park.


Add To Facebook


This site is by the fans, for the fans, and we will consider articles on any subject relating to the Mariners whether it be related to current news, a nostalgic look back in the past, a story about a player, a game or games in the past, something about Blundell Park or football in general. Click here to submit your article!


Related Stories


Forum Latest
Thread TitlePostsLatest Post
Jason Stockwood51Mikey_34522/11 23:38
40 years ago19Heswall Mariner22/11 22:10
Swindon  Appoint Holloway161Yoda22/11 22:06
Prediction Thread Colchester Home43IowaMariner22/11 20:45
BOXING DAY15barralad22/11 19:52
"Beat the Clock"  Colchester23Grimal22/11 18:26
JANUARY TRANSFER WINDOW 42LocalLadGTFC22/11 18:14
Fun weather forecast for Saturday34Maringer22/11 17:36
Colchester Saturday19wuffing22/11 11:58
It’s all gone ‘quite’10SpiritOf9822/11 09:16