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When should John Fenty stand down?

Immediately
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Trust: on board?
Trust: on board?

Parker Moves Out of Town

By: Rob Sedgwick
Date: 01/10/2011

MAJORITY shareholder Mike Parker is planning to reduce his stake in the club by giving most of his shares away! The former Young's boss plans to offload half a million of his shares to the Supporters Trust as a "gift", and is looking to reduce further his shareholding.

The move means it is now extremely unlikely that Parker or anyone appointed by him will become Town's new chairman. Following the resignation of long-time Chairman John Fenty many fans had hoped former director Parker would step in and become a new "Cod Father" of the Mariners. Although Parker's statement does not say what his intentions are, clearly they would appear to put a distance between him and the Mariners.

Whether it paves the way for John Fenty to return as Chairman is debatable. Fenty is no longer the majority shareholder of Town, a condition he at one time insisted upon if he was going to financially support the company.

Parker statement says: "Following discussions with all relevant parties, I have agreed to 'sell down' £500,000 of the shares that I have purchased in Grimsby Town Football Club Plc since March of this year.

"I will be offering all of these shares, with all associated rights, as a gift to the Grimsby Town Supporters Trust.

"Should the Trust accept these shares, this will give them a strong voice in the club's affairs. As with any transfer of shares in a limited company, this transfer will require approval of the board of directors of Grimsby Town Football Club Plc.

"I will also be reviewing options regarding the balance of my shareholding with a view to reducing this further."

Town was referred to the takeover panel to look into the running of the club two weeks ago, which prompted John Fenty to resign.

Should Town lose both Parker and Fenty it would mean the club is technically insolvent. Last year Grimsby lost a million pounds, and they cannot survive in their current form without a significant financial input from the board.

The Mariners currently have enough money to survive the year, but currently lack a chairman and are unlikely to acquire a new one until next month's AGM.

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