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|The clock is ticking!|
4pm Deadline for Talks!
By: Rob Sedgwick
JOHN Fenty has imposed a 4pm deadline to the consortium taking over the club to thrash out a deal with him. The consortium have agreed a price to buy out Fenty, but payments to him would be staggered over three seasons. He would like to be paid at the end of this season.
The consortium have said that if the club did not achieve League 2 status or above then the loan payments would cease. Fenty argues that this gives them a financial incentive to be relegated, which is a distinct possibility this season.
Mr Fenty, in a late-night statement, imposed a deadline on the consortium, led by Tom Shutes.
To the Mr Shutes consortium, my offer to sell the club is on the basis that you acquire my shares at per value as already agreed and that you agree to repay my loans in full at the end of this season, and no interest will be payable. A sum of exactly £1.5 million.
This offer is there for all to see and is on the table until 4pm on 24th December 2020. Please respond to the chairman of the football club with your decision.
If this is agreed, we can draft a short form sale and purchase agreement for all parties to agree and sign which will be subject to EFL requirements, which should be a formality.
With many fans threatening to boycott the club if Fenty remains in charge, the prospect of No Deal after 4pm would leave a cliff edge in the club's finances that would end up costing him money to keep the club alive.
The two parties have until 4pm to thrash out an arrangement. So stop issuing statements and get talking!
Once that is done the small matter of finding a new manager remains top priority.
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