Chesterfield FC Community Trust "suffers setback" in bid to complete Spireites takeover

Chesterfield FC Community Trust has “suffered a setback” in its bid to complete a takeover of the Spireites – but says a deal could still be completed by mid-March.

Tuesday, 21st January 2020, 3:00 pm

The trust, which is a registered charity and works along the club but is a separate entity, entered into a period of exclusivity with Chesterfield FC owner Dave Allen at the end of December.

This gave the trust between four and six weeks to carry out due diligence and meant Mr Allen could not enter into talks with any other interested party about the sale of the club.

The trust has now revealed that that they have “suffered a setback involving funding partners” and that the agreed exclusivity period has now been waived.

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A trust statement read: “Chesterfield FC Community Trust remains committed to purchasing the majority shareholding in Chesterfield Football Club. Due diligence is currently taking place, with no issues identified so far and future plans are being formulated.

“The original agreed deadline of February 14 for completing the purchase unfortunately cannot be met. The total financing has also suffered a setback involving funding partners taking longer than originally anticipated.

“The exclusivity period agreed with owner Dave Allen has now been waived following talks between both parties, thus permitting them to seek alternative purchasers.

“It is anticipated that if all goes to plan, the deal could still be completed by mid to late March following the conclusion of due diligence and final funding being put in place.

“A further update will be provided in due course.”