Local consortium to launch "last attempt" to complete Chesterfield FC takeover

A local consortium is launching a “last attempt” to complete a takeover deal for Chesterfield FC by asking Spireites fans to raise funds and buy shares in the club.

Thursday, 12th December 2019, 4:31 pm
Chesterfield FC owner, Dave Allen.
Chesterfield FC owner, Dave Allen.

The consortium of local business owners and Spiretes fans has been in talks with the club about a takeover deal for the last two months.

While yesterday we reported interest from Chesterfield FC Community Trust in taking over the club.

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A spokesperson for the local consortium has today said a “realistic” price had been agreed with the club which would have meant “significant lossess” for Mr Allen compared to the money he has invested.

“But the ongoing predicted losses between now and the end of this season plus next season, during which several contracts for players and management remain at a level that would make break-even trading all but impossible, have proved to be, at this stage, too great to a gap be able to cover under the current trends,” the spokesperson said.

“The aim was to find investors who would either invest in shares or loan funds so that the club would be bought and owned by fans by selling the remaining acquired shares.

“We remain hopeful that an agreement can still be reached; Dave Allen is a willing seller and wants the club to pass into the hands of genuine people and we would like to think, given a little more time, we will be able to raise the substantial funds necessary to take on the club and, given the support of Chesterfield supporting people, turn around the business into a long-term, sustainable model.”

The spokesperson also said that they held a meeting with another consortium, the Chesterfield FC Community Trust, to see if a “joint venture could be agreed.” but this was not possible.

While negotiations were ongoing with Mr Allen “the asking price dropped by 25 per cent” and is now a “fraction of the previous £6m that was required”, according to the spokesperson.

As the group has not been able to find the “frontmen” to buy the shares, club and ground, the consortium is to have a “last attempt” at completing a takeover deal.

The spokesperson said: “It is time for us to have a last attempt at carrying the takeover forward

“We will be launching an appeal to all Chesterfield fans to start the process of raising funds to not only buy the club but to raise the funds to continue to meet the current financial situation so that the club can be stabilised and rebuilt. This appeal will be formed from share purchases.

“Understandably, there are fans that will not be in a position to buy shares or donate large amounts of money; the shares will start at a price of £500 for 500 shares with no individual owning more than 20 per cent of the shares.

“At this moment in time we are very disappointed with the progress, but it has not been through lack of effort on our part. No blame can be attached to Dave Allen or Ashley Carson as they have been willing to provide information to assist us to value Chesterfield Football Club. Dave Allen is 100 per cent behind the sale and is not putting any obstacles in the way for the sale of the club.”

More information on how fans can donate will be released in due course.