Date: 26th August 2011 at 12:06am
Written by:

The Club Board & SIML have released a joint statement regarding the future of SCFC and the potential take-over of the club.

Just a day before Tony Evans hosts a fans forum at Manor Farm, the club have released this late announcement to ‘clear up misinformed reports’ and to address the future for County.

On behalf of the board, Lord Peter Snape and Tony Evans would like to update all of the clubs supporters on the current situation regarding the potential investment by Sports Investment Management Limited.

Early in July, Tony Evans approached the club with a view to investing in the future of the club. The outline proposal was established as a credible offer that could enhance the future of the club. The resultant discussions quickly progressed to an initial agreement that was formalised into a Memorandum of Understanding.

Due the to impending return to training it was agreed between the board and SIML that the most important priority was to re-evaluate the football plans for the coming season in the light of the new investment. This resulted changes to the football management structure and the appointment of Didi Hamann as first team manager, together with discussions of how the club would be run in the interim before the full agreement could be finalised. The board and SIML recognised the importance of being ready for the season ahead and focussed their initial efforts on completing these preparations before turning their attentions to the detail of the agreement.

During late July and early August the detail of the Memorandum of Understanding and matters relating to due diligence started to be addressed and turned into a working document incorporating all the elements of the proposed joint venture. These elements include a new 2 year sponsorship agreement that is linked to the SIML investment, the running of the football club, the management structure and the re-engineering of potential property elements that will help safeguard the long term future of the club. Inevitably the process of drafting and re-drafting legal documents during the holiday period has absorbed significant time commitments bythe legal teams involved.

Having established the outline document the detail of the Sponsorship Agreement and Joint Venture Agreement were then turned into functioning legal agreements and these were presented to the directors and SIML on Thursday 18th August prior to the board meeting on Saturday 20th August.During this meeting SIML raised issues which had not previously been specified and which could not be resolved immediately. Since the board meeting additional financial discussions have been progressing which will hopefully address the issues raised. It remains the intention that in due course SIML will take a controlling interest in the football club.

The board and SIML are working to resolve these issues so that the final agreements can be presented to a shareholders meeting at the earliest opportunity. The constitution of the football club is constructed in such a way as to prevent any group or individual gaining control without all proper protocols being followed. In this case the required procedure is for 14 days notice of a meeting to be called and then any potential investment can be confirmed.

The details of the legal agreement must remain confidential as part of normal commercial requirements of both the Club and SIML. Contrary to misinformed reports the investment by SIML will not result in any repayments of loans or return of capital to the existing shareholders. All monies raised by the investment will be added to previous cash injections by shareholders, the expected revenues of the club and additional cash investment by the current owners.

Further updates will be issued as information becomes available.

Animo et Fide

Stockport County Football Club & Sports Investment Management Limit

 

5 Replies to “Late Board Statement”

  • there we go, what did i say!! about the quite COWS? this sounds to me that some folk want all their money back but dont realise that if they dont think about it will lose the whole lot, amateurs got us into this mess so lets be careful PLEASE

  • Translation please? Stuff I cant understand but even if I could cannot influence. THe fans are SCFC, then Edgeley Park then the manager and players.

    Owners are bottom of this pile!

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