League Two: Accrington Stanley agree to takeover bid to clear £1.2m of debt
League Two side Accrington Stanley have agreed a deal with a local businessman to take over the club and clear £1.2m of debt.
At a meeting at the Wham Stadium, a majority of over 70% voted in favour of a deal which will see local businessman Andy Holt clear £1.2m of old debt and secure around £600 000 of new capital for the Reds.
The deal, which is subject to ratification by the Football League, sees Mr. Holt become a director of the club and he and his company What More UK will hold more than three-quarters of the total shares, giving him a controlling interest.
Peter Marsden will remain as Chairman of the club as part of a slimmed down board of five members the make up which will be confirmed in due course.
“The current board have been keeping the club ticking over but Andy’s involvement is the best thing to happen to Accrington Stanley,” Mr Marsden said to the club's official website.
“Andy is a successful local businessman, he is self made and frankly a good bloke. He came on board as the club sponsor and has caught the Stanley bug.”
“We are on the brink of possibly the biggest moment in Stanley’s history and it couldn’t be a better time to be a supporter, manager or player here,” said manager John Coleman, who told shareholders about his enthusiasm for the future of the club."
After the motion was passed, Andy Holt, owner of main club sponsors Plastic Box Shop and Wham, took questions from the floor.
“The big thing is clearing the debt,” he explained. “This way it is squared off and we can look at ground improvements, growing revenue and increasing the crowds. It won’t happen overnight but we are putting plans in place.
“This club needs help and we are in a position to help so why not? It will be good fun."
“If we can get rid of the debts and break even without winning the FA Cup final then that would be a good achievement.”