TAKEOVER LATEST - DERRY ENCOURAGED
Stags takeover appeal attracts new interest from would-be investors
CHAD.co.uk, by Tim Morriss, 14 May 2008
WOULD-BE Stags owner James Derry says he is encouraged by the initial response to his appeal for businessmen to join his agreed takeover at Field Mill.
On Thursday Mr Derry launched a plea for backers after two deals failed at the 11th hour in recent weeks when partners pulled out - the second on Thursday morning.
Full story at http://www.chad.co.uk/stags/Stags-takeover-appeal-attracts-new.3879281.jp
But Mr Derry and his consortium partner Steve Hymas say they have a deal with controversial Stags owner Keith Haslam waiting to be signed - providing they can find other parties to match their £250,000 investment.
The buyout would see the new owners invest £0.5m working capital, buy the club for just £1 and pay an annual rent for the stadium - reduced if the club is relegated from the Football League.
On Friday Mr Derry told Chad that his appeal less than 24 hours earlier had generated several phone calls from businessmen interested in finding out more details.
And he remained hopeful that a takeover could still be concluded very quickly if the finances were in place.
Club chief executive Stephen Booth, who launched the appeal with Mr Derry, said on Thursday that he thought a deal could be completed within a few days if the extra £250,000 investment could be found.
Aussie blamed for Stags takeover breakdown
. . . but he still wants to help buyout
CHAD.co.uk, by Tim Morriss, 14 May 2008
THE Australian businessman 'outed' as the reason the Derry consortium's bid for Mansfield Town failed at the last minute, insists he still wants to help a takeover deal at the football club.
Sydney-based Steve Dolheguy was part of the James Derry/Steve Hymas planned takeover which fell through two weeks ago – just a couple of hours before controversial owner Keith Haslam was due to sign.
Mr Dolheguy was forced to withdraw his £250,000 share of the offer after losing his major financial backer, following weeks of talks.
But Chad can reveal that the businessman, who flew to England early in the New Year to continue his negotiations after nine months of interest, has still not given up hope of being part of a successful Stags buyout.
Full story at http://www.chad.co.uk/stags/Aussie-blamed-for-Stags-takeover.3878440.jp
It was revealed on Thursday by Stags chief executive Stephen Booth that the 'ubiquitous Australians' pulled out of that deal on 29th February – leaving those involved on both sides 'devastated'.
He told Chad, during a press conference appeal for new backers to join the Derry consortium, that he had always been 'sceptical as to why Australians would want to invest in Mansfield Town FC', later adding 'the Australian side was never going to happen'.
At Thursday's press conference it was announced that the deal, which Keith Haslam is still willing to sign, involves the sale of the club for £1, an annual rent for the use of Field Mill and an ability to inject £500,000 working capital into the club.
Mr Derry also:
- Called for other businessmen to join his consortium, which will put up £250,000
- Revealed another failed buyout hours earlier
- Insisted that the deal with Mr Haslam is still on the table and ready to be signed if new backers come forward
He said he was still in touch with the Australians, but thought their side of the bid 'was dead in the water'.
However, Mr Dolheguy told Chad on Friday morning that he would continue to try to find new backers in Australia, that he was determined to be part of the football club and would remain in contact.
The Australian has been part of the Stags takeover saga since last Spring. Originally he was a rival bidder to James Derry for the club, having an initial
offers rejected by Keith Haslam in the summer of last year.
But he remained interested, even when it looked as though the Derry consortium had completed a takeover deal last autumn.
And when that deal finally fell through in December, after a war of words between the consortium and Mr Haslam, the Australians renewed their bid.
This time, however, they decided to join together with the Derry consortium - in a 50-50 joint venture - to try to finally end the Haslam era at Field Mill.
After lengthy discussions over the Christmas period, Mr Dolheguy flew to England to meet the Derry consortium for the first time and then negotiate with Mr Haslam and Mr Booth face-to-face.
Mr Dolheguy flew to England on Thursday 24th January to finalise details of the secret link-up with the Derry consortium - a link first revealed by Chad at the beginning of the year, when we agreed to not to name the Aussies' UK partners.
Mr Dolheguy jetted back to Australia five days later – having attended the televised Middlesbrough FA Cup tie - but kept in touch with developments . . . before his late withdrawal.
Latest | March 2008