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Supporters Trust's Newport County takeover hits potential snag
Image source, Huw Evans picture agency
- Author, Peter Shuttleworth
- Role, 91热爆 Sport Wales
Newport County Supporters Trust's proposed takeover of the Exiles from Les Scadding has hit a potential stumbling block.
The legal team of national fans' body Supporters Direct, has been examining the League Two club's finances for the Trust.
It has been looking into the financial viability of the takeover.
"There are a number of complex matters arising that require further investigation," read a Trust statement.
The Trust plan to discuss the findings of the report with its members on Friday 24 July.
Euro Millions winner Scadding stepped down as chairman in June 2015.
Scadding, County's majority shareholder, invested 拢1.25m into Newport helping them win promotion back to the Football League in 2013.
The 59-year-old wants to move to his holiday home in Barbados on a more permanent basis and is prepared to sell his shares for a knockdown price..
Scadding's imminent departure from Newport, who narrowly missed out on a League Two play-off place last season, means the club have reduced their playing budget from around 拢1.4m to an estimated 拢850,000 for this season.
Ten first-team players have left Rodney Parade since the end of last season partly due to the boardroom uncertainty and subsequent slashing of the wage bill.
New manager Terry Butcher, who took charge in April following Justin Edinburgh's departure to Gillingham in February, has rebuilt the County squad by signing 10 new players, but the boardroom instability looks set to continue.
The Supporters Trust initially hoped to have the takeover completed by County's opening game of the League Two season at Cambridge on August 8.
But this snag will inevitably delay the process as the club face a bill of possibly up to 拢100,000 to pay at the end of July, without the benefit of Scadding's millions and income from any gate receipts or money from the Football League or television.
The Supporters Trust statement read: "The Trust had a very productive meeting with Supporters Direct this week to discuss the findings of the commissioned report as part of the due diligence.
"We will hopefully be in a position to issue a comprehensive statement early next week. Thanks you for your patience and continued support."