SETBACK FOR BUSINESSMAN AS GRIMSBY TOWN BOARD SNUB SHARE-PURCHASE APPROACH

                                            

Blundell Park - home to Grimsby Town FC

AN offer by an African businessman to buy a £1-million stake in Grimsby Town FC has been snubbed by the board.

Football-mad property tycoon Alex May, who is of Zambian nationality, sought to buy shares to that value in the club.

But after discussing the offer at its meeting on Monday night, the board - through its chairman, solicitor Philip Day - issued this statement:

"The board have agreed to reject the offer. 

"Contrary to certain statements made in the media this was not an application to acquire the club or a controlling interest in it. 

"It was an application to acquire shares and nothing more.

"The board had previously made it clear to Mr May that, because of his past criminal conviction, he could not become a director or be involved in the management of the club. 

"He understood that position but nevertheless still wished to proceed with the share acquisition. 

"However, in all the circumstances, the board declined to accept the offer."

The statement continued: "Mr May had visited the club on occasions to discuss his proposal. 

"He wished to acquire £1,000,000 of shares which would not have been used for the day-to-day running of the club but as a contribution towards the cost of a new training facility for use of the club and also the local community.

"The board reaffirmed their previously stated position that they are prepared to enter into discussions with any interested party wishing to invest in the club or which is  interested in acquiring a majority shareholding."

The statement concludes: "Tonight’s decision does not affect the previous statement that funds are available for team strengthening in January."

The Grimsby News says: This statement is highly unsatisfactory. The chairman has not identified the reasons why Mr May's generous offer has been rejected. It may well be that the businessman has a past conviction, but everyone deserves a second chance. He has paid the penalty and should be given the opportunity to rehabilitate himself. What is more, his £1-million would have been of benefit not just to the club but also the community. As things stand, it looks as if Mr May has been led up the garden path only to have the door slammed in his face because the board has crumbled in the wake of some excessively hostile media references to Mr May and his past. So much for magnanimity and Christmas goodwill to all men!