Gateshead have announced that the proposed sale of the club to an overseas consortium has fallen through.
Additionally, the Tynesiders will be operating as a part-time club next season. In a statement released by the Vanarama National League side, the following details were outlined, as the proposed deal with a Shanghai-based investor falls through:
A routine National League “change of ownership” meeting which took place in Manchester last week resulted in the collapse of a potential sale of Gateshead Football Club when the would-be buyers failed to satisfy various aspects of the competition’s requirements.
Despite being given the opportunity to rectify the shortcomings, the potential buyer decided against pursuing matters further.
Current joint owner and Club Chairman Richard Bennett commented: “I met with the potential buyers following the meeting with the National League and it quickly became clear that they had been withholding important information from us during the due diligence process.
“It’s very disappointing for everyone involved especially given the work that has gone into this.
“First and foremost in our minds is the long-term future of the club and Julie and I have decided to continue our ownership until such time as a credible buyer can be found. Someone who, in our opinion, is right for the club.