Non League Daily

Clarets to look for new investment as takeover talks end

The Chelmsford City board have issued the following statement.

The Club announces that Chairman Trevor Smith and Alistair Whipps, Legal Counsel, have resigned from their positions as Directors. These resignations have been accepted by the Board. Furthermore discussions with Jade Global Group in relation to the proposed takeover of the football club have been terminated and their non-Executive Director representatives, Gary Warner and Nicola Jenkins, have also tendered their resignations.

As a consequence of the above developments the Board and Members of the Club have considered options as to the best way forward.

The Company Members have given the Board the mandate to attract new investment into the Club and together with the support of the main creditors are pursuing the various options.

An EGM is being called with the statutory 21 days notice period to enable Company members to consider and vote on proposals for the future of the Club.

The sudden and unforeseen withdrawal of Jade Global Group from discussions, entirely as a result of their own misfortune, has led to the Club facing some short term financial pressure. However the Board of Directors together with creditors, members, local business owners and supporters are working hard to deliver a solution to overcome any immediate problems.

The Board has every confidence that the future of Chelmsford City Football Club will be secured as a result of ongoing discussions and would like to thank everyone involved with the Club for their support in every way as the options for the best proposals for the future of the Club are considered.

Source: www.chelmsfordcityfc.com

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