Vanarama National League club Dagenham and Redbridge have announced that local businessman Glenn Tamplin has agreed to invest in the club.
The Daggers released a statement after, what they called “continued speculation” about their financial welfare.
Tamplin has agreed to invest £250,000 per season, in return for an 80% share of the club.
The proposal was one of three made to the Daggers board, and they have chosen to recommend Tamplin’s offer ahead of those from a local consoritum and an anonymous individual.
The club’s statement in full read:
“In light of the recent media reports and continued speculation on social media sites and forums the Directors of Dagenham & Redbridge FC would like to make the following statement in order to clarify the current position and address some of the misinformation and, at times, un-truths that have been published.
“Once our relegation had been confirmed the Board of Dagenham & Redbridge FC started preparing its plans for next season and, even with the enhanced parachute payment it will receive over the coming 12 months, it was clear that we would not have sufficient funds to really compete to be a top 5 club in our new division.
“In April we were in discussions with John East who then put forward a plan to the Board whereby 5 or 6 individuals would commit to investing £40,000 each year for 5 years in return for an 80% stake in the Club. The Board accepted this proposal in principle, but it soon became clear that, for various reasons, this commitment could not be guaranteed and the commitment reduced to just £120,000 for 12 months, although with the same requirement of an 80% stake.
“The Board decided that this would not be sufficient for the Club’s needs nor sufficient to purchase a controlling share in the Club.
“During this period we were contacted by Glenn Tamplin who had been alerted to our dilemma by one of our Board Members via another of our Full Members.
“After agreement from the Board, Chairman Dave Bennett and MD Steve Thompson met Mr Tamplin to discuss possibilities. Over the course of the next few weeks and after undertaking due diligence on Mr Tamplin a proposal was agreed, subject to contract and approval from the Full & Life Members.
“This agreement was not finalised until the 14th June* and Full & Life Members were informed at the earliest possible opportunity; the Half-Yearly meeting the following evening.
“The basis of the deal is that Mr Tamplin will agree to invest a minimum of £250,000 a year for a minimum of 5 years although he has already identified that this may need to be considerably more in the first year which he fully accepts.
“In return he will receive an 80% share of the Club with the Members retaining 20%. In the event that the funding from Mr Tamplin ceases at any time during the initial five years the percentage of shares equal to the percentage of the payment not received will revert back to the existing company.
“In reality this would amount to 16% per year and means that Mr Tamplin would not retain a controlling interest until he has invested at least one million pounds, not an insignificant amount.
“Such change will ultimately be subject to the decision of the Full and Life Members, a meeting for them to meet Mr Tamplin has been arranged for the first week in July.
“Glenn Tamplin is a successful businessman who originally comes from Dagenham and as a boy supported the Daggers and at 16 unsuccessfully trialled for the Club before playing for Barking FC and Barkingside FC over the next 10 years. As a “local boy made good” who has a great affinity for lower league football he saw the chance of investing in his boyhood club as too great to let pass.
“With a personal net worth of £45,000,000, certified by a Chartered Accountant and with sufficient time on his hands to take up the demands required, the Board of the Club was more than happy to recommend Glenn Tamplin’s offer to its Members.
“In the past few days we have received approaches from several other parties. Some of these have not resulted in any firm offer but two have resulted in firm proposals. The first is from a new consortium, led by John East and including Brian East, John Goodwin, Lee Goodwin and David Ward.
“Their offer is an investment of £200,000 in return for a 51% share of the Club.
“The second, which is considerably a lot more than the £200,000, is from an individual who would prefer to remain anonymous at this stage but still far short of the offer from Mr Tamplin. This new offer is from an individual who has been associated with the Club for nearly 20 years but who wants to support the best option for the club going forward.
“After considering all three proposals the Board is still of the opinion to recommend the investment from Mr Tamplin.
“It should be remembered that all of the Board are Full Members of the club and passionate supporters. None stand to gain financially from any of the proposals but have a legal responsibility, as Directors, to support the best deal for the club going forward”