Vanarama National League club Dagenham and Redbridge have confirmed that a number of existing directors have offered to invest in the club.
Their proposal was announced at the club’s general meeting, with members of the club voting to accept the investment.
The move has led to the Daggers appointing a new board of directors.
In a statement released on Friday afternoon the club said “After a period of several months the Club is pleased to be able to announce that a proposal by a consortium of existing Directors to invest a total of £1.3 million into the Club was overwhelmingly accepted by the Full & Life Members.
“The tenth Annual General Meeting of Dagenham & Redbridge Football Club Ltd held on Wednesday evening heard from lead investor, Glyn Hopkin, on his ideas for building on the success of the Club over the past 20 years, on improvements to facilities and in driving up revenue.
“Whilst acknowledging the successes’ he recognised the need for investment which in turn would hopefully bring further success on the pitch.
“Glyn will bring his considerable business expertise gained as a very successful local and regional motor trader to bear on the club.
“Plans are already in place to recruit a new Commercial Manager.
“The new Board of Directors will include a Non-Executive Chair, Mr Paul Gwinn JP, consortium members Dave Bennett, Glyn Hopkin, Stephen Thompson MBE and David Ward plus a representative of the existing Members who, under this proposal, will retain 26% of the shares in the holding company of the Club.
“It was also announced that the investment negates any short term requirement to sell players as has happened in the past and allows the manager to plan more long-term.
“It was noted that the process set in action last night will take some months to complete but both Paul Gwinn and Glyn Hopkin welcomed the strong support shown at the meeting and expressed the wish to engage with all sections of the club and supporters to achieve the one main goal of a sustainable club, delivering success on and off the pitch”
The Daggers currently sit in fourth place in the National League table, three points and three places behind leaders Lincoln City.