Stephen Vaughan has sold his stake in Chester City to a property developer, it is being reported.
Local radio station Dee 106.3 state that Gary Metcalf, owner of developers Property First Asset Management Ltd, has bought the club for an unknown sum. His company was one of two vying to take on ambitious redevelopment plans at the Deva stadium last September but the work never got off the ground.
The news comes hours after Grimsby's chairman told the press that Vaughan was set to put the club into Administration. John Fenty told the Grimsby Telegraph: "In speaking to the Chester chairman, they are seriously considering going into administration. It is a question of whether they will do it before March 26."
Metcalf, like Vaughan, is a Liverpool based businessman with the pair claimed previously to be co-managers of boxer Derry Matthews, who used to fight for Vaughan Promotions. The news of the takeover has been met with caution by Chester fans.