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The FA have rejected the long drawn out takeover of Stockport County by football agent Jim Melrose.
Melrose, a former Man City striker, was announced six months ago as the preferred bidder but the FA have rejected his bid after lengthy negotiations. Two reasons have been reported for the bid failing - that Melrose is unwilling to stump up the £300,000 needed to take the club out of Administration, and that he has failed to provide the FA with projected cashflow to show the business would be viable in the future.
The situation at Edgeley Park is bleak. Manager Gary Ablett has had to rely on handouts from club employees and fans to repair and update gym equipment, while their physio is taking leftover supplies from Liverpool to keep stocked up. An announcement earlier in the week that the pitch at Edgeley Park was to be relayed has also been scrapped, with co-tenants Sale Sharks also struggling with cashflow.
The club have to end their period of Administration by the end of the season, or they face being thrown out of the Football League.