Next Game: Tiverton Town Away on Tuesday 24th October at 7.45pm

Wednesday, May 31, 2017

AFC Telford Reject Takeover by Property Developer


AFC Telford have rejected a takeover by an Irish Property Developer after he failed to show proof of funds, a club statement has said.

The Shropshire-based club were hesitant after they conducted due diligence. 

Anthony McMullen wanted to buy 51% of the shares, but said he could only pay for 3% upfront. It wasn't clear if or when the remainder of the money would be paid.

The club statement read: "Our due diligence prior to the calls and meetings, revealed that the individual had made an unsuccessful bid a number of years ago to take a majority share in a club in Scotland, but that the board of that club pulled out, as a result of conditions the individual was making.

"We also established that more recently the individual had been a director and CEO of two companies that had gone into liquidation and in at least one of those cases it was alleged that creditors were owed money.

"The individual declined to sign a non disclosure agreement, declined to demonstrate proof of funds because he would need to go to the market for a loan, did not make any written or confirmed verbal offer to purchase shares, did not ask for any financial information or request to do any due diligence."