Battle for control of Stirling Albion
Sports guru calls for probe into Binos investors’plans
A prominent sporting figure is calling for an independent legal examination of the documents produced by the consortium looking to invest in Stirling Albion.
Ian Doyle, who discovered snooker legend Stephen Hendry and used to own the town’s John Spencer Snooker Club, has voiced concerns about the offer made by a group which includes former professional footballer John Neill and Dron and Dickson director Colin Rowley.
He said the club’s supporters’ trust, of which he is a member, should insist that a legal review of the offer be undertaken before any decision is made – and the potential investors should pay for this.
Mr Doyle also wants independent accountants to look over the documents.
The proposal is that Mr Neill and Mr Rowley, acting through a newly formed LLP, invest £600,000 in the club by way of an insecure loan.
In return they both become directors of the club, and Mr Neill would assume the position of chairman.
The investment would comprise an initial £350,000 sum and further advances of £50,000 each year for the next five years.
There are stipulations that say Mr Neill and Mr Rowley can be removed from their positions should the club fail to meet certain expectations.
These are: to retain its current valuation at any point; to win promotion to Scottish League One by the 2022/23 season and to win promotion to the Scottish Championship by the 2026/27 season.
Mr Doyle, who lives in Blairlogie, told the Observer he is alarmed at the fact that interest on the loan provided is at 1.5 per cent above Bank of England base rate, and believes the deal would be a bad one for the club.
The 78-year-old said: “Stirling Albion does not require a loan like this. It is in a strong position. Why this has been brought to the table I don’t know.
“The club has been well managed so why would someone propose to lend the club money at 1.5 per cent above base rate. It’s beyond me.”
He added: “This is the most ridiculous deal I have ever seen. I’ve gone through thousands of contracts in my life but I’ve never seen anything like this. This takes the biscuit.”
Mr Doyle believes that the supporters’ trust need to ensure the offer is closely looked at by professionals before a decision is made.
He estimates that it would cost £25,000 to £30,000 to have lawyers and accountants go through the 56-page document, but says the investors should foot the bill for this.
He said: “There are 83 per cent of the shares owned by the trust, but the trust doesn’t have the money for legal and accountancy advice.
“The trust needs to appoint a top legal firm to look at this line-by-line, and if Mr Neill and Mr Rowley are so keen to invest money they should pay for it.”
In the offer documents it states that the loan provided by the consortium cannot be repaid if it would cause the club to fall below its initial valuation.
A spokesperson for Mr Rowley and Mr Neill say that the offer is there for members to decide on, and that the consortium will be meeting trust members at an organised question and answer event tonight (Wednesday). This will take place at the Golden Lion Hotel from 7pm.
In May more than 150 supporters attended a meeting at the University of Stirling to hear about Mr Neill and Mr Rowley’s plans for the club – which would see the fans retain their 83 per cent ownership.