Debt-free Heed sold to magnate for one pound
VANARAMA National League club Gateshead will be under foreign ownership for the first time with less than two weeks to go to the start of the season.
Owners Richard and Julie Bennett have sold the club for a nominal £1 to Indian businessman Dr. Ranjan Varghese.
The Hong Kong-based shipping magnate pulled out of a deal to buy Gateshead at the 11th hour in May.
Varghese, who is on the board at Steel Ships Ltd in Hong Kong, however resurrected the deal and has now taken over the Tyneside club.
Consett-based businessman Michael Williams will co-ordinate affairs locally and has been appointed to the club’s board as operations director.
Gateshead have the lowest budget in the Vanarama National League this season, the only one below £400,000.
Whether manager Steve Watson is now given more money remains to be seen.
The former Magpie has assembled a new-look squad on a shoestring and is looking to bring in more new faces.
The Bennetts have ploughed in almost £3m during their three years in charge at Gateshead, and have left the club debt free.
Varghese has not been involved in football before but shares the same ambition of the previous two owners – to reclaim Football League status.
The Bennett’s have been looking to get out of Gateshead for some time and are delighted that Varghese has this time been successful.
“The transfer has taken a while to complete but has been worth the effort,” said Richard Bennett. “We’re delighted to complete the deal ahead of the forthcoming season.
“The acquisition of the club by Dr Varghese is fantastic news for everyone and comes just at the right time.
“Gaining both National League and FA approval ahead of the acquisition has meant that he can press on with his team and implement their business plan.”
It heralds a new dawn at Gateshead and ends months of uncertainty, with the club’s future in doubt at one stage.
The Tynesiders finished 17th last season in the fifth-tier but reached the semi-final of the FA Trophy, just missing out on a return to Wembley.
Watson will now hold talks with operations director Williams as plans to take the club forward gather pace.