MCMULLEN TAKEOVER REJECTED BY BUCKS

AFC TELFORD UNITED have rejected a takeover offer from Irish businessman Anthony McMullen after claiming he failed to show proof of funds.

The Bucks, reformed in 2004 after the original club closed due to massive financial issues, opted to move away from fan ownership last October in order to welcome outside investment.

The National League North side have confirmed they were in discussions with McMullen, who previously tried to purchase a 50 per cent stake in Scottish outfit Livingston before the club pulled out, but that they were reluctant after doing due-diligence.

The Shropshire outfit claim McMullen wanted a 51 per cent stake in the club – but that he would only be able to pay for three per cent of the shareholding up front.

A club statement read: “We established that 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.

“In our discussions with him, the individual proposed to the AFC Telford United board that he take 51 per cent control, but that he was unable to purchase 51 per cent of the shares, as he could not do so without ‘going to the market to get a loan’.

“He stated that he could only purchase three per cent of the shares, but that he would want to immediately take 51 per cent control, he did not state when, if at all, he would pay the remaining per cent.”