Storm clouds still hanging over Spotland
Facing uncertain future with investors poised for takeover new owners offer assurances to board and Dale Trust striker tipped to follow manager BBM out of the exit door
THE battle for power at Rochdale AFC looks to be slipping away from the club’s supporters as new investors continue to hoover up shares.
Five weeks ago it appeared Dale-supporting shareholders had worked wonders in staving off a ‘blind sale’ of the club to an unknown investor, a move which had been backed by the board at that time.
During the club’s AGM and EGM, the proposals to issue new shares in Rochdale AFC and put the club up for sale were withdrawn.
On the same evening, directors David Bottomley and Graham Rawlinson were voted off the board by shareholders and in the days that followed Simon Gauge, Jamie Sarsfield and Richard Knight were appointed to the board with Gauge taking on the role of chairman.
It seemed the club was heading into the new season with fans at the helm.
However, followers are once again faced with the worrying ‘ blind sale’ scenario of unknown new owners taking over after more than 40 per cent of the shares in the club were purchased. It looks certain the investors are poised to continue their bid for control, raising concerns among a fanbase only too aware of the fate that befell neighbours Bury in recent years – taken over by owners who promised the earth, over-reached financially and ultimately brought about the club’s demise.
The situation has caused understandable disquiet for supporters who took great pride in the club’s financial prudence during the years when men like David Kilpatrick, Graham Morris and Chris Dunphy had their steady hands on the tiller.
This hostile takeover comes after months of unrest which has seen boardroom changes, manager Brian Barry-murphy quit and no new additions to the playing squad. This week star striker Stephen Humphrys has been linked with a move away, Wigan said to be leading the chase for his services.
The new board deserves credit for their work in retaining Eoghan O’connell and Jimmy Keohane on new deals and for rebuiding the eroded faith and trust between fans and club. But if the new investors acquire a majority shareholding, control and power will shift away from them.
On the field, Dale kick off their pre-season campaign today against Luton Town, with squad numbers threadbare to say the least.
The uncertainty over the ownership and direction of the club threatens to undermine any attempt to bounce back from an awful 2020/21 campaign which ended in relegation to League Two.
And there are fears among the fanbase that if the club’s off-field issues are not settled quickly, Dale stand little chance of success once again when the 2021/22 campaign gets under way next month.
Board members and representatives of the Dale Trust met this week with the investor attempting to takeover the club and their feedback offered some assurance.
A statement from the Dale Trust said: “Trust Chair Colin Cavanah and Trust member Richard Wild met with one of the investors on Tuesday following a meeting with the Club. The investor shall remain nameless for now, whilst clearance from the EFL is awaited.
“Amongst the things to come from the meeting and exchanged emails were:
HE has acquired over 40% of the shareholding in the Football Club
HE has provided proof of funding to the EFL
HE is currently awaiting EFL approval which could take three weeks or more
THE investor has given us a written assurance that Spotland or any other asset of the Club will never be used to guarantee any loans
ASSURANCES were given that there will be no return for any recently departed Directors
HE expressed his intention to take a back seat approach with the Club and to allow Chairman Simon Gauge and his fellow Directors to continue to run the Club in the manner that it is doing
HE has been impressed with the way Simon Gauge has stepped into his role as
Chairman and has noted the extremely positive response from Dale supporters to the Chairman
HE will be attending matches in a more social sense, and wouldn’t anticipate sitting in the Boardroom
MONEY will be invested into the First team wage budget
“As part of our discussions with the investor, we expressed a number of concerns from Dale supporters regarding sustainability of the club, ownership of the ground and the horror stories that accompany the finances of lower football.
“We certainly felt that the meeting went very well and we came away with a large number of positives from it. We have noted that this feeling is replicated from our discussions with the Club.
“We will continue to engage the investors over the next few weeks, and keep supporters updated along the way.”
The Trust’s release came shortly after the club had issued their own statement.
It read: “Following speculation over the weekend surrounding some of the shares in Rochdale Association Football Club Limited being purchased by a third party; Simon Gauge and Tony Pockney met with the prospective new investors on Tuesday afternoon.
“Club Chairman, Simon Gauge commented: “We had a constructive initial meeting on Tuesday and discussed a wide range of topics. Nothing discussed raised any alarm bells but we will continue talking and carrying out due diligence.
““The prospective new majority shareholders have indicated that they would like the existing board to continue with two additional directors of their choice with no previous connection to the club. I am happy to continue as long as I believe it is in the best interests of the club.
““They are very keen for us to continue to operate the club on a sustainability model but will put in investment to clear the club’s debt and increase the playing budget for the coming season.”
“Director Tony Pockney added: “I’m pleased that we have held a positive meeting. The potential investors disclosed their background, business interests, discussed plans and ambitions for Rochdale AFC including investment in the squad, academy and infrastructure.
““I was delighted that they expected to ensure continuity in the influence that major shareholders and fan representatives would continue to have on the day to day running of the club.”
“The club is working closely with the EFL and the new investors with regards to the EFL’S Owners and Directors test, and will make a further announcement once this is concluded.
“If discussions prove successful, the investors have committed to present to shareholders and fans prior to any final arrangements being concluded.”
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