Second firm set to make bid for Dale
Move follows vote to dilute holdings
ASECOND company has announced that it will bid to buy Rochdale
AFC.
The Football Club LLC (TFC), a group headed by businessmen Justin Corrado and David Dwyer, has signed a letter of intent to buy the Spotland club.
It follows a crunch vote in which shareholders at Rochdale voted to dilute their holdings in order to create nine million new shares.
This means 90 per cent of the club can now be sold, subject to deals made between the board of directors and interested parties. TFC are the second company to publicly reveal a bid for the club, after Texas-based World Soccer Holdings signed a letter of intent last week.
Little is currently known about the new bidders, but they are set to unveil further details about their plans for Rochdale on March 14. This includes a plan to return 5 per cent of the club’s shares to the Dale Trust, TFC say.
They also plan to grant the Dale Trust a golden share, which would allow them to protect the name, colours, and badge of the club in perpetuity.
Mr Corrado and Mr Dwyer are understood to have been speaking to representatives of the club for two months and attended a game in February.
“Rochdale AFC has a storied legacy and a loyal fanbase, including devoted shareholders who have made a sacrifice in support of their club,” said Mr Corrado, Managing Partner of TFC.
“Our goal is to rejuvenate Rochdale AFC in partnership with the fans and community. TFC proposes to provide financial investment, support for players and coaches, and to put a football and business plan in place that will drive results on the pitch.”
“As a Lancashire lad, I first stepped into Spotland when I was 10 to watch Dale play Manchester United.
“I recently attended the games against Dagenham & Redbridge and Wealdstone. I’ll be in the Sandy Lane End on Saturday, and I’m particularly looking forward to the away game at Oldham on April 6,” said Mr Dwyer, Partner at TFC.
“TFC isn’t driving a bottom line-based strategy across a portfolio of clubs – we’re a group of business leaders who prioritize transparency and accountability who are committed to seeing Rochdale AFC succeed.”