CLARETS IN SPLIT OVER TAKEOVER COLLAPSE

CHELMSFORD CITY chairman Trevor Smith has quit the club after the Clarets finally confirmed their takeover had fallen through.

The deal with the Jade Group – announced by the National League South club last summer – didn’t actually get over the line.

After days of silence last week, Chelmsford, already confirmed in the play-off places, released a statement on Monday evening confirming speculation that the takeover had collapsed.

Chairman Smith left Melbourne in the aftermath and the club says they are now seeking fresh investment.

The withdrawn has left the Essex club with some “short-term financial pressure” but the board have told supporters that they are working hard to resolve the issue.

Their statement read: “The club announces that chairman Trevor Smith and Alistair Whipps, Legal Counsel, have resigned from their positions. These resignations have been accepted by the board.

“Furthermore, discussions with Jade Global Group in relation to the proposed takeover of the football club have been terminated and their non-executive director representatives, Gary Warner and Nicola Jenkins, have also tendered their resignations.

“As a consequence of the above developments the board and members of the club have considered options as to the best way forward. The sudden and unforeseen withdrawal of Jade Global Group from discussions, entirely as a result of their own misfortune, has led to the club facing some short-term financial pressure.

“However the board of directors together with creditors, members, local business owners and supporters are working hard to deliver a solution to overcome any immediate problems.”