Investment update dated 27 February 2017The shareholders of the Club confirm they have decided to end long standing talks with a Potential Overseas Investor [POI].
The discussions started 20 months ago and were somewhat intermittent for the most part. Since June last year talks have progressed to a series of face-to-face meetings and, just over three months ago, an investment proposal was submitted following a visit to Brunton Park by the POI.
This was considered closely and carefully. It was followed up by a written offer to invest in the Club, which included a funding proposal.
Although there has been some movement, it was felt by the shareholders that these proposals did not present a way forward they could support and, just as crucially, the proposals were unlikely to gain the support of CUOSC members, or the Club’s fans more generally.
The Club understands that the prolonged period of time these discussions have taken has not been what anyone would have wanted. Throughout, the shareholders have sought to allow sufficient time and every opportunity for credible proposals to come forward, to be properly and diligently reviewed and for a deal to be done, if possible. This process has now run its course and we have drawn a line, and we are now looking forward.
The desire to see new investment and a succession of ownership to take the Club forward remains unchanged.
This does not alter the overall direction of the Club. The structural and operational changes which began some months ago will continue to be made to strengthen and consolidate the off-field operations. Further additions to the board are planned.
Regarding the on-field activities, we will carry on with the rebuilding process started two years ago as we continue to support the manager and the team.
We will now push on, together with CUOSC representatives, to finalise an updated shareholder agreement which will bring all parties closer together, whilst helping to facilitate the new investment everyone connected with the Club wants to see.