An unnamed Indian consortium has pulled out of the deal to buy English League Two side Northampton Town FC.
The Indian consortium released a statement via London based PR Agency PHA Media stating, “We are sad to announce that we are no longer pursuing our interest in buying Northampton Town Football Club.”
“Over the last few months we have been involved in detailed negotiations with the club’s owners and the local authority, which had reached an advanced stage in the last few weeks.”
“We believed – and still believe – that the club has huge potential. It has been starved of investment for too long and it was our intention to put this right.”
“We had drawn up detailed plans to pay off the club’s debts and upgrade the club’s infrastructure, re-developing the stadium and building a new training ground, as well as investing in the playing squad. We also planned to re-develop the land around the stadium with a new hotel and retail complex to bring inward investment into the town.”
“However, during the process of due diligence, which is integral to any business deal, it became apparent that there were a number of complications surrounding the proposed acquisition.”
“Sadly, at a very late stage in the process we concluded that these problems were insurmountable and, with great reluctance, decided we had no option but to withdraw our offer for the club.”
“This has never been a vanity project for the consortium, which is why we have not previously publicised our involvement; we are serious investors who believed Northampton was the ideal location for a thriving football club.”
“We would like to wish the club and its supporters the very best for the future.”
Northampton Town FC chairman David Cardoza reacting to the announcement with a statement on the official club website, “I’m not surprised by the announcement, my only surprise is the timing of it.”
“We moved on to talk to other parties some time ago. The Indian consortium had a few months to move things forward and conclude things but it became apparent they were not progressing matters.”
“There are a number of other interested parties and as it became more and more apparent things were not proceeding with the Indian consortium, then we began talking with these other parties. We have made significant progress in these talks to a position where things are now well advanced.”
“Northampton Town is a wonderful football club with huge potential, that is why there are other parties interested in buying the club and while the Indian consortium remained in the background in reality we moved on some time ago. Their announcement today concludes matters in that area but they had given up pole position a while ago. This simply concentrates our efforts on concluding a sale of the club to one of the other interested parties,” he concluded.