- American investor may save Rochdale
- £2 million needed for survival
- Shareholder vote on 7 March
An American investor is anticipated to avert the prospect of liquidation for Rochdale. Following their announcement that they may cease operations, the National League club has been inundated with numerous approaches and has decided to enter a period of exclusivity with a single bidder.
This will provide a window of opportunity for both parties to finalise a transaction and for the unnamed prospective investor to conduct due diligence. A £2 million investment is required to guarantee the Greater Manchester club’s continued operation.
A shareholder structure change is one obstacle that must be surmounted; on 7 March, a referendum will be held to determine whether or not 90% of shares can be sold in a single transaction to facilitate the takeover of the fan-owned club. “To be clear, Rochdale AFC’s very existence is in jeopardy,” stated Simon Gauge, chairman of Rochdale, last week. “The responsibility for ensuring a sustainable future has now shifted to the shareholders.”
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There are legitimate concerns that if a takeover is not finalised, the club may cease to exist by the end of the season and that funds may be depleted by the time March’s payroll is due. Gauge has contributed to the club’s operation by contributing £566,000. However, he has now reached his credit limit.
The club is eleventh in the fifth division of England, nine points outside the playoff berths.
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