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Terras board reject £1 million bid

by: theterras

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CASH-strapped Weymouth directors have turned down a £1 million bid for the Wessex Stadium.

An unnamed resort-based businessman wanted to buy the Radipole Lane ground and lease it back to the Terras on a yearly basis.

But the offer, which follows Ian Ridley’s failed rescue package proposals last month, has been unanimously rejected by Terras chiefs.

Meanwhile, an attempt by a development firm Trent Properties Ltd to purchase a major shareholding in the club has also been blocked.

 

Trent acts for retail giants Wal-mart that is hoping to build a new supermarket at the Wessex Stadium site.

But directors dismissed the approach claiming it would create a ‘conflict of interests.’

Terras press officer Steve Dadd told Echosport: “I can confirm that the club recently received a £1 million offer from a local businessman to purchase the ground and lease it back on an annual agreement.

“After considering the offer, the board of directors agreed that it was not in the best interests of the club.

“The person involved wishes to remain anonymous but we would like to thank him for his interest.”

He added: “A second offer from developers Trent Properties Ltd was also considered and has subsequently been declined.

“They wished to purchase a large, although not controlling, amount of shares but it was felt that this would cause conflict of interests.

“Although these offers have been turned down, talks are still on-going with other interested parties. There are currently four seats available on the board and even the chairmanship if the right person comes along”

Dave Higson, who is acting as Terras chairman while Terry Bennett is on holiday, urged fans to remain patient as the search for new investors continues.

He added: “With a beckoning new stadium, a cash injection of £1.2 million pounds when the project is completed plus the annual bursary of £70,000 from the developers, there has been a great deal of interest in Weymouth Football Club from various parties.

 

“But although we need to act fairly quickly, we are not going to rush into something we might regret at a later date. I understand the fans’ frustration when they hear only silence from the board, but we have to respect the anonymity asked for by some of the people involved.

“It’s a matter of getting the balance right. We need practical, professional people on the board with specialist skills such as marketing or accounting.

“The Football club has to be a run as successful business so as to allow the footballing side to flourish. This in turn creates more interest in the club, which attracts sponsorship, advertising and higher gates.

“But with the board only at half its required strength, pressure is put on the remaining directors – who are still having to run their own businesses.”

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