No Sale, No Manager, No Answers! Offer to buy Blackpool FC turned down!
Wednesday, 27th May 2015 19:40 by Editor
If Grimm ever had problems writing a final fairy tale then he should have looked no further than Bloomfield Road - and believe us, it is Grim! So, the club receives an offer, the Oyston's are keen to talk, Belokon does a quick flounce and won't talk, the Oyston's then say they won't accept any other offers that don't match the structure of this offer, Belokon says nothing, the deal breaks down and now the club finally look to appoint a new manager. You couldn't make it up if you tried!
The statement from Blackpool FC is one of the biggest curve balls the current owners have thrown at the fans. The full statement is below but it does prompt many questions which have gone unanswered are:
Who is this consortium?
Undoubtedly with so much cynicism around the Oyston's, the statement below won't be sufficient to get fans on side or turn on Belokon for failing to help get rid of the majority shareholders. There will be questions as to whether Belokon himself had intentions to bid for the club and this offer has come at a convenient time as it sets a benchmark for the price of the club. The attention in the detail is also fascinating and in particular this line
During a week when we finally expected more questions than answers, tonight's statement prompts the reverse.
The Blackpool FCstatement in full:
On 14 May Blackpool Football Club received a letter of intent on behalf of a consortium setting out proposed terms for the purchase of the football assets of the Club, including a long-term proposal to occupy the Stadium. BFC’s Chairman, Karl Oyston, attempted to engage in a preliminary discussion with the other Board members to consider this offer.
Mr Valeri Belokon, one of the Club’s Directors, and a shareholder, declined to engage in any such dialogue. This would have been vital to give full and proper consideration to the offer that was made for Blackpool Football Club. The Board was saddened at Mr Belokon’s failure to engage, particularly bearing in mind that Mr Belokon has given several indications through the media that he wished to make an offer for Blackpool Football Club himself, but has not done so to date.
Karl Oyston attempted to convene a formal Board meeting to consider this offer. That Board Meeting took place yesterday. Mr Belokon however declined again to engage in these urgent discussions and did not take any part in the Board Meeting, leaving it to his representative Mr Kaspars Varpins. Mr Kaspars Varpins, on behalf of Mr Belokon, whose proxy he held, abstained from voting with the other Directors to take the offer further in a positive way.
As a result of the failure to engage in meaningful discussions and gain the support of all directors and shareholders, the Board has come to the view that it would be impractical to continue any further negotiations with the third party bidder. It has therefore now withdrawn from the proposed transaction.
The Board has also decided that it would not be appropriate to consider offers in the future for the Company below the level of this third party offer, or to consider offers based on a different structure to the one proposed by this potential buyer.
Mr Belokon has not attended a Board Meeting for over two years, last attending in March 2013. This makes it exceptionally difficult for the Board to engage in any collective decision making, as demonstrated by the inability of the Board to progress this third party offer.
It is vital that the Club, having now refused this offer, quickly concentrates on the recruitment of coaching and playing staff in readiness for the forthcoming season. The Club will also now progress the fans’ parliament representative to a stage where there is an active supporters’ representative at Board Meetings.
The Board requested Mr Belokon to clarify his position in relation to board membership and general engagement ahead of the Club's next board meeting date being agreed. It is vital that all board members take an active role in developing the future strategy of the Football Club, in the best interests of all concerned.
The Club will be making no further comment.
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