A deal which would have seen the York City Supporters’ Trust buy the club has fallen through at the last minute.
The trust revealed this afternoon (Friday) that it had agreed the required finance to buy out 51% shareholder and chairman Glen Henderson – but “unfortunately this fell through at the last minute for logistical reasons”.
Had the deal gone through, it would have enabled the trust to take over the club with immediate effect while a new buyer for the majority shareholding was found.
The trust, which owns 49% of the club, apologised for not issuing more updates to fans in recent weeks, but said: “The process of obtaining finance to take full control had to be completed in full confidence and has taken a considerable amount of time and effort for all concerned.
“Public statements regarding funding without all the facts or prematurely issued would not have been helpful and could have jeopardised this or future interactions.”
The deadline for someone to buy out Glen Henderson remains 4 April.
The trust said last month there were six parties interested in buying his shareholding. The deadline for bids to be submitted is today (Friday, 24 February).
Trustees expect several of these bids to go forward to the next stage.
In a statement, the supporters’ trust added: “Once the bids have been received these will be passed to the scrutiny committee lead by trust board members Jim Calverley and Seth Sowerby who will commence their process immediately.
“The trust will provide an update next week outlining further details of the scrutiny committee.
“The trust is aware of the fans concerns about the impact that prolonged takeover process may have on the football club.
“The trust board is convening regularly and are exploring all options that would allow them to expedite the takeover process and, provide greater stability to players, the management staff and fans.”
City take on Yeovil Town tomorrow in their next crunch match as they stave to fight off immediate relegation from the National League.
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