Robins rule out investment offer

1 year ago By David Watters

EVO-STIK League leaders Altrincham will not go ahead with an offer to sell a major stake in one of the most famous names in Non-League.

Officials at Moss Lane, pictured, had been considering an offer to invest in the EVO-STIK League Premier Division club after buying back 117,000 shares last summer to generate fresh finances following relegation before issuing a statement on Wednesday night ruling out any further progress.

An Extraordinary General Meeting back in June 2017 passed a motion allowing the Robins to bring in significant investment through a share offer and according to the statement, talks with Altrincham's board had been on-going since November before the potential buyers missed a recent deadline to make progress.

The statement read: "We advised you in November that we were, under a Non-Disclosure Agreement, exploring a formal offer for the club. This update is to confirm the Board have unanimously decided not to proceed further with the offer and have informed the potential buyers accordingly.

"There were material questions arising from the original submission from the interested party, in terms of achieveability, clarity and relevance. We posed these questions to them and indicated our willingness to provide further information, should it be needed. We also offered to meet them face to face for further discussions, both here in the UK and in the USA.

"Having received no further information or clarification from them, we issued a deadline in mid-December in an attempt to elicit the required response. It has not been forthcoming, and with the deadline having now passed, we have informed the other party that we are no longer interested in pursuing their offer."

The statement added: "The board are committed to continue to strengthen the management structure of the club, including at board level. Good progress is being made in this area, and we will ensure all our stakeholders are kept informed of developments."

Images courtesy of @altrinchamfc/Twitter

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