Archived News from October 2007
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THE PRICE OF THE STAGS TAKEOVER
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The price of the Stags takeover
CHAD.co.uk, 09 October 2007, By Tim Morriss HOW much will James Derry's takeover deal for Mansfield Town Football Club cost his consortium? Mr Derry, fronting a group of local businessmen, has signed a confidentiality agreement with former Stags' owner Keith Haslam in which both sides have agreed not to reveal financial details of the sale. But Chad understands that his consortium will pay £500,000 for the football club, a figure which had also been agreed in principle by one of the other bidders for the club earlier in the summer. There will also be an annual rent of £200,000 — which Mr Derry negotiated down from the asking price of £250,000 — on a 10-year lease of the Field Mill stadium. This rental figure will be re-negotiated if the Stags are relegated and will be reviewed after five years. The consortium will be responsible for the upkeep of the stadium. When asked if the deal included an option to buy Field Mill, Mr Derry told Chad: "In theory there is . . . but all our plans are based on us staying put." It is known that Mr Haslam had also been asking for a percentage of any future transfer fees on players currently at the club, but it is thought that this does not form part of the final deal. However, Mr Haslam's own company Stags Ltd will not be repaying the £585,000 it owes the football club, money borrowed to buy land at Beck Lane, Skegby, for a football academy — still to get beyond the planning stage — back in 2001. Mr Derry added: "This is down to the lawyers, but the figure is not in my calculations." Consortium will be unveiled soon, says new owner CHAD.co.uk, 10 October 2007, By Tim Morriss THE consortium of local businessmen behind the takeover of Mansfield Town Football Club will be revealed 'as soon as possible'. New owner James Derry, who hopes his takeover of the Stags will be completed this month, said: "I am now talking to the people who have expressed an interest in being part of our group and they have got to come up with the wherewithal. "I hope we can tell people who the consortium is very soon. There will be a board of directors –– and if anyone still wants to get involved at that level I would love it –– and I will be chairman. "I have always said I would not be taking any money out of the club and that is still the case, but we will appoint a chief executive to run the club on a day-to-day basis. I have a day job and cannot be at the club all the time." Mr Derry has stressed that the jobs of manager Dearden and secretary Sharon Roberts are safe. Added Mr Derry: "They are vital to the club. Billy Dearden is the man for the job to keep us in the League." |
Latest | October 2007