Trust Reject Club Takeover Offer
Published 15/11/2008
A scheduled meeting of the Terras Trust Board on Thursday 13.11.08 was dominated by discussion of the current situation at Weymouth Football Club. Weymouth FC Chairman Malcolm Curtis has now made a second conditional proposal to the Trust whereby he would hand over his current 84% shareholding to the Terras Trust along with responsibility for ownership and day-to-day running of the football club. The Board again voted unanimously to decline the offer.
Part of the deal again involved an agreement that the Terras Trust would do nothing to damage or interfere with the proposed new stadium project, but of more concern was a condition that would bring Curtis back to control the club should there be a risk of entering into administration. A further obstacle was the failure of the football club to release any detailed financial information for the Trust to look at prior to our board meeting.
Commenting on the refusal of Malcolm Curtis’s offer, Terras Trust Chairman Anthony Sams said “Much as we would love to play a hands-on role in securing the short and medium term future of the club, the latest offer again comes with too many strings attached and an unacceptable burden of liability which is quite simply too much for the Terras Trust to take on at the moment. But we’ll continue to maintain dialogue with the club and will continue to be represented on the WFC Board by Terras Trust Vice Chairman Mark Golsby, as the Trust firmly believe that the interests of the club’s fans are better served from within the club rather than from the outside.”
Sams added “Unless Malcolm Curtis is willing to make a ‘no-strings attached’ offer and put the club in a more financially stable condition we cannot enter into any further dialogue over the ownership and running of Weymouth Football Club. The aim of the Terras Trust remains to see him leave the club unconditionally.”
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