Dagenham & Redbridge confirm Glenn Tamplin consortium have withdrawn takeover bid
PUBLISHED: 12:29 09 November 2016 | UPDATED: 16:40 09 November 2016
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Statement confirms deal is off after discussions between board and consortium
Dagenham & Redbridge have confirmed that the Glenn Tamplin-led consortium have withdrawn their bid to take over the club after the board of directors removed their support for the offer.
At an Extraordinary General Meeting last month, Full and Life Members had voted in favour of accepting the offer from the consortium and to start the process of allowing the club to legally accept outside investment.
However, since that meeting, it appears many who had voted in favour were now against it and had informed the board of they would vote against the proposals in mid-December, leaving the directors with little option but to pull their support for the bid.
In turn, the board’s removal of support has seen the Tamplin consortium withdraw their offer from the table, all of which was confirmed in a statement issued by the club.
The statement reads: “Since the recent company meeting to discuss the proposed change in the structure of Dagenham & Redbridge FC Ltd, a number of Members have privately contacted members of the current Board of Directors. They have expressed concerns and indicated that they would now not support the proposed vote on the ‘Scheme of Arrangement’, which was to be held in mid-December. Certain Board Members have subsequently concluded that there is now no likelihood of the proposed vote achieving the required 75 per cent majority.
“The Board has therefore held talks with Mr. Tamplin and, despite Mr. Tamplin’s Consortium still being extremely keen to complete its proposed investment in the club, the Board of Directors has decided to withdraw its support for the consortium. Accordingly, the consortium has withdrawn from the process.
“The Board would like to express its sincere thanks to the individual consortium members for their offer and, in particular, Mr. Glenn Tamplin who has conducted himself in an exemplary manner during the whole process.
“Unfortunately the step proposed by the Board has been just too much for the current membership.
“The current Board will now arrange for the necessary finance to be put in place for the Club to continue at its current level. It will hopefully submit new proposals to its Members at its upcoming AGM.
“The scheduled Fans’ Forum that is due tonight will still go ahead, but now hosted by managing director Steve Thompson.”