FOR SALE: Maidstone United owners seek new investors to secure future
Monday 18th November 2019
THE owners of Maidstone United FC have put the club up for sale.
Owners Terry Casey and Oliver Ash, who have been in charge for a decade, are seeking new investors to take ground development and football ambitions forward.
But they have stressed they are prepared to wait to ensure the handover will mean the club will not "slip into the wrong hands".
Both are preapred to stay in charge until a new ownership beds in, having invested more than £5.2m of their own money to take the Stones out of financial difficulties in 2010 and to build the Gallagher Stadium.
A statement by the Stones said the duo, who took over the failing club in 2010 and developed the 4,200 capacity ground, are open to selling some or all of their shareholding.
Mr Ash said: “It has been a fantastic project to bring the club home and we are proud of what has been achieved over the past few years.
“There are lots of very good people in the club working hard to make it stable and sustainable for the whole community to enjoy. As owners we have already invested a lot of money in the project and we have limited capital left, with which to take the club sustainably to the next level.
“Terry and I are prepared to consider staying in charge with a new partner backing us or to consider passing on control of the club to new owners.
In either case we will have to be assured that the stature, means and intentions of any new investor are acceptable and that the interests of the club and its supporters are fully protected for the future.
“We have not spent nine years of our lives working hard for the good of the club only to see it slip into the wrong hands.”
Maidstone United is now a broad-based community football and social club, serving the local area. It is a self-financing operation which does not depend on annual subsidy.
Mr Casey said: “We would like to bring in new partners to invest in the development of the stadium.
“This includes a new seated stand on the riverside and the redevelopment of the Town End.
“With the right financial backing, the Town End could be totally transformed with a stand that will include changing rooms, hospitality lounges and refreshment facilities. These will not only meet the requirements of the EFL but also increase sustainable commercial revenues.
“The three seasons spent in The National League showed us the difficulty of sustaining the club at this level, let alone progressing to the EFL.
“This is the right time for Oliver and I to explore opportunities for new investors to come in and we’re ready to speak to any serious interested parties.”
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