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City Takeover May Not Be Completed Until August

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The takeover of Chelmsford City is still on track, despite a deal for the club still some way from being confirmed.

Essex-based Betsi Limited want to gain control of Vanarama National League South City after a difficult period for the club.

The Clarets are in need of investment after an agreement to buy the club last summer failed to get over the line.

Via the club’s website, Betsi thanked fans for their patience and said they hope to have the buy-out completed by the start of the season.

They said: “We have been following with interest the comments and thoughts of a number of you on various web forums and thought it may be helpful if we provided an update on our ambitions and progress with the takeover of Chelmsford City FC. Apologies if you feel a bit in the dark but there is a lot to do, as you will see below, so please be patient with us.

“We have set out below the status of the key actions required to complete the takeover of the club and next steps.

“As the current company is one limited by guarantee it is not possible for us to merely acquire the share capital and continue with the club in its current form. We have therefore set up a new company Chelmsford City Football Club Limited to take on the activities of the club.

“The next step is for us to agree with the major creditors their holding in CCFC Ltd and then we can issue the required share capital to fully capitalise the company and proceed.

“We have had a positive call with Chelmsford City Council and are arranging to meet with them imminently to discuss the debt position and their support for the takeover. One thing we need to resolve is the clubhouse lease and agreement on ground usage as these are currently with TSO Chelmsford City FC Ltd so will need to be transferred or new leases written.

“CCFC Ltd needs to obtain approval from the FA; this process has started but a key requirement is the settlement, or agreement to transfer, of the debt of all existing creditors. There are one or two that are proving a bit tricky to resolve but we are progressing on the assumptions that these can be resolved. I can confirm that all debts in relation to HM Revenue & Customs are settled to date.”

Betsi added: “We have spoken to (manager) Rod Stringer and confirmed our commitment to proceed with the takeover and it looks like Rod has, as usual, pulled a great side together to see us challenge for the tittle again this year.

“Ideally we would like everything sorted by the start of the season on 5th August but this will be subject to resolution of all of the above. We will provide a further update at the AGM on 20th July where, to the extent we are able, we will be happy to answer any further questions.”

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