A week ago Rochdale was at the centre of British news as voters took to the polls.
The eyes of the country were settled on a by-election that brought in new MP George Galloway. His victory was so controversial that Prime Minister Rishi Sunak labelled it ‘beyond alarming’ in a press conference delivered directly from Downing Street.
But, seven days later, another vote is set to take place – and it could be life-or-death for one of the town’s most important assets.
Tonight shareholders in Rochdale AFC will gather at the Ratcliffe Arms, the pub in the shadow of the football club’s Spotland Stadium, to vote on a special resolution. Depending on the result, Rochdale could be on the verge of a surprising takeover.
It’s been no secret that the Greater Manchester side have struggled with financial problems. Weeks ago chairman Simon Gauge warned that Rochdale would slip into liquidation without investment by the end of March.
Now, Texas-based World Soccer Holdings have signed a letter of intent, announcing plans to buy the football club – valued around £2m. The company already has its fingers in a number of footballing pies, including owning various US-based footballing ventures as well as a large share of Dutch club MVV Maastricht.
But, the deal is contingent on the agreement of tonight’s resolution being agreed, it is understood.
Currently there are a large number of shareholders who own a part of Rochdale. This evening’s vote will give those shareholders chance to rubber stamp an emergency restructuring that would create nine million new shares equal to 90 percent ownership of the club.
Essentially this would give the club’s board the ability to sell 90 percent of Rochdale without a potentially buyer having to make deals with each individual shareholder.
However, it would mean current shareholders would see their shares in the club diluted and worth less.
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