Yeovil Town have signed a “exclusivity agreement” with an unnamed group to become a majority shareholder of the club.
In a statement issued on New Year’s Eve, chairman Scott Priestnall confirmed that conversations had been taking place with investors in recent months, but added that a “a statement confirming a takeover is premature.”
It follows 24 hours of frenzied takeover talks since national football journalist Jacque Talbot tweeted that a takeover would be announced on Thursday, and just hours after sponsor Martin Hellier declared he was “extremely concerned” for the future of the club.
The chairman said: “It is true that there have been various conversations with potential investors over the last couple of months and whilst a statement confirming a takeover is premature.
“I can confirm to supporters that myself and the Club have entered into a period of exclusivity with a preferred party to become a majority shareholder.”
The Gloverscast understands that up to three parties – with one already known as Hellier who has been public about his ambition to take over the club – have been in discussions with Priestnall.
However, BBC Somerset reporter Sheridan Robins tweeted shortly after the statement that any takeover was likely to see Priestnall depart as chairman with his majority shareholding being taken by the unnamed party.
From what I understand, that would not be the case.
— Sheridan (@SheridanRobins) December 31, 2022
The statement published on the club’s website at 4pm on New Year’s Eve reads…..
An update from the Chairman
There has been a lot of speculation over the last couple of days regarding a takeover of the club.
It is true that there have been various conversations with potential investors over the last couple of months and whilst a statement confirming a takeover is premature, I can confirm to supporters that myself and the Club have entered into a period of exclusivity with a preferred party to become a majority shareholder.
These ongoing discussions continue to delay an announcement for the supporters meeting but a time and date will be confirmed as we approach a conclusion.
I will update you as the transaction progresses.
I hope you all have a lovely new year and get behind Mark and the team tomorrow in an important game against our local rivals.
Support the Gloverscast
The Gloverscast is a volunteer run website which costs money to maintain. If ever you feel like supporting with our running costs, which include our website hosting, Zoom subscription, The Daily Glove, we’d be extremely grateful for your donations.