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Home   Gravesend   Sport   Article

MyFootballClub members have accepted the offer from Kuwaiti investment group KEH Sports Ltd for the purchase of Ebbsfleet United

13 May 2013
by Steve Tervet

Peter Varney

KEH Sports chief executive Peter Varney

Ebbsfleet United’s owners have agreed to sell the club to the group of Kuwaiti investors led by former Charlton Athletic chief executive Peter Varney.

KEH Sports Ltd (KSL), a subsidiary of the Kuwaiti European Holding Company, last week made an offer the rescue the Stonebridge Road outfit.

Members of MyFootballClub, the Fleet’s current owners, have been voting on whether to accept or reject the KSL offer. Voting closed at midday on Monday and 96.24% of MyFC members voted in favour of the takeover.

KSL will pay £10,000 for the entire issued share capital of the club, with £7,500 paid to MyFC for application under its constitutional rules. The club owes MyFC £139,000 and KSL will pay the online society £13,900 at a rate of 10p in the pound.

In addition, KSL will pay an aggregate sum of £41,900 to settle loans owed by the club to directors, shareholders and third parties. This is paid at the same rate against total debts of £419,000.

All unpaid ordinary trade creditors will be paid in full up to £100,000 – with KSL investing capital/equity in the club to fund these payments.

On the pitch, the Fleet will have a transfer budget of £100,000 for next season and a minimum playing squad budget of £8,000 per week.

KSL will also submit a planning application to develop Stonebridge Road and they have made a substantial financial commitment relating to the construction of a new stand.

Varney, the KSL chief executive, said: “KEH Sports Ltd is committed to restructuring and reinvigorating the club and to investing significant sums of money to firstly guarantee its survival and then to put in place the foundations for future success.

“Our priority will be initially to build a new first-team squad and to introduce a range of football support functions to ensure maximum performance on the pitch.

“We have made an offer to acquire a sports ground in Gravesend which will not only operate as the club’s training ground headquarters but will be a facility for use by the local community as it is our intention to build a real community club and one of which its supporters and the community at large can be rightly proud.”

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