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| 51% Stake |
Fenty Gets Green Light
By: Rob Sedgwick
Date: 29/12/2005
TOWN Chairman John Fenty received a ringing endorsement from shareholders at today's AGM. The club's shareholders voted unanimously to allow Mr Fenty to increase his share capital to 51%, giving him overall control of the company.
Mr Fenty was delighted with the result, which he had described as a "vote of confidence" in his board, telling the meeting, "I can't tell you how humbled I am. I will do my utmost, along with this board, to take the club forward."
The Town chairman had explained to the assembled shareholders why it was important for him to have overall control of the club in order to be certain of protecting the additional investment which he is planning to make in it to "bridge the funding gap" in the club's plans.
With Town looking to move to a new stadium within the next few years, Fenty believes continuity is essential both for the club itself and its partners in the new stadium project, which was stalled in the past by changes in the boardroom.
"Shareholders politics in the past have dogged progress. It's important that this board is allowed to see this through without interruption."
Fenty also made it clear that although he was not offering an "open chequebook", the need to sell players had rescinded with the passing of the resolution.
"Today's resolution gave us no immediate pressure to want to sell," said Fenty. "There is no aspiration to break up the success we are having."
Fenty also revealed that former director Michael Rouse has issued a writ to the club to try and release a loan which he made to Grimsby Town. The club are to contest this, arguing that Rouse can only have his money back once the existing debts had been paid off. The club have drafted a new "Directors' Protocol" document to stop this happening in the future with any new board members, which the club are still very keen to bring to Blundell Park.
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