Cambridge United takeover edging closer
Cambridge United are hoping to complete the takeover of the club by early September.
Majority shareholder Paul Barry, with a 50.1 per cent stake, made a bid to become sole owner last month, and his offer was recommended to shareholders by the U’s board of directors.
At a meeting of Cambridge Fans United (CFU) last Tuesday, the supporters’ trust voted overwhelmingly – 73-11 – in favour of approving the sale of its shares, subject to a couple of areas of clarification.
Those with fewer than one million shares have been sent a circular from the club and, subject to 75 per cent approval, their shares will be sold through a consolidation process, the profits of which will be redistributed at a two pence per share basis.
The circular sets out the background and reasons for the proposals, explaining why the board considers it to be in the best interests of the club.
Subject to securing the requisite shareholder approval, the board expect the transaction to be completed in early September.
Shaun Grady, chairman of the board, said: “There have been detailed discussions between the board and Paul Barry and respective advisers over the last few weeks. The board has also been in regular contact with CFU through this period.
“As has been previously announced, the board has initiated a shareholder consolidation arrangement to give effect to the proposals given the large number of small shareholders.
“We do, however, hope that all shareholders will feel able to give their positive support to the proposals which the board unanimously recommends are in the best interests of the club.”
It has been a tricky week on the pitch for the U’s.
They were knocked out of the second round of the Carabao Cup last Wednesday after a 6-0 defeat at Swansea City, who have since become leaders of the Championship.
It got no better on their return to Sky Bet League Two as they suffered a 1-0 defeat at Port Vale, with Leon Davies scoring an own goal in the 84th minute, turning a cross from former U David Amoo into his own net.
Making his debut at Vale Park was midfielder Samir Carruthers, who signed on a one-year deal after leaving Sheffield United.
The U’s will be out to end a run of three consecutive defeats when they host Forest Green Rovers this Saturday (September 7).