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What now for Shrewsbury? Fans react as chairman issues another statement as takeover collapses

What now for Shrewsbury? Fans react as the chairman issues another statement as the proposed takeover collapses.

The Shropshire outfit facing a period of uncertainty following the collapse of a proposed takeover by an American entrepreneur, a saga that has left fans frustrated and questioning the club’s future.

The deal, which had been in an exclusivity period since November 2024, fell apart with it announced on the 31st of March.

It was a day later that Chairman Roland Wycherley addressed the situation after a tumultuous week that saw the departure of head coach Gareth Ainsworth to Gillingham and a 4-1 defeat to league leaders Birmingham City under new manager Michael Appleton.

Wycherley, who has led the club for over 29 years, expressed his disappointment in an open letter to supporters, describing the takeover collapse as a painful blow after months of negotiations.

He acknowledged the fans’ frustration, confusion, and concern, assuring them that the club is now free to explore other investment opportunities.

However, with Shrewsbury rooted to the bottom of League One, 14 points adrift of safety with only eight games remaining, the timing couldn’t be worse.

The chairman’s latest statement has done little to quell these concerns. While Wycherley emphasised his commitment to finding new investors, the lack of concrete progress has left fans demanding more transparency and action.

What’s next for Shrewsbury? The immediate focus is survival in League One, a daunting task given their current form and position.

Michael Appleton, appointed until the season’s end, faces a tough debut stretch, with an upcoming match against third-placed Wycombe Wanderers.

Off the pitch, the club must stabilise and attract new investment to secure its long-term future. For now, fans are left in limbo, their loyalty tested as they await clarity amidst the chaos.

STATEMENT:

It is with deep sadness and frustration that I write to you, our supporters, for the second time in just seven days.

Following the unexpected departure of Gareth Ainsworth last week, I promised to keep you informed about the exclusivity period we entered with a prospective new buyer.

Unfortunately, I must now share the disappointing news that this exclusivity agreement ended on Monday, March 31, without resulting in a completed sale.

I know this will be a major disappointment to our supporters.

It is bitterly disappointing for me.

And both the board and I feel deeply let down by how events have unfolded over the past few months.

Back in September 2024, we entered our first-ever exclusivity period with an overseas investor to facilitate the sale of my shares in the football club.

This would give the buyer of my shares control of the club, training ground, land and all other assets associated to STFC.

From a Shrewsbury Town perspective, all due diligence was completed before Christmas 2024, ensuring the best possible chance for the new owner to have an impact in the January transfer window.

However, as with any sale, completion depends on the buyer’s willingness to complete.

Unfortunately for STFC, we understand our prospective owners remain embroiled in a lengthy and complex legal dispute unrelated to football. Their ongoing situation has demanded much of their time and attention, preventing them from dedicating the necessary focus to acquiring the club.

As a result, we are no longer in an exclusivity period. While this is hugely disappointing, we thank our potential investors for their time and efforts.

I want to reassure supporters that the search for new investors has already resumed today, with fresh expressions of interest received as early as this morning.

As I have said in prior statements, previously my intention has been to find a successor who was a local businessman who had the club’s and the town’s best interests at heart.

Over the years, I twice believed I had found the right local investor, only for both parties to withdraw from the process after agreeing to the asking price.

This time, we appointed an intermediary with a track record of success in selling football clubs to help us secure a new buyer.

And when we entered into exclusivity, we were optimistic about the future.

I understand that some supporters may see this as another potential takeover that hasn’t come to fruition. However, I want to emphasise that this was the first time we had entered into an exclusivity agreement with an overseas investor.

All the work needed on our side had been completed, which leaves us in a better position for the next potential investors as we have already finalised the vast majority of any due diligence a buyer would ask us to complete.

Despite this setback, I remain fully committed to finding the right successor.

The reality is that football has moved on. The era of a local businessman running clubs at this level is coming to an end.

From the beginning of this process, we committed to keeping supporters informed whenever legally possible.

Until yesterday, we were bound by non-disclosure agreements, and I regret having to bring you this news.

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Nobody likes uncertainty and I understand the concern and worry among supporters – something that isn’t helped by people who decide to spread rumours and misinformation.

The club always intended to write to supporters today.

But due to a newspaper leak on Sunday, the board arranged a meeting with a variety of supporters last night in order to dispel as much misinformation as possible.

As someone born and raised in Shrewsbury, and as a lifelong supporter of this club, I will continue to do everything in my power as Chairman to act in the best interests of STFC.

Glossary of terms:

Due Diligence: Due diligence involves a comprehensive assessment of the target company’s financials, legal standing, operational processes, and potential liabilities

Exclusivity: Exclusivity agreements are generally used to give the buyer a period in which to conduct due diligence and negotiations without competition from other prospective buyers.

Non-disclosure agreement: A non-disclosure agreement (NDA), also known as a confidentiality agreement, is a legally binding contract that protects sensitive information shared during the transaction process, ensuring it remains confidential and doesn’t fall into the wrong hands

What now for Shrewsbury? Fans react as the chairman issues another statement as their proposed takeover collapses…

@Andy_1883: I retract all hate for Ainsworth, he’s clearly caught wind of this and was pissed off he was lied too

@AndStillBoxing: Reckon Ainsworth caught wind of this and bailed?

@loganstfc: Canna really blame Ainsworth now then can we. Obviously caught wind that it had fell through and he’s pissed off he’s been promised the world and it hasn’t happened

@luke_STFC18: Just bored of it now, clubs in tatters and no one other than the fans seem to care

@EmlynTimmons: Ainsworth promised the world and in reality was getting nothing

@benmorris1886: Finding out through bbc shrop before an official club statement sums up the way this club is run. 🤡

@PaulGambell1: Spoke to Gareth on Thursday night and he said that he left cos takeover was off and he wasn’t given a budget. Where at Gillingham everything was in place

@Luke_G2001: Have we had more club statements than league wins this season?

@TheLeftyScot: Certainly one of the better statements the chairman has put out lately – feel like the dig about people spreading rumours is a bit cheeky due to the lack of communication from the club though, even despite being tied up in NDAs. Hopefully a new buyer won’t be far away. #Salop

@willthomas67: Pain. Probably his best statement he’s put as a chairman but it’s too little too late. The club need to push for a deal to be done in time for the summer window.

@TomGriffBC: It’s all just disappointing really… he wants to sell and we just need someone that wants to buy. 🤷‍♂️ We’re just going to be stuck in a bit of dull limbo until it happens.

@Tomparker321: Only skimmed through this but saw nothing of who these people are. Read about NDAS and could the club soon be under one to not disclose the buyers identity?

@Cam3Evans: More club statements than wins this season. Can’t be arsed reading it be a load of bollocks just like the rest of them

@Hampton_Lakes: So we went into the period of exclusivity in September but they decided to tell us 2 months later. Don’t believe the bullshit that they will look to keep us informed.

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