The Non-League Football Paper

Chelmsford City admit they face ‘short-term financial pressure’ after takeover talks collapse

CHELMSFORD CITY say they have “every confidence” that the future of the club will be secured after their long-winded takeover suddenly collapsed.

The Clarets effectively confirmed last July that a deal with the Jade Global Group had gone through and on the back of that financial backing, appointed Rod Stringer as manager and increased their playing budget to make a serious challenge for promotion.

Stringer’s side are third in the National League South and have all but confirmed their spot in the play-offs.

However, they have received a huge blow off the field after confirming that discussions with Jade Global Group had ended “entirely as a result of their own misfortune”.

The Clarets have revealed they face short-term financial pressure following the withdrawal but that the current board are confident of righting the ship.

Chairman Trevor Smith and legal counsel Alistair Whipps have resigned from the positions as directors of the Essex club while Jade’s non-executive director representatives Gary Warner and Nicola Jenkins have also stepped down.

A club statement read: “As a consequence of the above developments the board and members of the club have considered options as to the best way forward.

“The company members have given the board the mandate to attract new investment into the club and together with the support of the main creditors are pursuing the various options.

“The sudden and unforeseen withdrawal of Jade Global Group from discussions, entirely as a result of their own misfortune, has led to the club facing some short term financial pressure.

“However, the board of directors together with creditors, members, local business owners and supporters are working hard to deliver a solution to overcome any immediate problems.

“The board has every confidence that the future of Chelmsford City Football Club will be secured as a result of ongoing discussions and would like to thank everyone involved with the club for their support in every way as the options for the best proposals for the future of the club are considered.”

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