Post by coopboard on Mar 22, 2016 18:08:37 GMT
A short while ago the Club released the following statement....
Stockport County is delighted to announce that we have reached agreement with Mr Spencer Fearn to clear his outstanding loans to the football club. Our negotiations with Spencer over the last few months have been extremely positive regarding the resolution of this issue, and the generous terms we have agreed with him include a very significant debt write-off. This agreement is in addition to the release of Spencer's shares, which we announced in March 2015, so the total write-off becomes even more considerable.
Naturally, we are subject to confidentiality agreements on both sides, so it is not possible to give exact details, but Spencer's action will allow a major change to the balance sheet.
When Spencer became involved with Stockport County, he made an initial investment, followed by further financial contributions over and above his initial plans as well as putting in an enormous amount of time to help stabilise the club, without this assistance the club would not have survived. This latest agreement now opens the way to a further significant realignment and improvement of the club's finances.
County Director Richard Park said: " We are indebted to Spencer for his support and this agreement helps to put us in an even stronger position. There are still some steps to take to achieve a complete tidy-up, but this agreement with Spencer removes a major blockage to achieving that aim and the club would like to go on record to thank him for making this possible."
Mr Fearn said: "I am making this gesture because I believe the club is in safe hands and I wish the Board of Directors, management team and the superb fans all the very best for the future. I always look for County's results and I believe the club will go from strength to strength"
In response the Board of the Stockport County Supporters Cooperative would like to warmly welcome this announcement , which we know to be the culmination of hard work by all concerned , and we congratulate the Board of Stockport County and Mr Spencer Fearn for their efforts , and this excellent result, which in our view is a massive step forward towards securing the future stability and prosperity of the Club.
Stockport County Supporters Cooperative.
Stockport County is delighted to announce that we have reached agreement with Mr Spencer Fearn to clear his outstanding loans to the football club. Our negotiations with Spencer over the last few months have been extremely positive regarding the resolution of this issue, and the generous terms we have agreed with him include a very significant debt write-off. This agreement is in addition to the release of Spencer's shares, which we announced in March 2015, so the total write-off becomes even more considerable.
Naturally, we are subject to confidentiality agreements on both sides, so it is not possible to give exact details, but Spencer's action will allow a major change to the balance sheet.
When Spencer became involved with Stockport County, he made an initial investment, followed by further financial contributions over and above his initial plans as well as putting in an enormous amount of time to help stabilise the club, without this assistance the club would not have survived. This latest agreement now opens the way to a further significant realignment and improvement of the club's finances.
County Director Richard Park said: " We are indebted to Spencer for his support and this agreement helps to put us in an even stronger position. There are still some steps to take to achieve a complete tidy-up, but this agreement with Spencer removes a major blockage to achieving that aim and the club would like to go on record to thank him for making this possible."
Mr Fearn said: "I am making this gesture because I believe the club is in safe hands and I wish the Board of Directors, management team and the superb fans all the very best for the future. I always look for County's results and I believe the club will go from strength to strength"
In response the Board of the Stockport County Supporters Cooperative would like to warmly welcome this announcement , which we know to be the culmination of hard work by all concerned , and we congratulate the Board of Stockport County and Mr Spencer Fearn for their efforts , and this excellent result, which in our view is a massive step forward towards securing the future stability and prosperity of the Club.
Stockport County Supporters Cooperative.
