Bees United have not rejected the refinancing proposals under consideration recently, but have decided not to progress to completion before the supporters' option to buy a majority shareholding in Brentford Football Club expires on 30 September 2002.
The Society Board consider that improved terms can be negotiated, and do not believe that acceptance at this time "just to meet the option deadline" is in the best long term interests of the club. Ron Noades has agreed to work with the supporters to find the best solution for securing the club's future and we have therefore asked him to extend the option for a further period.
There are a number of other opportunities being actively pursued by Bees United, and it is only correct that these should also be given proper consideration before any final decision is taken. It is therefore felt an extension to the option period will benefit the club, Ron Noades, and the supporters.
Bees United have today approached Altonwood Ltd and are seeking a three month extension of the option to assume control of Brentford Football Club.
The original option expires on Monday 30th September. We have considered the two offers received from Richard Thompson and another source but could not proceed with either as we did not consider that they offered the best opportunity to secure the club’s future.
Our request for the three-month extension took in to account the following:
The recent ‘leak’ of the Richard Thompson offer has increased awareness and interest and may lead to other offers. Indeed, we have received an approach from a further interested party this morning.
Outline planning permission on Griffin Park is to be considered in detail again on 31st October which will greatly reduce the risk for any potential investor if granted. There is a potential new site – of which more details will be known in mid-November