Bees supporters agree deal with club's owner

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Fans take huge step forward in club takeover

Brentford fans have made a huge step forward in their plans to takeover the Club from the current owner, Ron Noades.

Bees United, the Brentford Supporters' Trust has reached agreement with Mr Noades' company, Altonwood, to enable the Trust to exercise its option to acquire the 60% controlling shareholding.

The option agreement, signed in June 2003, was due to expire on 30 September. In order to acquire the shares in Brentford FC Ltd and two associated companies for £2, it required the Trust to arrange a financial restructuring of the Club's current debts and release Altonwood and Mr Noades from their £4.5million bank guarantees.

Bees United and Altonwood signed the Exercise Notice on Friday 30 September and now have four months to complete the legal and financial arrangements, which will result in the supporters taking over ownership of the Club in January.

The supporters Back the Bees fundraising campaign is well on the way to a £1million target to provide an interest free loan to the Club.

Altonwood have agreed to match this with their own £1million interest free loan to the Club for three years and to maintain a £1million bank guarantee against a reduced level of bank borrowing of £2.5million.

Barclays bank have also confirmed that they are prepared to provide the Club with a £2million fifteen year term loan and a £0.5million working capital overdraft facility.

Hounslow Council have also agreed in principle to provide Bees United with a £0.5million, interest-bearing loan.

Bees United Chairman, Brian Burgess said "I must express my thanks to Ron Noades and his colleagues at Altonwood for the flexible approach they are taking in helping us to exercise the Option and to make progress towards completing the acquisition of the Club. The extra time gives us until January to complete our fundraising and sort out the legal details".

Barclays bank and Hounslow Council are also being extremely supportive. This a great vote of confidence in Bees United as a responsible community based organisation."

 

September 30, 2005