74-year old Derek Pavis, the club’s former chairman, had already made two attempts to buy-out key shareholder, Haydn Green’s £3.2m stake in the club prior to these latest developments.
A statement was posted on the official web-site at lunch-time today revealing the well-timed news. As is to be expected, however, exact details of the arrangement have not been revealed.
The two six-figure sums – described as ‘substantial’ by the club – come shortly after the board announced that they would face a degree of cash-flow problems until the summer, as the Trust and the board continue to implement plans to steady ship.
The board, who turned down the consortium’s bids as they were based upon loans and borrowings, have showed their shrewd business sense with the dismissal of Pavis’ bid as they continue to work tirelessly towards long-time financial security for the club.
To read the statement from the club’s official web-site, click here.