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CFU Ground Buy Back bid falls short

Wed 24th Mar 2010 | Clubs Ownership

The bold attempt by Cambridge Fans United to raise the money to buy back the Abbey Stadium for Cambridge United from owners Bideawhile before the option to sell to Grosvenor Developments takes effect has run out of time.

CFU had until 2 p.m. on Wednesday 24th March to put down a deposit of £350K and to have commitments of £3.15M in place and were hoping that an “Amber Knight” would have emerged to assist them in reaching their target.

CFU Chairman, Dave Matthews Jones, said “Whilst we had tremendous support from fans and others, with expressions of interest from over 700 people, some of considerable value, we have to admit defeat on this. A team of people have been working really hard to put this thing together by the deadline. We firmly believe that, given extra time, we would have been able to put the funds in place, but we have been told by Bideawhile that there will be no extension of time.”

Matthews Jones continued “I wish I could say that the club’s Board had been as supportive of the attempt as the fans, but this hasn’t been forthcoming and that is very disappointing, especially as they have had 5 years to buy the ground back, but have failed to achieve it in that time. We had less than 5 weeks, so it is, perhaps, not a great surprise that we couldn’t quite manage it.”

“This just goes to show how brilliant the fans are and is one of the reasons I am proud to be involved with the Fans Trust. We shall be seeking to work with Grosvenor in the interests of the fans and the club.”

 

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