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Birmingham Post
Birmingham Post
Business
Jon Robinson

Deadline to buy Bury FC's stadium set as search for new owner continues

The deadline to submit offers to buy Bury FC's Gigg Lane Stadium has been set for later this summer by the club's administrators as they also revealed how many bids have been received for the club.

Steven Wiseglass of Inquesta Corporate Recovery and Insolvency appointed Fleurets to sell the club's stadium earlier this year.

The 6.4-acre ground, which was redeveloped in various stages during the 1990s, has a capacity of 12,000, and also includes the ticket office and club shop.

According to Inquesta, the stadium is freehold, and unconditional offers are being sought for the entire property.

The club was expelled from the Football League back in 2019.

The Bury Football Club Company Ltd was placed in administration last November with the aim of rescuing it as a going concern, enabling the club to seek readmission to the football pyramid system.

In newly-published documents on Companies House, Mr Wiseglass confirmed that the preliminary deadline for offers for the stadium has been set for August 5.

In the document he said: "All credible offers will be given consideration by the administrator and acceptance of any offer will also be subject to the recommendation of Fleurets.

"An update on the progress of the sale will be provided in the next report to creditors. In the event that it is appropriate to report to creditors prior to the next report falling due, the administrator will do so."

The documents also confirm that since the administrators were appointed, 12 expressions of interest have been received in buying the club, nine non-disclosure agreements have been signed and two offers have been made.

Mr Wiseglass added: "Of the offers received, two parties were in advanced discussions with the administrator.

"Ultimately, one offer was not acceptable as the secured lender would not agree to deferred terms of repayment.

"The second party who was going to provide the necessary funds to propose a CVA ultimately withdrew this offer during the due diligence process.

"It is anticipated that additional offers will be made for the business and assets.

"Other offers have been received in respect of individual assets of the company.

"However, these have not been progressed as these assets will be made available as part of a wider sale of the business and stadium, or if a CVA is approved, will be returned to the company.

"The offers will be reviewed if the aforementioned fails to happen."

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