Eastbourne Borough CIC chairman Paul Maynard remains highly optimistic on the club’s future despite the collapse of takeover talks with a wealthy Kuwaiti investment company.
Borough were engaged in detailed negotiations with Kuwaiti European Holding Company (KEH) for six months.
The two parties signed a heads of terms - a non-legally binding document - in January and hopes were high that a smooth conclusion would be reached.
While no figures have been released publicly, KEH promised ‘substantial’ investment both in terms of players and improving the Priory Lane stadium with a view of taking Eastbourne Borough into the Football League.
Maynard believes negotiations are unlikely to reopen and insists it is business as usual at the club.
With relegation from the Blue Square South avoided with two games to spare, the club’s priorities return to launching their new academy in September, the development of an all-weather pitch and revamping the East Stand.
The CIC chairman added, “We thought we had reached an agreement in January and we were all working hard towards exchanging contracts but negotiations broke off.
“All we were told was that the deal didn’t work for them and the time was not right for them.”
“There are no discussions currently taking place. They know our position has not changed and if the terms of the deal they agreed in January were put back on the table we would consider that.
“We didn’t go out looking to sell but our position has always been that if the right offer came we will consider it. We were close with this one and we were very hopefully but this time it just didn’t quite work out.”
Fenlon Dunphy, KEH’s United Kingdom operations manager, said, “ I can confirm that negotiations have ceased in connection with EBFC. The parties were not able to come to a mutually acceptable agreement, but beyond that I can make no further comment. These matters are subject to commercial confidentiality.”
KEH have strong connections to Sussex and recently invested £1.5 million to the Ambassador Hotel on the Eastbourne seafront.
They are currently involved in a project to build a giant water park and hotel complex in Newhaven at an estimated cost £350 of million which is hoped to create 650 jobs for the area.
See page 2 for Eastbourne Herald opinion