Bangor City Football Club have announced that a takeover of the club is “imminent” with talks over the future ownership of the club at an advanced stage.
A spokesperson for Bangor City said this evening: “”New ownership at Bangor City Football Club looks imminent.
“The directors James Lees and William Adamson, have agreed to step down once the relevant due diligence as been completed by both parties.”
Mr Adamson added: “Talks are at an advanced stage, an agreement was made yesterday with the clubs major creditors which would ensure a smooth transition and the long term future of the club.”
The club has been owned by Vaughan Sports Management since 2016 andthey have invested heavily into the club, which took the team to a 4th and a 2nd place finish in the Welsh Premier League last season, however failure of the licence required to play in the top flight of Welsh domestic football, due to financial reasons, has left the club in disarray.
Following relegation to the Cymru Alliance, indifferent form on the pitch has left the club in 4th place and 17pts adrift of the league leaders Airbus. Concerns about the club’s finances have seen a growing rift with the Supporters Association and attendances have also fallen. Last month the club‘s auditors resigned, citing 11 areas of concerns including inaccurate information about loans, incorrect procedures in relation to shares in the club and inaccuracies in VAT records.
The club owners have not named the new owners, but an announcement is expected in the next few days.
Bangor City’s next home game is against Holyhead in the Welsh Cup this Friday evening.