Rochdale AFC takeover: Second company announces bid to buy club
08.03.2024 - 10:34
/ manchestereveningnews.co.uk
A second company has announced that it will bid to buy Rochdale AFC.
The Football Club LLC (TFC), a group headed by businessmen Justin Corrado and David Dwyer, has today signed a letter of intent to buy the Spotland club. It follows a crunch vote last night in which shareholders at Rochdale voted to dillute their holdings in order to create nine million new shares.
This means 90 per cent of the club can now be sold, subject to deals made between the board of directors and interested parties. TFC are the second company to publicly reveal a bid for the club, after Texas-based World Soccer Holdings signed a letter of intent last week.
READ MORE: Terrified M62 driver speaks out after Jaguar 'brakes fail' at 90mph
READ MORE: She got a WhatsApp from an unknown number... her next decision landed her in jail
Little is currently known about the new bidders, but they are set to unveil further details about their plans for Rochdale on March 14. This includes a plan to return 5 per cent of the club’s shares to the Dale Trust, TFC say.
They also plan to grant the Dale Trust a golden share, which would allow them to protect the name, colors, and badge of the club in perpetuity.
Mr Corrado and Mr Dwyer are understood to have been speaking to representatives of the club for some two months and attended a game in early February.
"Rochdale AFC has a storied legacy and a loyal fanbase, including devoted shareholders who have made a sacrifice in support of their club,” said Mr Corrado, Managing Partner of TFC.
“Our goal is to rejuvenate Rochdale AFC in partnership with the fans and community. TFC proposes to provide financial investment, support for players and coaches, and to put a football and business plan in place that will