Stones chairman writes off his personal loans to tempt new investors

Sunday 25th July 2010

THE MAN who saved Maidstone United Football Club almost 20 years ago will stay at the helm after takeover talks with shareholder Oliver Ash were unsuccessful.

Club chairman Paul Bowden-Brown and Mr Ash have been involved in detailed discussions for the last seven weeks, which involved an extensive audit of the business.

Following this, Mr Ash felt he was not in a position to make a formal offer. He did however indicate that he was still prepared to look at other ideas which might enable the club to prosper in the future. At the same time, he confirmed that his company, Richmond Participations, will continue to pursue the payment of the due loan.

In a statement, issued to www.maidstoneunited.co.uk yesterday, Mr Bowden-Brown said: “I am disappointed as I felt it was time for me to step aside and allow others to take the club forward. I believed I had secured a deal verbally with Mr Ash having agreed the terms of the original offer made to me.

“However, we are where we are and I am now looking at alternatives. To this end, I am prepared to write off all my personal loans within the club in an attempt to encourage other interested parties to come forward and discuss with me their possible involvement, which will include the building of a new stadium in Maidstone.

“I have also made the decision to step back and entrust the everyday running of the club to an internal management group that will be named in due course. The first priority of this group will be to attempt to secure the much-needed revenue to support the club on and off the field for the next season and beyond.

“By taking this step it will allow me, along with others, to focus our energies on raising the capital required to build the new ground and fulfil the ambition I set.”

The Stones are still searching for a new ground to play at - in time of the deadline set by the Ryman League, with supporters expecting a return to Sittingbourne’s Bourne Park, following an ill-fated year at Homelands Stadium, Ashford.

Meanwhile, on-the-pitch, a last-gasp leveller from striker Danny Hockton, sealed a 1-1 draw away to Ryman League Division One South side Whyteleafe yesterday.

Quotes courtesy of Maidstone United’s website: www.maidstoneunited.co.uk