Landmark draws closer

Friday, 6 June 2003 | In Focus

The dream of Brentford FC becoming London's only community-owned Football Club took a step nearer to reality this week, as Bees United - The Brentford Supporters' Trust - finalised an option agreement on Wednesday evening to purchase the controlling interest held by Altonwood Ltd.  
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The dream of Brentford FC becoming London's only community-owned Football Club took a step nearer to reality this week, as Bees United – The Brentford Supporters' Trust – finalised an option agreement on Wednesday evening to purchase the controlling interest held by Altonwood Ltd.

The option, which is valid until 31st May 2005, gives Bees United the opportunity to become the major shareholder in the Football Club. It delivers an irrevocable and unconditional release to Altonwood Ltd in respect of their obligations to the Football Club?s overdraft and cash guarantees, plus the personal guarantee provided by Ron Noades.

On completion Bees United will become the controlling shareholders in Brentford FC Ltd and Griffin Park Stadium Ltd for a total of £2. As part of the agreement, Brentford Holdings Limited will also come under Bees United's control.

The new option is on improved terms from the previous option that expired last year.  There is no requirement for John Herting's loan of £250,000 to be repaid. The cost of purchasing the Griffin Park Stadium Ltd shares is £1, instead of £100,000.

To exercise the option, Bees United has to release Altonwood and Ron Noades from their bank guarantees which are £4,000,000. This is made up of around £2,000,000 in cash and a similar amount in other collateral. The Club's bankers have agreed to extend the overdraft facility of £4.5m and Altonwood has agreed to leave its guarantees in place for the option period.

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