Cambridge owners ready to sell up

By BBC Sport
Last updated : 06 January 2011

The board have invited an offer from supporters' trust Cambridge Fans United, who failed in a bid to buy the Abbey Stadium from developers in March.

BBC Radio Cambridgeshire understand's CFU would be interested in opening up dialogue with U's officials regarding a potential takeover.

A club statement read: "The board is looking for fresh investment to continue the development of young players, provide funds for the first team to push forward and also to work with our landlords as the plans to develop a new stadium come closer.

The board extends the offer of dialogue with CFU to look at the financial viability of creating such a community trust

Cambridge United statement

"That investment could also include a complete takeover of the club and one option within that could be the formation of a community trust.

"We are seeking interested parties who must be people of integrity, financial strength, [have] a love of football, and hopefully with ties to Cambridge.

"The board also extends the offer of dialogue with CFU and any other fan groups to look at the financial viability of creating such a community trust to effectively take over the ownership and running of the club."

Majority shareholder Barry was elected chairman in August 2009 after the departure of George Rolls, but the Seattle-based businessman is now ready to sell up to a buyer who can secure the long-term future of the club.

In April 2005 Cambridge narrowly escaped going out of business after being relegated from League Two and going into administration in the same week.

Despite playing in two Wembley play-off finals since then the club has been unable to match its finances with its ambition of returning to the Football League.

The U's sold the Abbey Stadium to developers Bideawhile in 2004 for £1.9m which in turn was sold to Grosvenor Estates for £3.5m 10 months ago.

Source: BBC Sport

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