After long Kuwait Ebbsfleet owners agree club’s sale

PUBLISHED: 14:33 13 May 2013 | UPDATED: 10:25 14 May 2013

Peter Varney. Pic by Nigel French

Peter Varney. Pic by Nigel French


Ebbsfleet United’s owners have today voted to sell the club to a Kuwaiti investment group headed by former Charlton Athletic chief-executive Peter Varney.

The MyFootballClub vote ended at noon today and more than 96 per cent of the members who voted favoured selling to KEH Sports Ltd, a subsidiary of the Kuwaiti European Holdings Company.

Mr Varney was brought in as chief executive of KEH Sports Ltd at the end of last month and the company has published details of their offer.

It includes a payment of £10,000 for the entire share capital of Fleet which will be issued to shareholders, £7,500 to MyFC for application under its constitutional rules, a squad budget for next season of £8,000 a week and transfer budget of £100,000 while committing to develop the club’s Stonebridge Road ground.

Additionally, they will pay an aggregate sum of £41,900 to settle all loans owed by the club to directors, shareholders and third parties, £13,900 will be allocated as repayment to money owed to MyFC and all unpaid ordinary trade creditors will be repaid in full up to £100,000.

Before the vote Mr Varney said: “We are committed to restructuring and reinvigorating the club and to investing significant sums of money to firstly guarantee its survival and then to put in place the foundations for future success. We will act in a financially responsible manner and all our investment will be in the form of equity and not loans which should give real reassurance of our intentions to the club’s supporters.

“Our priority will be initially to build a new first team squad and to introduce a range of football support functions to ensure maximum performance on the pitch.

“This can be the start of a new era for Ebbsfleet.”

The club faces a winding-up order which is scheduled to be heard by the High Court on June 6.

Ebbsfleet will play in the Conference South next season after being relegated in 2012/13.

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