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Ebbsfleet takeover on the verge of completion

PUBLISHED: 10:39 30 May 2013 | UPDATED: 10:39 30 May 2013

A priority for the new owners will be developing Stonebridge Road or building a new stadium

A priority for the new owners will be developing Stonebridge Road or building a new stadium

Archant

The takeover of Ebbsfleet United by a Kuwaiti investment company is due to be completed today after almost three weeks of negotiations.

KEH Sports Ltd (KSL), a subsidiary of Kuwaiti European Holdings (KEH), will buy the club from current owners My Football Club and all the minor shareholders.

More than 96 per cent of MyFC members who voted on May 13 chose in favour of a change in ownership and due diligence is on the verge of being completed.

KSL have promised a transfer budget of £100,000 for next season while looking into redeveloping the club’s Stonebridge Road ground or building a new stadium.

The sports arm of the company is headed by former Charlton Athletic chief executive Peter Varney, who has promised the company is in it for the long haul.

“The company has already put a six figure sum into the club before the takeover has officially gone through, for unpaid wages and to pay off some creditors. This wasn’t their responsibility and a lot of the money went to pay players who are no longer on the club’s books.

“That shows they mean business.

“We’ll do things sensibly. We won’t sign Carlos Tevez in the next couple of weeks but we will build a side who will be competitive in the Conference South.

“But it’s a very competitive league.”

One of Mr Varney’s first acts is expected to be the appointment of former Charlton defender Steve Brown as the club’s new manager.

He was assistant manager at Conference South outfit Dover Athletic until leaving his role earlier this month.

Stay tuned to the website for official confirmation of the takeover.

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