Fenty to Resume Control?

By: Rob Sedgwick
Date: 21/02/2012

GRIMSBY director John Fenty is close to assuming control of the club again, but he needs the Supporters Trust members to approve a gift of 200,000 shares to the former GTFC Chairman. That looks likely, given that there isn't any other realistic option on the table.

Provided the Trust members give the nod in a postal ballot, Fenty will put in another £200,000 to buy more shares, which will give him a controlling stake in the club once more.

The Supporters Trust were given 500,000 shares by former director Mike Parker, who has effectively washed his hands of the club.

Provided the deal goes through Fenty has agreed to underwrite any losses for this current season and the remainder of next season. The club lost £1m last financial year and were forecast to lose half that this season, although the Ryan Bennett money may go some way to offsetting the deficit.

Fenty has ruled out returning as Chairman, even if he regains control, although in effect he would remain a de facto Chairman, as he still controls the purse strings and is heavily involved in every decision.