Shrewsbury Town’s proposed takeover has fallen through, plunging the club into turmoil.
The League One side were closing in on a deal to be bought out by an American entrepreneur.
The deal was believed to be virtually completed as the buyer moved towards the end of their exclusivity period.
The entrepreneur had been waiting for the go-ahead from the club to proceed with the next step being the EFL’s fit and proper person test.
However, the deal never progressed that far with the proposed new owner pulling out of a deal.
Shrewsbury have received renewed interest from other parties over the last couple of months but haven’t engaged due to the exclusivity period of the American entrepreneur.
But with that deal falling through, the club will be free to enter negotiations with prospective buyers once again.
It’s just the latest controversy surrounding the League One club after Shrewsbury appointed Michael Appleton as boss until the end of the season.
The Shrews were rocked by the sudden departure of Gareth Ainsworth, who left to join Gillingham – a side playing in the division below Shrewsbury.
“Gareth’s contract contained a termination clause which the League Two club in question initially refused to meet,” Shrewsbury chairman Roland Wycherley said in a statement.
“We made clear from that point we would not allow him to leave and that we wanted him to honour the remainder of his contract.
“But Gareth made clear he wanted to leave immediately, despite acknowledging the position the club are in at this moment in time.
“At a board meeting yesterday [Monday] afternoon, the League Two club had still refused to meet the termination clause.
“But at 4:41pm yesterday, STFC received confirmation that the club had agreed to pay the full termination fee for both Gareth Ainsworth and Richard Dobson.
“This took any further negotiations out of our hands – and Gareth and Richard once again expressed their desire to leave immediately.
“A few weeks ago, I sat down with Gareth and offered him a two-year contract extension regardless of our divisional status because, as a club, we were excited about the future with him at the helm.
“Gareth seemed pleased we made that offer and everyone was looking forward to a long and mutually beneficial relationship.
“While we only received the final paperwork from the League Two club this afternoon, I would like to – as much as possible – reassure fans that we are already in discussion with suitable candidates for the head coach role.
“We are working really hard to have someone in place for Saturday.
“Once again, I fully understand why our supporters are feeling frustrated, confused and concerned.
“I can assure you, as a supporter myself, the current situation hurts me more than I can ever express. And with the club still in an exclusivity agreement regarding a potential takeover, we will keep you updated with events as they happen.”
Shrewsbury are in deep trouble on the pitch as well, sitting bottom of League One.
As it stands, Appleton’s side are eight points from safety with just eight matches remaining.
It means that they face the ultimate battle to preserve their League One status and avoid relegation to League Two.
