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Shock Hux Announcement!

By: Bill Osborne
Date: 16/05/2001

In a startling revelation today regarding the financial future of Grimsby Town Football Club, vice chairman Bryan Huxford revealed the board's intention to bring investment into the club via a European private investment bank with the aim of bringing moneymen into the club.

Bryan Huxford in a hard hitting statement to the Grimsby Telegraph said the assets of first division football clubs are now highly-valued but for capital to be injected a change is needed to the club's share-issuing powers.

Presently only just over 250,000 of the clubs shares are allocated and the consent of 75% of shareholders is needed before any changes in the club's equity can be made.

Referring to the factional differences between the past and current boards he has appealed to all shareholders to support this new initiative adding that nothing could be achieved without stability in the boardroom, issuing call for unity at a critical time in the club's fortunes.

Mr Huxford's Statement:

"GTFC Plc is currently engaged in high-level negotiations with the sports division of a large international private investment bank with the intention of introducing new international investors to the business."

"It is of paramount importance to the future standing of this business that the capital base of the company be expanded in order to ensure progress to the highest levels of the game."

"GTFC has to be taken out of the parochial and limited financial base of NE Lincs, for enthusiasm alone cannot and will not achieve the ambitions of our supporters."

"Over the years the company has, for one reason or another, gone through crisis after crisis and this cannot be allowed to continue."

"The business of professional football in NE Lincs is of paramount importance to the area and cannot be subjected to any more locally-based personality differences."

"The current board have agreed that at the next meeting of the shareholders (AGM), members of the company will be asked to consider and approve the increase of the company's authorised capital structure and at the same time authorise the directors to issue new shares to any parties making application to purchase."

"The assets of a first division Football League franchise are highly-valued throughout the world of football and GTFC falls into this category. Now is the time to seek a major financial investor or investors who understand the value of the franchise and in turn will place GTFC on the ladder to further achievement. Unfortunately the financial strength and commercial courage to achieve this goal is not to be found within the local area."

"Lennie Lawrence, the current chairman and individual board members have taken the first steps necessary in making this possible and together with the co-operation of the club's newly-established international banking contacts, will be working to achieve that ultimate goal!"

"Conflicts, and local personalities who understandably are not able to support the business at the financial level needed, must not hold back the development and financial future of GTFC."

"It is with this in mind that the current chairman and board will be seeking to bring new investment capital to the business, which for the first time could see an international business personality at the helm of the club."

"The future is bright so let nobody turn off the light."

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