The long-term future of Gateshead Football Club has been preserved after the Flacks Group moved to the brink of securing a takeover at the International Stadium.
The US-based investment group have been working over the past four weeks to resolve a number of issues after they initially agreed a takeover deal with existing shareholders at the start of October.
Events over the last week raised concerns over the immediate future of the National League club after they were threatened with winding-up proceedings by HMRC over overdue PAYE and VAT payments. A deadline of Wednesday to pay the six-figure sum or agree a repayment plan was passed.
Dispute resolved
A dispute between Shoreline, who previously failed to conclude their own takeover of the Heed last year and are now believed to be in the process of securing control of League One strugglers Bromley, and the club’s existing shareholders also cast doubt over the deal with Flacks Group.
A breakthrough was reached on Thursday afternoon after discussions between several parties led by the Heed owners-in-waiting finally brought a resolution, hauling the club back from the brink of going out of existence.
The news will be of great relief to Gateshead supporters and to the players and staff within the club, who are now set to belatedly receive their wages for October after they failed to receive them on time for the second month in a row.
New era on the horizon
Key figures within the Flacks Group, who boast worldwide assets worth over $7 billion, have been working hard behind the scenes to strengthen the infrastructure at the International Stadium, with plans to improve the club’s situation on and off the pitch.
Those plans will now accelerate, and a new era can officially get underway once the Flacks Group have received approval from the Independent Football Regulator, although a statement from the incoming owners has revealed they are looking for a ‘swift and successful outcome’ as soon as possible.
In a statement released by the new owners on Thursday evening, spokesman Phil Forster said: “We are pleased to confirm that we have now completed our due diligence in relation to Gateshead Football Club and the issues we have raised have been addressed to our satisfaction.”
Forster added: “We would like to thank all previous shareholders for their support throughout this period where it became evident just how much they all want to see the club succeed. The takeover is still subject to IFR approval and we will continue to work closely with the regulator to ensure a swift and successful outcome that will lead to full ownership of the club.”
Priorities for the new owners
Top of the agenda for the Flacks Group will be seeking to appoint a new management team, with club legend Ben Clark currently in charge of first-team affairs on an interim basis following the departure of former Sunderland and Middlesbrough midfielder Lee Cattermole just over a month ago.
On-field matters and preserving the club’s National League status will also be a priority, with a run of just one win in their opening 15 games of the season leaving them at the bottom of the table and 13 points from safety ahead of next weekend’s home game with Barrow.
The Gateshead FC Supporters Society have expressed their desire to work with the new owners as they look towards a brighter future on the south bank of the Tyne.
A statement read: “The Gateshead FC Supporters Society is delighted to welcome the completion of the club’s takeover by the Flacks Group. This transition represents a significant milestone for the club and provides a strong platform from which to build for the future, both on and off the pitch.”
The statement continued: “We welcome the Flacks Group to Gateshead FC and look forward to working together to drive the club forward, strengthen our connection with supporters and the wider community, and achieve long-term success.”
“The future is bright for Gateshead FC, and we are excited by the opportunities that lie ahead under the ownership of the Flacks Group.”
