Potential Linnets owners issue statement

The potential new owners of King’s Lynn Town Football Club have issued a statement ahead of a proposed takeover with a supporters’ group.Singaporean investor Joseph Phua’s Turn Sports Investments is looking to safeguard the future of the Linnets, who are still burdened by a Sport England Covid loan, by linking up with The Blue and Gold Supporters Trust.The two parties are currently revealing their plans to Trust members at a special general meeting at The Walks.TSI has been quietly supporting the club financially since January 2024 and is now working on a proposal to inject further capital to help the club stabilise and prepare for the next campaign.The statement from TSI read: “Over the past year, we’ve been proud to support King’s Lynn Town FC as quiet financial stakeholders, stepping in when the situation was at its most difficult.”We are not owners. Instead, we’re working alongside the current ownership to help secure the club’s future and move toward a more sustainable, community-focused model.”Since our involvement began a year ago, we’ve invested more than £700,000 in the club. Based on prior projections, we expected to contribute a further £500,000+ over the next 12 months just to keep the club stable. “Our continued support reflects our belief in the club’s value to the local community and our conviction that responsible investment, paired with sound planning, can create a lasting impact. “But we must be clear: a reset is urgently needed.”The club has historically operated with a playing budget that exceeds many of its league peers. Yet given the club’s scale and revenue base, this model has proven unsustainable.”Football at this level should be grounded in community, not driven by the ambitions of a few. “Unfortunately, past approaches have been marked by poor financial planning and short-term thinking, including over £500,000 in unpaid DCMS loans, with interest accruing and repayment deadlines looming as early as next quarter.”Let’s be candid: “A club that spends without planning, continually loses money, and carries unresolved debts is not on solid ground. We’ve seen where that road leads — and it’s not a route we are prepared to take.”That’s why we’re committed to a new direction: one built on financial discipline, transparency, and shared purpose. “We are in active negotiations with DCMS, particularly regarding the legacy loan. Until those discussions are concluded, we cannot finalise the club’s financial restructuring.”Likewise, the future shareholding and governance structures remain under discussion. But our intent is clear: the community must be at the heart of the club’s future.”We’re working closely with the Supporters’ Trust to support this transition and view the Trust as a key vehicle for fan representation.”Under the current proposal, the Trust would take the lead in governance, including the nomination of an honorary chairman, rotated every six months, to ensure formal representation of supporter voices. “In the meantime, we continue to assist the current ownership across several key initiatives:• Finalising contracts for new football management ahead of the upcoming season• Supporting player retention, negotiations, and new talent recruitment• Developing facilities and hospitality offerings at The Walks for year-round use • Deepening community and business engagement to expand local support• Working with financial planners and accountants to ensure long-term sustainability”We’ve also listened — in the stands, online, and in direct conversations. Strong opinions reflect deep passion, and that passion is vital.”But to turn it into progress, we invite supporters to join the club’s mission as volunteers, contributors, and champions of a shared future.” According to a statement issued by the Trust to its members last month, TSI had already provided funding well beyond its original commitment after Lynn allegedly overspent the season’s agreed budget.TSI ended by revealing its three-year vision for the club.They said: “We aim to help establish a sustainable, well-governed club that:• Lives within its means while remaining competitive in its league — and hopefully beyond • Provides a clear development pathway for players, staff, and volunteers• Operates with transparency and accountability to supporters• Can stand independently, financially and structurally, for the long term”Despite the challenges, we remain committed to growing this club correctly. We will not shy away from pushing the club to make the right decisions, however difficult they may be. “With the right support from all stakeholders, we’ve earmarked funding for the upcoming season, prioritising sustainability and community impact over short-term headlines.”We want to work with everyone who shares this vision — the Trust members, the fans, the club’s leadership, and the wider community — to build a stable, competitive club that is a source of local pride.”The statement comes a day after manager Adam Lakeland was relieved of his duties in the dugout.