Supporters group pulls plug on Linnets takeover negotiations

A supporters’ group has pulled the plug on its negotiations with Singaporean investors about a possible takeover at King’s Lynn Town Football Club.The Blue and Gold Supporters’ Trust and Turn Sports Investors had all but agreed on a takeover of the Linnets until club owner Stephen Cleeve announced details of a new business venture this morning.Cleeve’s latest stunt appears to have now scuppered any potential deal involving TSI and the Blue and Gold Supporters Trust.The statement read: “In light of today’s article in the Eastern Daily Press and following some discussions, the Trust directors have agreed that now is the time to step back from any further discussions with Turn Sport Investments (TSI).”We would like to thank TSI for all their work in putting together a pathway for the future of the club, which is not possible to achieve at the moment. I’m sure they will act responsibly to assist the club as much as possible.”The Trust remains committed to achieving its aims and hopes that one day the club will be financially self-supporting and not continuously looking for outside investment to survive.”If there are any lessons to be learnt from this ongoing saga, a strong and well-funded Trust will be essential in the future.” Cleeve has stated that his new deal will provide enough income to keep the club afloat next season, despite the Linnets operating at a loss of £250,000 a season over the last four years. TSI met with the Trust last week and issued a mission statement.Members made it clear at last Thursday’s special meeting that they are not prepared to invest in the club while Cleeve remains at the helm.Ten Linnets players remain under contract, several of whom are due to be paid next week, while the club remains without a manager following the sacking of Adam Lakeland last Wednesday.Former Chesterfield and AFC Fylde manager James Rowe had been linked to the role and was due to be unveiled as Lynn’s new boss this morning until these latest developments.