Cheltenham Town chairman David Bloxham has expressed strong optimism about the club’s ongoing search for new investment, describing the process as “developing very nicely.” While specific details remain confidential due to non-disclosure agreements, Bloxham confirmed that interest from potential investors has grown since his last update at a fans’ forum on March 26.
“I am hugely encouraged by the momentum of what is happening,” Bloxham said. “We’ve seen an increasing level of genuine interest, and I’m hopeful that continued progress will lead to a positive outcome.”
Bloxham anticipates that an agreement with an investor could be reached soon, although the EFL’s ‘fit and proper person’ test—required for anyone acquiring more than a 25% stake—means the process might take some time. “Even if an offer is made and accepted quickly, external factors could prolong completion. But I remain cautiously optimistic,” he added.
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The club’s largest shareholder, Simon Keswick, transferred his entire stake equally to Bloxham and director Paul Godfrey in March to facilitate the search for new investment. “Simon didn’t attach any strings. He simply wanted to ensure we had the flexibility to find the right partner,” Bloxham explained. “We will act in the club’s best interests when dealing with those shares.”
Positive feedback has come from interested parties, aided by Charles Jennings—who owns a 24.48% stake—in helping the club conduct the necessary due diligence. “People have been impressed by what they see. We aren’t burdened by significant debt, so an investor wouldn’t need to clean up a mess but rather focus on improving the club,” Bloxham noted.
He emphasized the importance of sustainability. “Investors understand this won’t be a quick financial windfall. While occasional financial support may help bridge gaps, consistent losses of a few million pounds annually aren’t viable. We need investment to enhance facilities and maintain financial stability without exceeding our budget limits.”
Some interested parties have withdrawn, but the club remains diligent in vetting potential investors. “It’s not just about financial capability. The investor must align with our club’s ethos and values. Bringing in the wrong person could lead to future problems, as we’ve seen elsewhere,” Bloxham said.
He acknowledged that not all investments succeed, citing examples such as Wrexham’s success as an exception. “This is a pivotal moment for Cheltenham Town. It could mark a changing of the guard, and we’re committed to ensuring any partnership benefits the club and fans alike. We won’t just accept the highest bidder; it has to be the right fit,” he concluded.