| Celtic’s £15m share issue to fund ‘state-of-the-art training’ academy |
|
|
GLASGOW: Celtic is looking to raise funds for their new football academy through a £15m share offer. Chairman Brian Quinn said the funds were necessary to ensure the club stays competitive in Scotland and Europe.
Major shareholder Dermot Desmond has offered to underwrite the issue to £10m which would give him more than 30% shareholding and also require him to bid for the remaining shares. Desmond however said that he did not want outright control of the club.
The club is known for its highly successful youth development programme which has yielded some of the finest players like Beattie, Kennedy, McGeady, Lawson, Wallace, Maloney, Marshall and McManus.
Quinn said scouting, developing and training should be top priority for the club. Accordingly, a state-of-the-art training academy is being planned. A spokesperson said the club had tentatively marked the Lennoxtown site to the north of the city as the most likely location for the new academy.
The Club also announced it would move its listing from London Stock Exchange to AIM for the greater flexibility in the latter’s rules. It will issue 50 million new ordinary shares at 30p a share.
£10 million raised from the issue would be used for the scouting and training facility while the remaining £5 million would help reduce the club’s debt.
Posted
on : Sun, 30 Oct 2005 20:05 GMT | General News
By : Chris Rowe
|
| |
| Related |
|
|
|
