Future of Terras hangs in the balance (From Dorset Echo)

Future of Terras hangs in the balance

11:49am Thursday 5th February 2009 in

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CHIEF executive Gary Calder has revealed that the future of Weymouth Football Club still “hangs in the balance.”

Potential new owners Colin Hill and Lee Power have spent the past two days at the Wessex Stadium and are now in London with their lawyers finalising their due diligence.

The millionaires are also trying to schedule a meeting with the Terras’ former majority shareholder Malcolm Curtis and Morgan Sindall Investments Ltd with a view to discussing the land that surrounds the Wessex Stadium, which is currently in the hands of Wessex Delivery Partnership LLP.

Calder said: “Colin and Lee have been down here the last two days carrying out their due diligence and now they are consulting their lawyers.

“They are also looking to meet with Malcolm Curtis and Ernie Battey of Morgan Sindall Investments Ltd in the next 24 to 48 hours.

“Both Colin and Lee very much want to try and save the football club but a lot depends on that meeting. The investment they will have to make into the football club would be a minimum of an initial seven-figure sum, so I am sure people will understand why it is taking longer than anticipated.

“As soon as I have any more information I will be sure to update everyone.”

If Hill and Power decide not to invest in the Terras the likelihood is that the club will immediately go into administration.