Ryan's second offer but Cocks quits (From Dorset Echo)

Ryan's second offer but Cocks quits

8:30am Saturday 14th November 2009 in Sport By Ky Capel

DIRECTOR Paul Cocks has resigned from the board, believing that liquidation would be a better option for the Terras than to accept a new offer from Chris Ryan’s consortium.

The consortium, who had an original approach rejected by Cocks, announced their new bid yesterday afternoon.

Financier Ryan and his advisor Steve Beasant, who would not be able to join any newly-formed board of directors, have assembled a group of unnamed investors who are said to be willing to take the club forward “without entering administration or liquidation”.

The group declared they will inject “in excess of £150,000” and “enter into immediate discussions with all creditors with a view to seeking settlement terms and turn the club into a break-even trading position within 12 months”.

However, Cocks is unsure of their motives and made his feelings known by stepping down as director late last night.

Posting on the Weymouth Fans’ Forum, he said: “I have just resigned from the board of the club so that I can speak out. Obviously, while on the board, I have to remain neutral.”

Of Ryan’s new bid, he added: “The future of Weymouth football would be better served by going into liquidation and starting again.”

The latest twist in the club’s ongoing saga comes just a day after Cocks revealed that the Terras would be taking formal insolvency proceedings, after proposed administrators Benedict Mackenzie LLP failed to receive a bid for the Wessex Stadium outfit that complied with their requirements.

However Ryan’s group sees no need for administration, or even liquidation, and hope to make the Terras debt-free within a year.

The consortium also revealed in their statement that:

* They have access to a pool of investors who have provided confirmation of financial support, but are unable to disclose particulars of these investors at this stage.

* They are continuing their due diligence, which should be completed within 14 days.

* Full rights and obligations of WFC Ltd including un-issued shares will remain under the control of WFC Ltd.

* All current directors must resign with new directors to be appointed, to include the consortium, the Terras Trust (one seat), the Supporters Club (one seat) and three others.

* Ian Hutchinson will continue as team manager.

* No parties to this syndicate have any past relationships to the current or past directors of WFC Ltd, Make It So Ltd, George Rolls, Morgan Sindall Investments.

Ryan's consortium may still face competition from former Cambridge United chairman George Rolls.

Cocks told Echosport yesterday afternoon: "I'm told there will be an offer for the club in writing on Saturday morning from George Rolls, which also involves the club not going into administration."

However, Rolls said: "There's a lot still to look at so I won't be rushing into anything."

The Trade Recruitment supremo, who views taking on Weymouth as an "exciting prospect", added: "Weymouth is a non-League giant and is at the bottom of where it should be. The support is down to the bare bones as well. There's been some bad years and a lot of mismanagement but once the tide turns I'd like to think the fans will come back."

The remaining members of the Terras' board are set to hold a meeting tomorrow where a decision could be made on whether to accept Ryan's offer, or any potential bid from Rolls.

It was, however, feared that there would be no other option but to end the club's 119-year history and enter liquidation.

Speaking before the news of Ryan's latest bid, non-executive director Ian Winsor said: "If by Sunday evening we haven't had an accountable offer then it's hard to see any other alternative than to put the club into liquidation."