US consortium in Dagenham & Redbridge Football Club takeover
A consortium of American investors has snapped up a majority stake in National League side Dagenham & Redbridge Football Club.
FC Sports Investments 2018 Limited, purchasing 58% of the club’s share capital, is led by investors Peter B. Freund and Craig Unger with input from former Manchester United and Everton goalkeeper Tim Howard.
Peter and Craig have many years’ experience of owning and operating professional sports franchises across North America.
With their FC Sports business, the pair are launching new club Memphis 901 FC in the United Soccer League.
The Daggers deal will see Peter Freund will join the board as executive chairman of the football club. Paul Gwinn JP will retain his post of chairman and Steve Thompson as managing director. The club’s remaining directors will be Craig Unger, Mark Odams and Dave Bennett.
FC Sports was advised on the acquisition by the sports team at law firm Walker Morris.
David Hinchliffe and Geoff Cunningham led on the project with support from Christian Slinger, Katie Reed, Matt Lingard and Liz Coley.
David Hinchliffe said: “It’s fantastic to be a part of another deal in the National League where our team helped to secure the future of another famous football club.”
Peter Freund commented: “Victoria Road Football LLC and FC Sports Investments 2018 Limited were advised by boutique investment bank Inner Circle Sports of New York City and Leeds-based Walker Morris solicitors both of whom have provided invaluable support and advice.”
Chairman Paul Gwinn said of the deal: “Following on from a turbulent period in the club’s history we are very pleased to welcome Peter Freund and his partners who will bring a wealth of expertise to the club.
“I would like to go on record to thank Steve Thompson for not only steering the club throughout this period but for being instrumental in securing this investment. We hope that with our finances stabilised and a promising young side under the vastly experienced Peter Taylor, the prospect for the club and its supporters is a bright one.
“I would also like to take this opportunity to thank everyone who donated, time or money, to the club over the past months which was essential to put us in the position we are today. As the saying goes from adversity often comes strength, Come on You Daggers!”