A consortium hoping to assume control of Albion Rovers has branded the club’s board “disingenuous” after claiming there would be no chance of a name change - and insist they are now pursuing a hostile takeover.
London-based businessman Paul Reilly, who heads a consortium of UK, Irish and US investors that want to take over the Cliftonhill club and rebrand it as Shamrock Rovers Coatbridge, claims the board were open to the idea when they met last summer.
And he says the ‘Project Phoenix’ consortium are now dealing directly with shareholders.
Mr Reilly has hit back after the Rovers board issued a statement last week saying they “would not entertain the idea of ‘Shamrock Rovers Coatbridge’ or indeed any other proposal in the future that steers us away from our identity."
It went on to suggest the proposals were attempting to capitalise on the club’s relegation from League Two to the Lowland League.
But Mr Reilly says the board have destroyed the Albion Rovers brand, shareholder capital and equity value.
The club has 54,000 shares, 50 per cent of which are inactive.
Anton Fagan is the club’s largest single shareholder with around 6,500 shares, followed by Andrew Beattie who holds just over 2,000.
In a statement issued to Lanarkshire Live Sport , Mr Reilly said: “Whoever on the Albion Rovers board gave the statement ‘Let us be clear: We did not, and will not entertain the idea of ‘Shamrock Rovers Coatbridge’ or indeed any other proposal’ is being disingenuous with the Albion Rovers fans.
“We only agreed to attend the Albion Rovers board meeting last summer on the condition that the full board had been briefed on our proposal and that the name change and rebranding to an Irish-affiliated name reflecting the demographics of Coatbridge was non-negotiable.
“The chairman subsequently confirmed the board had been briefed and was open to this discussion and rebranding proposal, therefore on those conditions being met, we agreed to attend the board meeting.
“Contrary to their statement, the board did and were entertaining the idea of Shamrock Rovers Coatbridge, and those discussions continued into this season, with the last response from them being ‘Let’s wait until the end of the season’.
“Our reply was ‘when you’re relegated, it will be a different discussion’.”
The statement continued: “This board is not fit for purpose.
“They have not only destroyed the Albion Rovers brand, but also destroyed shareholder capital and equity value, and are why this takeover has now gone hostile, with us dealing directly with the shareholders.
“The Albion Rovers board recently provided a mea culpa statement accepting full responsibility for driving the club over the edge and out of the SPFL structure, destroying the Albion Rovers brand.
“It is now clear this board has no true intention of holding themselves responsible and accountable for yet another failure.
“We had hoped they would have done so with dignity and grace and resigned, as that is the best thing for the club and fans.
“If they won’t go voluntarily, like the band continuing to play on the deck of the sinking Titanic, they can be removed.
“We have yet to speak to a shareholder who supports them.
“We call on each person on the board to look around the table at their fellow board members and ask themselves honestly: do you believe the people you are looking at and with whom you and the club will have to depend [upon] have what it takes to bring Albion Rovers back up next season?
“If not, then demonstrate accountability, show some dignity and grace, do the decent thing, do what is right for the club, fans, and shareholders, and resign.”
Rovers’ statement issued on June 1 read: “Last week, a story appeared in the print and digital press regarding a proposed takeover of Albion Rovers FC from a consortium.
“The timing of this information coming into public knowledge was clearly intended to fuel speculation and cause disruption during what is undoubtedly the club’s lowest point in our proud, long-standing history.
“Let us be clear. We did not, and will not, entertain the idea of Shamrock Rovers Coatbridge’ or indeed any other proposal in the future that steers us away from our identity.
“It is evident, following on from the Albion Rovers Supporters’ Trust meeting last night, that the idea of any sort of name change or diversion from what we stand for is clearly unpopular and not sought after.
“Our name and our values have been forged and maintained over a century.
“We look forward to your support in the coming season.”
As part of their proposals, the consortium are also seeking to build a new stadium, which would not be on the site of the club's Cliftonhill ground.
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