25/02/2020 - 13:30

Perth Glory sale officially off

25/02/2020 - 13:30

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Perth Glory owner Tony Sage will no longer proceed with a proposed deal to sell a majority stake in the football club to a London-based cryptocurrency exchange, following two weeks of questioning over the terms of a proposed sale.

Perth Glory sale officially off
Tony Pignata had previously praised the LFE for its approach to the financial structure and direction of football. Photo: Gabriel Oliveira

Perth Glory owner Tony Sage will no longer proceed with a proposed deal to sell a majority stake in the football club to the London Football Exchange (LFE), following two weeks of questioning over the terms of a proposed sale.

That follows on from multiple reports regarding legal troubles for the London-based cryptocurrency exchange, including accusations of fraud against its founder Jim Aylward.

Confirming the deal would not go ahead today in a statement, the FFA, which would have had final say on any transaction, said Mr Sage would no longer go ahead with a proposed sale of the club to the London Football Exchange (LFE) following the due diligence process.

LFE had announced in mid-February its intention to acquire Perth Glory, going so far as to announce it had entered into an official agreement to acquire a majority shareholding of the club.

That statement, which was subsequently removed from Twitter, featured quotes from Mr Sage, who had said he looked forward to the club becoming a cornerstone of LFE’s growth strategy.

The FFA said in its own statement released today that Mr Sage had never requested for a sale of the club to be reviewed.

Mr Sage had repeatedly declined to comment on the proposed deal, however, Perth Glory had worked with the group before the deal was announced, sponsoring the club during the 2018-2019 season.

At the time, Perth Glory chief executive Tony Pignata offered praise for the group, claiming they took a bold approach to reshaping the financial structure and direction of football.

Prior to its attempted purchase of Perth Glory, LFE had tried to acquire several clubs throughout Europe, with a deal to acquire one French club falling through for undisclosed reasons.

A representative for Perth Glory has been approached for comment.

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