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 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.
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.