ChuckleBantam
27th April 2006, 05:09 PM
Bullshit in Bold
'Third' investor pulls out of deal
By Simon Parker (simon.parker@bradford.newsquest.co.uk)
There will be no third investor putting money into City.
The unnamed businessman involved in the takeover talks has stepped aside to allow Julian Rhodes and Peter Etherington to strike a joint deal.
Chairman Rhodes confirmed: "We wouldn't have minded him being part of it and it doesn't mean to say that he might not get involved in a year or two.
"It's something he has done after a lot of thought. At the end of the day, it was a lot of money and I don't think he had much slack if he had put that in and we needed some more.
"But he also felt it would make it easier for Peter and I to reach an agreement if there were just two of us."
City commercial manager Etherington is due to meet his solicitors tomorrow before further talks with Rhodes can take place next week.
Should the deal, believed to be worth £2.5m over three years, be agreed then Etherington will assume the title of chief executive.
'Third' investor pulls out of deal
By Simon Parker (simon.parker@bradford.newsquest.co.uk)
There will be no third investor putting money into City.
The unnamed businessman involved in the takeover talks has stepped aside to allow Julian Rhodes and Peter Etherington to strike a joint deal.
Chairman Rhodes confirmed: "We wouldn't have minded him being part of it and it doesn't mean to say that he might not get involved in a year or two.
"It's something he has done after a lot of thought. At the end of the day, it was a lot of money and I don't think he had much slack if he had put that in and we needed some more.
"But he also felt it would make it easier for Peter and I to reach an agreement if there were just two of us."
City commercial manager Etherington is due to meet his solicitors tomorrow before further talks with Rhodes can take place next week.
Should the deal, believed to be worth £2.5m over three years, be agreed then Etherington will assume the title of chief executive.