"Unfortunately we couldn't offer him the position of chairman which is what he wanted. Vico Hui is to come in as chairman.
"Regrettably our offer to David Gold to become a vice-president has been turned down so we were not able to come to a suitable agreement."
Grandtop International currently controls more than 90% of the club's shares and is expected to complete a compulsory purchase of the remainder, allowing the club to be moved off the Alternative Investment Market and into private ownership.
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