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Last Updated: Friday, 29 September 2006, 16:51 GMT 17:51 UK
Crawley takeover deal collapses
Crawley Town
A proposed deal to buy Conference club Crawley has collapsed.

Crawley Town's owners Chas and Azwar Majeed earlier this week accepted an offer from London-based Britannia Sports Management.

But the deal has fallen through because the club were not happy certain financial commitments would be met.

A Crawley Town statement explained: "The acceptance of this deal was based upon a number of conditions and reassurances."

It continued: "Failure by Mr Pearson (Britannia managing director) to provide funds for a deposit to prove his commitment to the club and fulfil his promised obligations has forced the board to regretfully announce that negotiations have ceased.

"Crawley Town Football and Social Club will not enter into further negotiations with Matthew Pearson or Britannia Sports Management.

"The Board are disappointed that this deal has fallen through but are determined to push Crawley Town Football Club forward and get back to focusing on the future successes of the team."

Crawley continue to operate under a CVA and were hit with a 10-point deduction at the start of the season after entering into administration.

John Hollins' side has since wiped out that deficit but remain bottom of the Conference table.

SEE ALSO
Crawley Town accept bid for club
27 Sep 06 |  Crawley Town


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