Forest's new owners to float within months
Wednesday 26 February 1997
The comments came yesterday from Nigel Wray, the chairman of the Trocadero and Burford property groups, whose consortium won control of Forest in a pounds 19.3m deal on Monday night.
He said accountants KPMG were already at the club preparing Forest's accounts and a finance director was being sought.
Mr Wray, who also owns the Saracens rugby club, said he would only be a non-executive director of Forest. Existing chairman Irving Korn will remain in post while Phil Soar, the former Blenheim Exhibitions chief executive, will become chief executive. Irving Scholar, the former Tottenham Hotspur chairman, will not be a director but will act as an adviser on football matters.
Mr Wray said he had no current plans to expand Forest into rugby or other leisure areas. "The priority is to stay in the Premier League and move our way up."
Under the structure of the Forest deal, Mr Wray will be the largest single shareholder in the club with a stake of 27.4 per cent. Irving Scholar will have 16.2 per cent. Julian Markham, chairman of the Glengate property group, will have 14.6 per cent, and Nick Leslau, Mr Wray's key business partner and chief executive of both Trocadero and Burford, will hold 10 per cent. Singer & Friedlander, the merchant bank, holds 10 per cent and the Football Fund, a football investment trust launched earlier this month by Singer & Friedlander, has just under 5 per cent. Phil Soar will have 1.8 per cent.
Mr Wray, who admits he is more of a rugby man and a lapsed Tottenham Hotspur supporter, said he had been attracted to the Forest deal by the underlying value of the club. He pointed to its solid support, which includes 18,000 season ticket holders. "It is a club with a good solid base," he said.
He said he had not spoken to Forest manager Stuart Pearce ahead of the deal as he had not thought it appropriate.
The victory of the consortium ended a six-month battle for control of the club.
Sport, page 28
- 1 Renee Zellweger on plastic surgery reports: 'I'm living a fulfilling life and I'm thrilled that perhaps it shows'
- 2 Disney announces new female-led film Moana
- 3 Banksy not arrested: Internet duped by fake report claiming artist's identity revealed
- 4 Australian café owner sparks debate after saying 'No' to having unruly children on premises
- 5 Video: Boxer Vido Loncar brutally assaults referee following defeat
Ottawa shooting: Canadian soldier dies after being shot at National War Memorial with one gunman killed inside parliament
Renee Zellweger on plastic surgery reports: 'I'm living a fulfilling life and I'm thrilled that perhaps it shows'
Isis releases first video showing stoning of woman accused of committing adultery as her father shouts 'don't call me Dad'
Oscar Pistorius: The brutal prison life that awaits disgraced athlete
Banksy not arrested: Internet duped by fake report claiming artist's identity revealed
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Of course, teenage girls need role models – but not like beauty vlogger Zoella
Residents should throw a street party and mix with immigrant neighbours, councils told
Russell Brand threatened with arrest after filming outside Fox News headquarters
London bus driver 'kicks gay couple off for kissing'
Support for EU membership 'at highest level since 1991 with most Brits wanting to stay in'
iJobs Money & Business
£24000 - £28000 per annum + bonus & benefits: Ashdown Group: IT Business Syste...
£18000 - £23000 per annum + Commission: SThree: The SThree group is a world le...
£18000 - £23000 per annum + Comission: SThree: The SThree group is a world lea...
£20000 - £25000 per annum + OTE £Competitive: SThree: SThree Group and have be...