A process of due diligence is almost complete after the Football League stepped into Keith Haslam's £500,000 sale of the Stags.

And Mr Derry told Chad: "I can reassure fans that Keith (Haslam) is as keen as I am to sort this out as quickly as possible."

Members of his new management team have also stressed to Chad and supporters groups this week that the consortium does have significant financial backing.

• 'Our vision for the future at Field Mill'

However, at this time, they say these members of the group prefer to remain anonymous.

Experienced businessman John Thorpe, drafted in by Mr Derry as part of the future executive team, was at Field Mill on Saturday for the vital 2-0 win over Notts County.

Mr Thorpe — whose involvement in the Stags was first revealed by Chad last week — said: "I look forward to more of Saturday where we experienced a wave of positive emotion and desire before, during and after the game for our boys . . . we were all looking at the 'beginning of the end' a few weeks ago, but I firmly believe we are now close to the 'end of the beginning' for our football club.

Mr Derry's consortium had wanted to form its own company and take over the trading rights of Mansfield Town — leaving Mr Haslam as landlord of Field Mill and still owning the company Mansfield Town.

But it is thought that the Football League would prefer the consortium to take over that business.

A spokesman for the League told Chad: "The League met recently with Mansfield Town officials to discuss a proposed takeover of the club. The League made a number of observations and the club is now considering its options in light of those discussions."

Now the consortium's decision to concentrate on buying the existing company rather than form its own has left a number of major issues to be sorted out:

• Separating the ownership of the Field Mill stadium and associated land (including land for a training ground at Skegby) from the football club to Mr Haslam, who would remain as landlord and receive a £200,000 annual rent on a 10-year lease.


• Working out what will happen to the minority shareholdings in Mansfield Town FC, including the 3.3% owned by fans group TEAM Mansfield, whose concerns were first raised in Chad last week.


• Taking over any existing debts, which is why accountants have begun the due diligence process.

Mr Haslam's own company Stags Ltd owns an 86% shareholding in Mansfield Town FC. Stags Ltd owes Mansfield Town FC almost £600,000, money borrowed to purchase the land at Skegby.

But Mr Thorpe remains convinced the takeover will go ahead.
He said: "We have had to change direction somewhat and will be responsible for known and unknown debts as has been well publicised, to ensure full compliance with League regulations.

"In line with our vision of professional standards and quality, we have headhunted a firm of accountants who received a national quality award recently voted for independently by more than 200 professionals.

"They are close to completing the necessary due diligence work required which will then allow the deal to be completed, according to plan.

"Our commitments to the community and fans will be implemented as soon as the deal has been completed, including first game concessions (£5 match admission), new car park policy for registered disabled and mid-season tickets.

"We are trying to sprint forward, but unfortunately this is a complex transaction which has taken more time than we would have liked, due to the importance of getting things right for our football club."

Mr Derry added: "Having to buy the football club rather than forming our own company has complicated things. We can't rush in to buy and then find liabilities, that would not be in the best interest of the football club and I am sure fans would understand that."

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