Saved - but at a cost (From Barry And District News)

Saved - but at a cost

THE DRAGONS will live to roar another day.

Barry Town Football Club creditors have voted in favour to accept a bid from local businessman Stuart Lovering.

The club was facing certain closure if the £100,000 needed to cover mounting debts was not found.

And although the supporters had rallied around their team, they were £30,000 short of their target when news came in that a mystery benefactor had offered the full amount.

Property owner and former barrister Stuart Lovering, who moved from Cardiff to Pencoedtre Village two years ago, says he wanted to own a football team, and this was his chance.

He told the News: "There were three uncertainties. One was that the house I was selling had to complete by last Friday, so I'd have the money in the bank to back up my bid. The other was the creditors accepted my bid, and lastly, whether I would be the only bidder."

When Shamrock Travel owner Clayton Jones put in a higher bid, it forced Mr Lovering to increase his offer. But yesterday, on the morning of the meeting with creditors and shareholders, the secondary offer was dropped.

Dr Liz Davies, a majority shareholder and member of the trouble-shooting team, said: "It was frustrating, but we supported Mr Lovering. We're glad the creditors and other shareholders shared our faith."

Administrator Keith Morgan, a partner in PKF Accountants and business advisors, said: "There were creditors who abstained for valid reasons, but over 50 percent voted with a 97 percent majority. We needed 50 percent shareholder majority, and we had over 84 percent."

Stuart Lovering added: "I want to raise the profile of Barry Town, with more local talent in the side. But mostly, I need people to trust me. We have an amazing team of people here and we want to build on our stren-gths."