Yahoo Finance Lewes FC takeover OFF after failing to agree strategy with investors Mercury/13
A takeover of pioneering football club Lewes FC by investment group Mercury/13 is off after the two parties agreed that their priorities “diverge considerably”.
Lewes are famous for their commitment to equal funding of their women’s and men’s teams, who play in the second and seventh tiers respectively.
Mercury/13 was launched in August by tech entrepreneur Victoire Cogevina with the aim of creating a global network of majority-owned women’s teams and includes former England international Eni Aluko.
“Lewes FC is a club that has always had community and social impact at its core. Through our discussions, we found that whilst we shared a common belief in the future growth prospects of women’s football, the structure needed to make this specific opportunity work would be too disruptive to other values that we hold dear,” said CEO Maggie Murphy.
Lewes’s more than 2,000 owners voted earlier this month to proceed with a potential takeover by Mercury/13, which has pledged to invest £80m in women’s football teams.
But the club said discussions had revealed their “foundational principles diverge considerably from Mercury/13’s operating priorities, which makes a partnership challenging at this time”.
“The leadership team at Lewes FC have been incredibly professional, diligent, and provided thorough documentation throughout our investment process,” said Cogevina.
“Lewes is a pioneer in its approach to equality, and we firmly believe the club should continue to protect these principles.”
Lewes would continue to explore financing options that match their strategy, Murphy added.
