Football club takeover bid rejected
Stefan Rupp, the owner of Bradford City has rejected the bid for the football club by US investors WAGMI United.
Rupp who confirmed that an offer had been received from the consortium last week, noted that the bid was rejected because of “a great deal” having been made public since the bid was made and also “a number of factors which will remain private”.
This comes despite comments from WAGMI United which said Rupp had agreed a non binding deal last Thursday, before news of the deal broke.
If the bid had been successful it is understood that investment group planned for the club rely on advanced analytics and non-fungible tokens (NFTs) to create a new model of sports team ownership.
Rupp added: “As a proud custodian of this wonderful football club, my first and most important responsibility is to protect it and safeguard its long-term future, while upholding our values.”
He added that neither he nor anyone connected to The Bantams, which currently sits 18th in League Two, is actively trying to promote the sale of the club, emphasising “my commitment has not changed” and that “the matter is closed”,
WAGMI United said via a statement: “WAGMI United has been engaged in productive and confidential negotiations with Mr Rupp to purchase Bradford City since early November. On Thursday morning, prior to the news breaking about the group’s interest in an EFL club, he agreed to a deal in principle.
“This agreement was non-binding and pending additional due diligence on both sides before finalisation, but there was an agreement.
“Of course, Mr Rupp is not required to sell the club to us or anyone else, and we respect his decision to do as he wishes. We had sincerely hoped to build a relationship of respect, honesty and openness with the Bantams’ strong existing supporter base while also bringing in new fans from around the world – taking Bradford City’s rich history and tradition to the next level, on and off the pitch.”
