Uncertainty over AFC Telford ownership could last months

The Bucks, who were previously owned by supporters, announced in October they planned to change their ownership model to allow external investment.

But the club placed a 20 per cent cap on the amount of shares that could be bought.

In total, the Bucks sold 32 per cent of the shares on offer, generating £170,000.

But two potential overseas investors walked away because of the restrictions on the amount of shares they could buy.

The news was confirmed in a statement released by the club yesterday.

When contacted by the Shropshire Star, club chairman Ian Dosser refused to comment and said an update will be given at an AGM in February.

The statement read: "The board were in lengthy discussions with two substantial investors up to the closing date for the share offer.

"Both of those investors are based overseas, but with an upbringing and background from Telford.

"The club were satisfied both of those parties wanted to invest in the club for the benefit of the football club.

"One of those investors withdrew because the club had put in a maximum shareholding of 20 per cent of the authorised share capital, the second party was concerned about being a major but minority shareholder.

"The board of the football club still consider that there is a requirement and need to get the share offer fully subscribed to the authorised share capital of £500,000 and will be working to succeed with this objective early in the new year."

Telford fan and Shropshire Star contributor Steve Humbles admitted yesterday's statement came as a disappointment to supporters.

"When the 20 per cent cap was announced, the general concern was that this would happen," he said.

"You can understand it. Why would a potential investor put in more than £100,000 without having the majority stake?

"I'd imagine at the AGM in February they will make that more favourable. I don't think they have any choice.

"What's disappointing from the fans' point of view is that it's going to take a few months to get any closure.

"The longer it goes on, it's not helping anyone."