Since Mark Nellist announced his intention to withdraw his funding support from Gateshead Football Club, he has also sought to relinquish his majority ownership of the club.
He has reached an agreement, subject to approval by the Independent Football Regulator (IFR), to gift his shares to fellow Gateshead FC shareholder, American-based Stephen Paylor.
Meanwhile, Paylor has indicated that he is unable to provide funding on his own and was relying on joint investment from a third party, whose initial strong interest appears to have waned.
In the circumstances, it would appear unlikely that the share transfer from Nellist to Paylor will gain IFR approval. Meanwhile, the club’s players and staff remain unpaid.
The club is now appealing to the shareholders to continue funding support, thereby giving time to secure fresh investment.
