Owner drops value of shares in up-for-sale Spireites by £2m after relegation

Chesterfield owner Dave Allen has dropped his valuation of his shares in the up-for-sale club by £2m.
Spireites owner Dave AllenSpireites owner Dave Allen
Spireites owner Dave Allen

A club document that emerged last month showed Allen’s shares priced at £6m.

But the businessman, who walked out as chairman at a dramatic AGM last November, is being ‘realistic’ about the value of his shareholding following the club’s relegation to League Two, according to club director Ashley Carson.

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Carson said: “Dave has lowered the value of his shares to £4m.

“He’s offering 83 per cent for £4m.

“He recognises we’re a League Two club now and he’s being realistic.

“Dave does want to sell, but he wants to recoup what he’s put in.”

Carson has committed to running the club for Allen until any sale is realised.

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Allen has the first charge on the Proact stadium, for which there is a £2m mortgage to his A&S Leisure business.

The first charge would only be released upon the full repayment of the mortgage.

His loans to the club, which are to be repayed in full, now total over £5m and there are additional loans to other individuals of around £1.7m outstanding.