Speculation At The Street

Quite a lot of speculation around Edgar Street today, some of which has suggested that chairman David Keyte is in talks to sell his share in Hereford United.

The speculation appears to be based on several strands of information.

Firstly the delay in holding the AGM.

Secondly the promise by Keyte that all player contracts would be honoured.

And thirdly a stop on work on changes to the ACV for a fortnight.

Originally the delay in holding the AGM was thought to be because the letters to shareholders had been sent a couple of days too late, but there's speculation today that the real reason is that Keyte is in talks with someone who might purchase his 'loan' and shares. And Keyte wanted to delay the AGM until discussions were finalised.

The promise, made by Keyte last Thursday, that all players contracts would be paid in full suggests that the finances at the club aren't quite as desperate as has recently been stated, or someone is going to put some money in.

The stop on changes to the ACV work happened over a week ago. That may be because director Bob Pritchard is currently said to be on a cruise, however one thought is that it could be tied with Keyte selling up.

So who, if anyone, is Keyte talking to?

A few obvious names have been put forward. Former chairman Graham Turner is one. However given he sold a 30% share in the club for around £20 per share, it seems unlikely he would want to come back given the level of debt unless Keyte sells up for next to nothing.

Former director Mike Roberts is another. Roberts purchased Tim Russon's shares and was the second largest shareholders in the club before the recent share issue was launched.

Another name is that of Jed McCrory formerly chairman of Swindon and before that 'owner' of Banbury Town. 43 year old McCrory recently tried to buy into Kidderminster Town but failed.

McCrory was chairman of Swindon Town until he sold his stake to Lee Power. The Evesham based businessman led a consortium, Seebeck 87, which purchased 99% of Swindon from BetFair co-founder Andrew Black just over twelve months ago. However Power bought some of McCrory's shares last April and the remainder in December.

Whilst buying Swindon, McCrory was also talking to Cheltenham according to the Bath Chronicle.

"We did have an approach from the consortium who are now at Swindon, but we weren't convinced and you have to be very careful. You have to be very thorough with your due diligence and the fact they wanted to become the controlling stake holders was a problem," said chairman Paul Baker.

Not long after McCrory met Kidderminster chairman, at the time, Mark Serrell. However, later, the board of directors at Aggborough turned down McCrory despite his claim to be have access to £5m of funds possibly from a company called iQuest Capital Ltd who are based in Cheshire.

"The board did meet with Jed and he put his proposal to us which we decided to decline," said Ken Rae the new Kidderminster chairman.

McCrory has also looked at a takeover of Barnsley.

In late January it was suggested by the Barnsley Chronicle that a deal to buy the club for £5M could be 'just days away'. But it didn't happen.

Owner Patrick Cryne later said he would only sell to someone who he believed would build the club in the future.

In truth as yet nobody other than one or two close to Hereford United will know if anything is going on, therefore, just to repeat, this article is pure speculation and should be treated as such.

Unless you, dear reader, know differently.

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