Heads of terms agreed over Gigg Lane sale

Heads of terms have been agreed over the sale of Gigg Lane stadium. 

Steven Wiseglass, a director of Inquesta Corporate Recovery & Insolvency, who is the Administrator of Bury FC, has confirmed that heads of terms have been agreed with a party for the purchase of the club’s Gigg Lane stadium along with right, title and interest in and to other assets, namely club memorabilia, goodwill and intellectual property, including the Bury FC name.

Mr Wiseglass announced in May 2021 that the 12,000-capacity stadium was being put up for sale.

Fleurets was appointed as the agent to actively market the stadium for sale and seek unconditional offers, with the aim of securing the best possible outcome for all stakeholders of The Bury Football Club Company Ltd.

Offers were received from a number of interested parties.

Mr Wiseglass said: “We have accepted an offer to purchase the Gigg Lane stadium and other assets, and have agreed heads of terms with the interested party. 

“We remain hopeful that the deal will be completed in a timely fashion and will be a major step towards securing the future of football at Gigg Lane.

“My hope has always been that Bury FC could be rescued and seek readmission to the football pyramid system, and this now seems a step closer to becoming a reality.

“Until the sale is completed, we are unable to make any further comment.”

The party involved hasn’t been named by Mr Wiseglass. 

More to follow…