Walsall FC are set for a major injection of funds after being bought out by an investment firm based in Birmingham….Alabama, that is.
The League Two club has agreed a two-stage deal with sports investor Trivela Group which has initially seen the company purchase 51 per cent of the shares owned by incumbent chairman Leigh Pomlett alongside a promise of an immediate investment of capital.
In phase two, expected to take place within two years, Trivela will acquire Mr Pomlett's remaining 25 per cent shareholding along with additional funding to enable the club to purchase its Poundland Bescot Stadium and surrounding property.
The remaining 24 per cent of the club is owned by a consortium of other shareholders.
Mr Pomlett acquired 76 per cent of the club from previous owner Jeff Bonser in July 2019 however Mr Bonser still retains the freehold of the Bescot Stadium, with the club paying him rent for its use.
Facilitating and completing the purchase of the stadium freehold is a top priority for the new ownership group, according to a statement announcing the acquisition.
Financial teams of the buyout deal and any future investment have not been disclosed at this stage.
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Mr Pomlett said: "This partnership ushers in a very positive chapter in the history of Walsall Football Club.
"(Chief executive) Stefan Gamble and I have been in discussion with them for nearly 12 months, have visited with them in the United States and believe they are the right group with the right vision to help take the club forward.
"The supporters will have the opportunity to see the impact of this partnership firsthand as the Saddlers Club will be refurbished and reopened and the club will execute its purchase option and be reunited with the Poundland Bescot Stadium freehold.
"As both chairman and a supporter, this is a very exciting day for Walsall FC."
Trivela was formed in 2021 by American businessmen Benjamin Boycott and Kenneth Polk and is building towards a multi-club ownership model in global football.
Mr Boycott will join Walsall's board of Directors and serve as co-chairman alongside Mr Pomlett who has agreed to stay on for four years to ensure a smooth transition.
Mr Boycott said: "We are honoured to become a part of the community of Walsall and to play a part in the rich history of this club.
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"As investors, we are extremely drawn to the passion this town has for the team and extremely impressed with the work that management has done to build a sustainable football club.
"We are here to learn and support Leigh and the rest of the executive leadership team with strategic vision and strategic capital.
"We look forward to working alongside the leadership team to support (head coach) Michael Flynn, the staff and players as we prepare for the 22-23 campaign and beyond."
Mr Polk is the founder and chief executive of Arlington Family Offices which serves individual families, with capital under management of around £9.5 billion.
He added: "At Arlington, we think multi-generationally with a focus on stewardship and a responsibility to others.
"Our founding principles and organisational structure are aligned to allow long-term independence and continuity without the interference of external shareholders.
"This is the mindset that Ben and I have brought into the Trivela Group and it is the mindset with which we plan to be a part of the story of Walsall FC."