Kingston Bridge Holdings | Chronology of Events

6 June 2022: Members of the proposed fan consortium first email the K’s Board about purchasing a shareholding, gaining representation on the board and bringing fresh investment.
15 September 2022: Members of the fan consortium, Kingston Bridge Holdings (KBH), meet in person with Mark Anderson.
3 November 2022: Members meet with Mark Anderson and John Fenwick in person.
11 November 2022: KBH make an Initial Offer. The proposal promises expert support around the ground search, commercial partnerships, and digital marketing; day-to-day operational support in club administration; and substantial guaranteed directors’ loans for a period of 3-5 years to supplement the budget. The group prioritises protection of the AFC Wimbledon money and a groundshare closer to Kingston. The offer seeks the Board’s commitment to move to the next phase of due diligence and makes a request for basic financial disclosure so as to progress to valuation and negotiation.
4 January 2023: KBH chase a response and reiterate the group’s commitment to urgently assist the club.
12 January 2023: The Board write to KBH, indicating that they are willing to enter into negotiations and will respond in writing to the Initial Offer as preparatory to a third meeting for discussion of share purchase and board representation.
25 January 2023: KBH write to the Board chasing a written response, including basic financial disclosure requested on 11 November 2022, so as to ensure a third meeting in February remains feasible.
30 January 2023: The Board write to seek clarification of shareholding sought, likely purchase price and “available funds”. They also request that Non Disclosure Agreements are signed ahead of provision of financial information.
4 February 2023: KBH agree to a third meeting to be held on 23 February 2023, commit to signing NDAs, again request that basic financial disclosure be facilitated ahead of the meeting (either in writing or via a zoom meeting) so that a valuation of the club can be reached prior to negotiation. KBH offer a meeting in the next 14 days for due diligence to be conducted. There is no reply.
12 February 2023: KBH email the Board seeking an update on their position: “Please let us know whether you would prefer to (i) set up a video call this week or (ii) provide written disclosure of the material requested in our initial offer letter of 10 November 2022. If disclosure by either means does not occur by Friday 17 February 2023, we will deem the meeting currently scheduled for 23 February 2023 unsustainable.”
14 February 2023: The Board respond with a proposal for a meeting in March.
5 March 2023: KBH’s core members send the Board signed NDAs and seek meeting dates in March and April.
7 March 2023: The Board respond with an update that other potential investors are under consideration. No commitment to facilitating due diligence is made.
15 March 2023: KBH write to the Board. The letter, amongst other things, makes a proposal for £30,000 per annum investment in K’s. Majority control is sought as a bridge to full fan ownership. A deadline of 24 March 2023 is set.
26 March 2023: Following no reply to the correspondence, KBH withdraws the offer by email at 11.48am: “In our initial offer letter of 10 November 2022, we stressed that we were willing and able to provide financial investment and broad assistance to help achieve realistic goals, both this season and in the medium term. It became clear that there was likely to be a divergence between us on the degree of change required to improve the club's fortunes, on and off the field. That is why we then made a further credible offer for majority control, as a bridge to wider fan ownership, a proposal to which you have made no reply. We now consider the negotiations to have irrevocably stalled and we withdraw the offer.”

The Board respond at 3.34pm with a letter (ostensibly dated 25 March 2023). It states: “…you have advised that you would not pay more than a nominal price for the shares in the club in exchange for majority ownership. This is also not acceptable to us. You have also outlined your intention for the club to become a supporters-owned club. May we remind you that when the directors previously offered this opportunity to supporters with a free vote to decide upon its future, the proposal to become a supporters-owned club was rejected, with a substantial majority voting in favour of the club remaining as a directors-owned club. This provided the directors with a clear mandate to take the club forward in this manner… We are not looking to step away and therefore your proposal to take over the club is unacceptable.”