Latest news with #GarethPhillips
Glasgow Times
22-05-2025
- Business
- Glasgow Times
Deal agreed to sell Dumbarton FC to Canadian entrepreneur
Administrators have confirmed plans for entrepreneur Mario Lapointe to take ownership of the club. The Canadian is the owner of an electronic manufacturing service provider based in Quebec and stepped in after ill health forced the collapse of a previous deal with Oxford-based Gareth Phillips. The Sons were plunged into financial trouble on November 18 last year, after officials announced they had been left with "no option" but to appoint Quantuma – a business advisory firm – to manage the administration process. READ MORE: Steven Gerrard Rangers path clear as rival 'lands' other job Stevie Farrell's men were deducted 15 points by the SPFL last season and were subsequently relegated to League Two. Administrators have announced that a deal has been struck and that they will now work with Lapointe to deliver the transaction "by the second week in June". A statement from Quantuma read: 'Following the withdrawal of the proposal from Gareth Phillips due to ill health, the Joint Administrators of Dumbarton Football Club Limited can confirm that they have now agreed Heads of Terms on a deal to sell the Club to Mario Lapointe. 'Mario Lapointe is a Canadian entrepreneur and business owner with a passion for sport and in particular football. 'The Administrators will now work with Mario and his advisors to deliver the transaction by the second week in June allowing everything to be in place for the new season, planning for which is well underway.' Dumbarton fans rallied together after the administration announcement last year, launching a GoFundMe campaign that has raised over £122,000 at the time of writing. The funds have helped cover player and staff wages, as well as running costs.
Daily Record
21-05-2025
- Business
- Daily Record
Dumbarton FC set to be sold to Canadian businessman as admin escape date revealed
The administrators of Dumbarton Football Club have revealed initial agreement has been struck on a deal to sell the troubled club to a Canadian entrepreneur. In a statement on the club's website this morning, it was confirmed that the preferred bidder for the club is now business owner Mario Lapointe - after a previous proposal from Gareth Phillips was withdrawn due to his ill health. The statement continues: "The Administrators will now work with Mario and his advisers to complete the transaction by the second week of June, allowing everything to be in place for the new season, planning for which is already well underway." It represents a potential shaft of light at the end of one of the most difficult periods in the club's 153 year existence after it was plunged into administration in November last year. Since then, the supporters have raised more than £100,000 in an online crowd-funder to help the club alive, while on the pitch, they suffered relegation back to League Two after a season in the third tier. In the statement, Mr Lapointe is described as "Canadian entrepreneur and business owner with a passion for sport, particularly football", with heads of terms being agreed to sell the club across the Atlantic.
BBC News
21-05-2025
- Business
- BBC News
Canadian Lapointe close to Dumbarton takeover
Canadian electronics entrepreneur Mario Lapointe is close to a takeover of Dumbarton Football Club.A separate proposal to take Dumbarton out of administration and pay their creditors in full collapsed in the club's joint administrators have revealed that they have "now agreed heads of terms on a deal" to sell to Lapointe."Mario Lapointe is a Canadian entrepreneur and business owner with a passion for sport and, in particular, football," a club website statement said. Lapointe is co-owner and technical director of electronics contract manufacturer SMT-ASSY in Pointe-Claire, Quebec, with the company becoming main sponsor of St-Lazare Hudson soccer club in 2013. "The administrators will now work with Mario and his advisors to deliver the transaction by the second week in June, allowing everything to be in place for the new season, planning for which is well under way," Dumbarton's statement have been relegated to Scottish League 2, having finished 16 points adrift of Annan Athletic at the foot of the third tier following a 15-point deduction for going into being appointed administrator, Quantuma said insolvency was the result of non-receipt of "significant" funds owed from the sale of land in said Oxford-based businessman Gareth Phillips withdrew his offer last month because of ill health.
Scottish Sun
21-05-2025
- Business
- Scottish Sun
Historic SPFL club agrees sensational SECOND administration rescue deal – just weeks after first collapsed at 11th hour
They have two league titles and a Scottish Cup to their name LIFE AGAIN Historic SPFL club agrees sensational SECOND administration rescue deal – just weeks after first collapsed at 11th hour Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) DUMBARTON have agreed to a deal that would see them exit administration - just WEEKS after a previous buyout collapsed. The cash-strapped outfit are one of Scottish football's oldest teams with a history going back to 1872 but in the last 12 months they have suffered from financial meltdown. Sign up for Scottish Sun newsletter Sign up Dumbarton were plunged into administration in November and club directors claimed they had "no option" but to do so. The team acquired a 15-point penalty that ultimately had a huge effect on their relegation at the end of this season. A previous deal with Gareth Phillips and his Pendragon Group broke down when the investor pulled out due to ill-health. But now the Sons have agreed to terms with Canadian businessman Mario Lapointe and are beginning to plan for the season ahead. A statement read: "Following the withdrawal of the proposal from Gareth Phillips due to ill health, the Joint Administrators of Dumbarton Football Club Limited can confirm that they have now agreed Heads of Terms on a deal to sell the club to Mario Lapointe. "Mario Lapointe is a Canadian entrepreneur and business owner with a passion for sport, particularly football. "The Administrators will now work with Mario and his advisers to complete the transaction by the second week of June, allowing everything to be in place for the new season, planning for which is already well underway." More to follow. Keep up to date with ALL the latest news and transfers at the Scottish Sun football page
Scottish Sun
28-04-2025
- Business
- Scottish Sun
Rescue deal to bring SPFL club out of administration COLLAPSES ‘due to ill-health'
THE SPFL is home to several sides undergoing financial difficulties. And one of the cash-strapped clubs has received a hammer blow in their efforts to escape administration. 3 Several SPFL sides have been sanctioned for breaching financial rules Credit: SNS 3 Inverness Caley Thistle are just one of the lower-league clubs to be hit with punishments Credit: Kenny Ramsay - Commissioned by The Sun 3 An historic side has already suffered relegation thanks to their points deduction Credit: Willie Vass Hamilton were docked 15 points in the Championship for breaching financial rules, a sanction which quickly saw them relegated to the third tier. That decision is still under appeal, but they won't find out whether they're headed for League One until the eve of the final round of Championship games. And League One has already dished out several punishments of their own, with Inverness also being deducted 15 points after entering administration. The same penalty was applied to Dumbarton, which sent the Sons tumbling into League Two next term, where a further five-point deduction awaits. A GoFundMe was organised by fans to keep the club afloat whilst the search for a buyer was ongoing. And administrators revealed earlier this month they had reached an agreement to secure funding for the next three years. But now Stephen Farrell's side have seen their hopes of a rescue deal to lift them out of administration COLLAPSE. Managing director of administrators Quantama Ian Wright revealed in a statement that Gareth Phillips and his Pendragon Group would no longer be committing their funding to the club. Wright said: "On 15 April, Craig Morrison and I, together, the joint administrators of Dumbarton Football, announced that we had agreed Heads of Terms with Gareth Phillips, in a deal which would see the club exit from administration. "With regret, today I must announce that due to ill health, Mr Phillips has had to withdraw his offer and in doing so has forfeited the non-refundable deposit which was paid. SPFL clubs' fans clash on streets "We are fortunate to be in a position where we have other credible parties who had expressed an interest in acquiring the club out of administration. "We have already engaged with these parties and will provide a further update as soon as we are able to do so." Keep up to date with ALL the latest news and transfers at the Scottish Sun football page
