Club Statement on FA Update
The Club’s ownership group successfully completed its acquisition on May 30, 2022. This transition marked a significant chapter in the club’s history, bringing new vision and direction. However, during the comprehensive due diligence process prior to finalizing the purchase, the ownership group uncovered potentially incomplete financial reporting related to historical operations.
Understanding the Due Diligence Process
Due diligence is a critical phase in any acquisition, allowing prospective buyers to investigate the financial health and operational integrity of the enterprise. For our ownership group, this meant a meticulous examination of financial records, past transactions, and overall operational practices.
It was during this extensive review that discrepancies in financial reporting came to light, prompting further investigation and transparency initiatives.
Addressing Financial Reporting Concerns
The potential gaps in financial records raised concerns about the accuracy of past reporting and the necessity for rectifying these issues to ensure the club’s sustainable future. It is essential for the integrity of our organization that all financial documentation is accurate and reflective of the club’s true standing.
In response to these findings, the ownership group is committed to working collaboratively with relevant financial authorities and regulatory bodies. Our aim is not only to rectify any inaccuracies but also to foster a culture of transparency and accountability moving forward.
Our Commitment to Transparency and Integrity
We understand that our fans and stakeholders expect the highest standards of integrity from our club. Our ownership group is dedicated to reinforcing a transparent governance framework to restore trust and confidence in our financial reporting mechanisms. We believe that addressing these financial reporting issues head-on is crucial to our club’s continued success.
Looking Ahead
As we move forward, our focus remains on creating a prosperous environment for the club, our players, and our supporters. The club is determined to ensure that financial practices are not just compliant but exemplary. We will keep our community updated on developments regarding these matters as we work diligently to resolve them.
Thank you for your unwavering support during this transition and for your belief in our vision for the future.
