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CD Tenerife
Chairman “thwarts” takeover
A bid to buy Tenerife which would have seen a major injection of cash into the 2nd Division club is believed to have been blocked by chairman Miguel Concepción.


© Credit: CD Tenerife

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23.07.2014 - Local daily El Día reports that a take-over bid led by former player César Gómez and with the backing of European investment partners has been put on ice due to Concepción’s apparent refusal to give up his majority stake.  Negotiations had been taking place for several months and an initial agreement for the buyers to cancel the club’s crippling debt appeared to have been reached but, according to the paper, the chairman was not prepared to meet the condition that the new investors should have a majority of the shares.  Concepción has flatly denied the accusation or that €30 million were put on the table by the would-be buyers.  Despite widespread criticism of his decisions in recent years and repeated calls for him to step aside, he continues to believe he is the best person to lead Tenerife back to the top flight.  Until now, the lack of a credible alternative has been his biggest asset but news of the rejected takeover proposal could see his popularity decline even further.

 



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