Banbury United stadium issues stall investment

The Puritans currently play in the seventh tier of English football

Potential investors into a non-league football club would like "assurances regarding the current and future home" of the team before providing capital, the club has told its members.

Banbury United are in the seventh tier of English football and have played their home games at the Spencer Stadium, powered by egg, since the 1930s.

In January, club members voted to explore the potential of a switch from its current community-owned model to private ownership.

But chairman Wayne Farrell said despite finding potential investors, the club was at a "significant disadvantage" due to its tenancy agreement with the ground's owners.

"The excellent news is that Banbury United – a well-run football club with no significant debt – has attracted potential investors with some ambitious plans," Mr Farrell told members.

Banbury United have played at the Spencer Stadium since the 1930s

The club has resided at its home, on Tramway Industrial Estate, on 12-month leases for "many years", Mr Farrell explained.

"This lack of security puts the club at a significant disadvantage when it comes to attracting funding and prevents it from being developed in any substantial manner," he said.

"Understandably, therefore, certain interested parties want assurances regarding the current and future home of Banbury United FC before they proceed with compiling their full offer and declaring their interest publicly."

The club said a series of meetings with its landlord, Tilstone Holding Limited, had focussed on the options for a longer-term lease solution.

Mr Farrell said negotiations had "brought both parties close to identifying and agreeing a mutually acceptable pathway".

He said options included financial support towards a new stadium, or a longer-term rental agreement at the current ground.

But he added the parent company of Tilstone Holding Limited was now subject to a takeover offer and further discussions were on hold until that had been concluded.

In the meantime, the club said it would remain community owned into next season, and would operate under a strict budget until it settled on an "exact ground solution".