Nottingham Forest: United States consortium frustrated by takeover saga

Owner and chairman Fawaz Al Hasawi first revealed he would consider selling Nottingham Forest in March

The USA-based consortium which has been trying to buy Nottingham Forest still wants to complete a takeover and says it offered "significantly enhanced terms" earlier this week.

Owner Fawaz Al Hasawi had said a deal with the group, led by John Jay Moores, was not in the "best interests of the club" when talks broke down.

The prospective new owners insist they offered to buy 100% of the club.

They said they share the "deep sense of frustration fans are feeling".

Retaining an interest

The statement from Moores and Charles Noell continued: "We have been firmly committed to completing the acquisition since we opened negotiations in August and we remained optimistic throughout that the sale would be completed.

"That the deal remains incomplete is not due to any lack of immediately available capital, belief, desire, action or ability on the part of either ourselves or our advisory team, who have worked tirelessly throughout.

"In anticipation of this sale actually closing, we made extensive preparations to improve the club, both on and off the pitch. We also chose to support the club financially by lending monies to it to ensure that salaries were met in November and December.

"Our most recently revised offer was made earlier this week. It was made with significantly enhanced terms to acquire 100% of the club, which was the owner's preference. Sadly, this offer was not accepted.

"We will remain interested in following Forest's performance with a view to perhaps re- engaging with the ownership about acquiring the club in the future."

'Complete and utter commitment'

Forest are 20th in the Championship, having earned just two points in seven matches

Al Hasawi had earlier insisted his commitment to Forest was "complete and utter" despite the collapse of the takeover deal.

The Championship club are managerless after sacking Philippe Montanier and just three points clear of the relegation zone.

In an open letter to supporters on the Forest website, Al Hasawi, who has appointed Samantha Gordon as chief financial officer, said he will continue to "put the interests of Nottingham Forest at the heart of every decision" he makes.

He said he could not discuss the "rumours" around the takeover talks because of confidentiality restrictions, but wanted to reiterate his "dedication to the club and its fans."

The 48-year-old added: "I feel it is my responsibility to reach out to you directly to assure you of my complete and utter commitment.

"Nottingham Forest is one of the world's oldest surviving teams. This is a legacy worth defending, and our priority should be to build on this unique heritage to protect the future of our club.

"That positive future begins with stability. We are in the process of appointing a senior and experienced executive team to secure and improve the structure and leadership of the club - something I was unable to do during takeover talks."