Grimsby Town: Businessman Tom Shutes pulls out of consortium set to take over club

Grimsby Town are unbeaten in their past six League Two games, winning only one, and remain deep in relegation trouble

Businessman Tom Shutes has withdrawn from a consortium looking to take over Grimsby Town, the club has announced.

Majority shareholder John Fenty agreed to the sale of the Mariners to London-based Shutes, Jason Stockwood and Andrew Pettit in December.

In a statement, Grimsby chairman Philip Day said they were continuing their discussions with Stockwood and Pettit.

Grimsby are bottom of League Two and are six points from safety with nine games remaining.

"We are very disappointed that at the last minute when all terms had long been agreed, all of the necessary documentation prepared and the consent of the EFL obtained that we received an email from Tom Shutes stating that for personal reasons he is having to step away from the consortium's proposal for the acquisition of the club," said Day.

"However, we move on and are pleased to report that we are still in dialogue with Jason and Andrew to move the matter forward."