King's Lynn Town: Norfolk club secures funding from Singapore-based investor

Current owner Stephen Cleeve took over King's Lynn Town in 2016

Singapore-based Turn Sports Investments have agreed a partnership deal with National League North club King's Lynn.

Linnets owner Stephen Cleeve said last month that they would be "in trouble" unless he could find funding to ensure they could complete the season.

A statement said the partnership would "form the foundation of the next phase of the club's growth".

King's Lynn were in the National League, one step below the English Football League, in 2021-22.

"The deal will result in fresh funds flow into the club for purpose of expansion, player development and acquisitions," the statement continued.

TSI is owned by media entrepreneur Joseph Phua, who said Cleeve's passion for King's Lynn and the club's "rich heritage and strong fanbase" were key reasons for the agreement.

"Through TSI's network in Asia, we will be able to work with Steve and the club to drive sustainable business growth which will in turn support KLTFC's future footballing development," he added.

"I believe a sustainable business is a pre-requisite for any club's advancement and the nurturing of important talent."

In December, Cleeve said declining crowd numbers and a failure to raise money from player sales were among the reasons for their difficulties.

He travelled to the United States, where the story of Ryan Reynolds and Rob McElhenney's success owning Wrexham has raised interest in English football, but was unable to secure funding there.

The amount invested in the club by TSI has not been disclosed and Cleeve told BBC Radio Norfolk: "That's how most companies conduct their business. I've often been a little bit too open but I've done that because that's how I am, but we're now in a situation where we move forward in a slightly different direction and that means things are a little more private."

He added: "I believe Turn and Joe will be great partners for the club. There will be a lot of interesting developments along the way, especially over the next few months as we get the whole thing moving.

"He's a very straightforward guy and not someone who has a huge board of directors and sits there and pontificates... there's a real interest in English football, a real interest in getting involved in it and obviously we know the guy at Salford [co-owner Peter Lim] is from Singapore.

"It's not a new country to football. They know the game, Joe wants to get involved and I'm looking forward to working with him."

King's Lynn are 21st in National League North, three points from safety, and the new investment was welcomed by manager Adam Lakeland.

"Really pleased for the chairman, who has been working on this for months," he posted on X.

"Particularly delighted for the supporters who have been patient with goings-on both on and off the pitch of late. Hopefully now we can knuckle down and, with some stability, kick on."