Rochdale: Shareholders agree to issues millions of new shares to help potential takeover bids

Rochdale are currently 14th in the National League table and 12 points off the play-off positions

Shareholders in National League side Rochdale have agreed to issue nine million new shares in the club, paving the way for American group World Soccer Holdings to mount a takeover.

The group signed a letter of intent to purchase the club on 29 February.

The proposal went through following an extraordinary general meeting held on Thursday after the club entered financial difficulty this season.

The Football Club, a US and UK group, announced another bid after the EGM.

Shareholders approved the additional issue of shares after chairman Simon Gauge had earlier warned the club could face liquidation if they did not find new investment by the end of March.

"I'm very relieved. If the vote had not gone through, I probably would have been sat contemplating no future for the club and an administration process," Gauge told BBC Radio Manchester.

"We're at the totally opposite end of the scale now. We've got something to sell at the club now that new shares have been approved.

"Now we've passed these resolutions we can [start to] have serious talks about what a bid [for the club] looks like.

"Another company has come forward overnight that have issued a letter of intent as well so now we've got two parties publicly interested.

"We are optimistic that we'll be able to secure at least one of them for investment."