https://x.com/GregTheLynnNews/status/1923092103426347347?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet
The potential new owners of King's Lynn Town Football Club have issued a statement ahead of a proposed takeover with a supporters' group.
Singaporean investor Joseph Phua's Turn Sports Investments is looking to safeguard the future of the Linnets, who are still burdened by a Sport England Covid loan, by linking up with The Blue and Gold Supporters Trust.
TSI has been quietly supporting the club financially since January 2024 and is now working on a proposal to inject further capital to help the club stabilise and prepare for the next campaign.
The statement from TSI read: "Over the past year, we've been proud to support King's Lynn Town FC as quiet financial stakeholders, stepping in when the situation was at its most difficult.
"We are not owners. Instead, we're working alongside the current ownership to help secure the club's future and move toward a more sustainable, community-focused model.
"Since our involvement began a year ago, we've invested more than £700,000 in the club. Based on prior projections, we expected to contribute a further £500,000+ over the next 12 months just to keep the club stable.
"Our continued support reflects our belief in the club's value to the local community and our conviction that responsible investment, paired with sound planning, can create a lasting impact.
"But we must be clear: a reset is urgently needed.
"The club has historically operated with a playing budget that exceeds many of its league peers. Yet given the club's scale and revenue base, this model has proven unsustainable.
The two parties are currently revealing their plans to Trust members at a special general meeting at The Walks.
Football at this level should be grounded in community, not driven by the ambitions of a few.
"Unfortunately, past approaches have been marked by poor financial planning and short-term thinking, including over £500,000 in unpaid DCMS loans, with interest accruing and repayment deadlines looming as early as next quarter.
"Let's be candid:
"A club that spends without planning, continually loses money, and carries unresolved debts is not on solid ground. We've seen where that road leads — and it's not a route we are prepared to take.
"That's why we're committed to a new direction: one built on financial discipline, transparency, and shared purpose.
"We are in active negotiations with DCMS, particularly regarding the legacy loan. Until those discussions are concluded, we cannot finalise the club's financial restructuring.
"Likewise, the future shareholding and governance structures remain under discussion. But our intent is clear: the community must be at the heart of the club's future.
"We're working closely with the Supporters' Trust to support this transition and view the Trust as a key vehicle for fan representation.
"Under the current proposal, the Trust would take the lead in governance, including the nomination of an honorary chairman, rotated every six months, to ensure formal representation of supporter voices.
"In the meantime, we continue to assist the current ownership across several key initiatives:
• Finalising contracts for new football management ahead of the upcoming season
• Supporting player retention, negotiations, and new talent recruitment
• Developing facilities and hospitality offerings at The Walks for year-round use
• Deepening community and business engagement to expand local support
• Working with financial planners and accountants to ensure long-term sustainability
"We've also listened — in the stands, online, and in direct conversations. Strong opinions reflect deep passion, and that passion is vital.
"But to turn it into progress, we invite supporters to join the club's mission as volunteers, contributors, and champions of a shared future."
According to a statement issued by the Trust to its members last month, TSI had already provided funding well beyond its original commitment after Lynn allegedly overspent the season's agreed budget.
TSI ended by revealing its three-year vision for the club.
They said: "We aim to help establish a sustainable, well-governed club that:
• Lives within its means while remaining competitive in its league — and hopefully beyond
• Provides a clear development pathway for players, staff, and volunteers
• Operates with transparency and accountability to supporters
• Can stand independently, financially and structurally, for the long term
"Despite the challenges, we remain committed to growing this club correctly. We will not shy away from pushing the club to make the right decisions, however difficult they may be.
"With the right support from all stakeholders, we've earmarked funding for the upcoming season, prioritising sustainability and community impact over short-term headlines.
"We want to work with everyone who shares this vision — the Trust members, the fans, the club's leadership, and the wider community — to build a stable, competitive club that is a source of local pride."
The statement comes a day after manager Adam Lakeland was relieved of his duties in the dugout.
Such big hearts :laughcry:
Looks like the "Enjoy the ride boys" massaging of the Chairman's ego is coming to an end. Good job TSI have things sorted with HMRC though. The walks these days is like a Disneyland Fantasy. With the Team Manager being sacked by email from the afore mentioned. :laughcry:
He should stay in Disneyland.
A really simple question ...what is in all of this for T.S.I ?
Already 700K down plus another 500k to follow.
They are prepared to leave Cleeve as owner!
What's the end game ?
Good questions happy mondays . if i was going to put in 1.2 million i would want control
Mr Cleeve made some X (Twitter) comments last night for the first time in ages. Obviously it was counter replies to some incorrect facts (TSI statement) and accusing individuals.
I dont understand why he sacked "The Best Manager in the League???" even if they were miles apart on the budget cuts. Why not talk about how it might work (although I appreciate Adam might not have wanted to work within those constraints).
The KL Official Statements on Adam's departure obviously came as a directive from him now (messy in that statement has 3/4 re-writes - probably blames unstable internet???).
But I dont see an end point to this as he again mentions counter offer to work with the trust if they dont come to an agreement with TSI.
I just see difficulty moving onto the future with if intended we try the TSI/Trust approach talked about last night.
Bal might be good - he has AFC Wimbledon and Fulham exposure - might be the coming of him if he was to be CEO.
The one thing that seems odd is the revolving Chairman idea - 6 month tenures at a time - whilst that is good for ideas but surely a little unstable to be practical.
Lots of work ahead... but very little time as pre-season starts in 8/9 weeks
I agree with a lot of that Cater. There looks be no working relationship between Cleeve and Bal. so why unearth would someone with no connection to the area want to stick a further 500k into this mess.
Cleeve looks like he is going nowhere. Has he the money to fund it, going forward or has he found another 'investor' prepared to bankroll his Saturday afternoon entertainment ?
I so liked Cleeve's comment about some lady overcharging for a job she was given. Cleeve would know all about how that game works :laughcry:
Cleeve work with the Trust? :laughcry:
That lady is my daughter who is a highly trained and experienced Chartered Physiotherapist.
The Club faced a situation of not having a suitably qualified medical professional in the dugout for the game at Hereford which a requirement under league rules.
Lynsey has been the sponsor and unpaid physio for the ladies team for the last 2 and a half seasons so Cleeve asked her if she would provide cover for £50. She declined his generous offer but, knowing the problems the Club would face if she didn't go, reluctantly agreed to do at a fair price.
She did a full days work seeing patients locally and then drove to the team hotel near Hereford arriving just before midnight.
Matchday duties took 3 hours in total and then she drove home.
She charged him £150 plus mileage which was a total of £240. She lost money at that because she was unable to see her normal client base back here.
Cleeve reluctantly paid.....eventually.
And still the obvious remains unanswered...what's in it for TSI
Jo has been to one game in my understanding and resides in Singapore.The money they have already invested is long gone and more is needed They have stated the club has been run badly but are happy for Cleeve to own it .The council owns the ground...I'm struggling here a tad.
Cleeve should be charging for this entertainment. He's never normally shy about charging. Popcorn anyone ?
What id really like to hear from Mr Cleeve is What is the big plan going forward ? Surely there must another scheme that's going to put the Club/Town on the map or another idea that will make the club self sufficient in the future.
I wonder if he believes himself at times. Or does he see what a laughing stock he has become. Better entertainment off the pitch than there was on it. Pure Box office.
Quote from: MARCUS ROSE on May 15, 2025, 09:50:44 PM
Looks like the "Enjoy the ride boys" massaging of the Chairman's ego is coming to an end. Good job TSI have things sorted with HMRC though. The walks these days is like a Disneyland Fantasy. With the Team Manager being sacked by email from the afore mentioned. :laughcry:
AL was sacked by email from Bal, TSI not SC :dontknow:
So who was so upset at last night's meeting, with what was said, that they felt compelled to contact the Club owner?.
Tweet from our leader
"Have had several people contact me upset about how the trust (Ellis and Rout) in particular treated me. It is clear that the meeting should have been open to every fan as there was nothing to vote on and it would have given the trust the chance to be open to non members instead"
I guess he will want to arrange a meeting to let all his loyal followers know about his plans.
Now that would be entertaining.
It's a case of who's gaslighting who ...
Cleeve v The Trust
Jo and Bal v The Trust
Cleeve v Jo and Bal
Jo and Bal and Cleeve v The Trust
Everyday fans v all of the above
The Trust and Everyday fans v Jo Bal and Cleeve
This isn't going to end like Wrexham I feel. :sad:
So many unanswered questions. I expect Trust members will receive a full report of what was said at the meeting and any proposals emerging from it.
I am mystified as to why and who sacked - if indeed he was sacked - Adam Lakeland. The man saved the club from relegation and turned the team into promotion candidates. I understand some fans were unhappy with the style of play at times but give the guy some credit, especially with what has quite clearly been going on off the pitch.
Has he made any public comments since his departure? He clearly knows the league inside out and should have no trouble finding another managerial role.
I guess the big lesson for who ever takes control of the club is don't exceed the budget. A return to a part-time playing squad seems inevitable.
And importantly affordable Colin
In reply to Mr Cleeve's comment on X
"Disappointed that Phil Ellis from the Blue and Gold Trust chose tonight to belittle me and make up lies about myself. Contrary to what he says . . . I did not threaten court cases on multiple occasions against him"
Phil Ellis has provided an email received from Mr Cleeve in 2018 when talking to him about raising money for ground grading improvements:
" My wife and my lawyers have strict instructions to never sell the club to the trust or anyone associated with it ( not that you would pay for it anyway )
Your best bet is to take your funds and set up a new football club like your friends at F C United.
Your organisation is simply struggling for relevance and you should donate the funds to a local charity that helps disadvantaged children
Please act on this with immediate effect or I will ensure that it is done with my lawyers "
Not sure the trust has ever been more relevant.
Pleased to have continued our support over the years.
I also got accused by Cleeve on his beloved X of being aggressive towards him at that meeting.
I actually made the mistake of sitting at the back of the room which meant, given my hearing problems, I heard very little of Bal's statement ( which I later read) and nothing of the subsequent questions from the floor.
Hardly an opportunity to either contribute to the meeting or to slag him off.
He is lashing out and the sooner he departs the sooner the Club, with Trust involvement, will be able to rebuild the bridges with the community.
:scarf: :scarf: :scarf:
Kenny, can you see him walking away ? I would suggest he will hang on to the bitter end in the hope of a miracle. He sure doesn't appear to be making things easy. Would he rather it crashed and burned than walk away?
Not posted on here for years, but here we go. Oh dear Mr Cleeve. Having read his recent rants on X, they are so similar to many of his rants in programme notes, EDP column etc. Distraction tactics. Find a reason to criticise and blame others and avoid the most important issue. One important topic missing from his most recent rants, the current financial situation at the club. Who is to blame for this? After all, he alone has been overseeing the financial and operational " management" at the football club. He has announced publicly that he can no longer fund the club. He has had £450,000 DCMS loan, £50,000 Government bounce back loan, all of the monies from sponsorship and hospitality etc and of course takings at the turnstiles and season ticket sales. On top of this, the TSI statement alludes to over £700,000 injected by Joe Phua. Where has it all gone. Have to ask why after all of this, the club has been losing £300,00 season on season. TSI have made it clear that they would wish to take over at the helm and work with not just The Trust, but with the fan base and local community. Mr Cleeve, if you have any respect for the club and fans, and if you have an ounce of self respect, it's time to hand over the reins. As the old saying goes, gather up the sheep and get the flock out of here.
"That's why we're committed to a new direction: one built on financial discipline, transparency, and shared purpose."
Taken from the TSI statement, which means a further update following the meeting with the Trust can be expected?
I just don't see how the club can move forward in a coherent manner whilst Stephen Cleeve is still involved. As an aside, why would a successful international investor make such a financial commitment? Still too many unanswered questions.
Why did Rob McElhenney and Ryan Reynolds pick on Wrexham?
All the talk is about SC and Bal . I would like to hear the Trusts vision for the club both on and off the pitch. This question was asked on this forum a few years ago . If memory serves me correctly, the question was never answered....
A lucrative Netflix deal might have had something to do with that
Tennylad. The trusts aims and objectives are listed under documents on the Trust website. www.thelinnets.co.uk
Anyone asking your type of question has been asked to have a read of those on there.
Have a look sometime, please.
Thank you Kenny . To my mind that's a standard Trust statement. Could be any club . I want to know where the trust see KLFC in 5 years time . On and off the pitch . What would a trust run KLFC look like ?
As a long term business member of The Blue and Gold Trust, I'd be pushing for two things.
1. A community focused club.
2. A club that spends no more than it makes.
And let the football do the talking.
It won't be a Trust run club.
That has been the misconception all along, TBH.
The Trust wanted to bring supporter representation to a Club run by a varied group of people.
The original idea was to work with a group of local businesses who would bring sponsorship and expertise.
Obviously that has changed with TSI being the business supporting the Club.
Bear in mind if the proposed collaboration does go ahead the Trust will only have a 10% stake in the Club
TSI are want to see a very community oriented Club and want the Trust to assist with that.
I have no idea what actual plans are afoot both on and off the pitch but the statement from Bal on Thursday did mention, I think, the key elements of playing at the highest financially sustainable level and a community focussed Club.
I hope that helps: I am not a Trust official so have had no involvement in the discussions between the Trust and TSI and can only give my personal take on the situation.
Has the 10% figure been agreed ? Is this in exchange for 95k ?
I have no idea, Mal.
Thanks Kenny, I thought the actual figure was still open for negotiation. Just wonder where the 10% figure came from.
Be interesting to know what the timescale Jo/Bal have given to SC to determine whether it will be Deal or No Deal?
More like Call My Bluff.
Some may even suggest Pointless
Tenable?
First of all , a little bit about myself. I've been a regular at the Walks since 1970 , my earliest memory is Wimbledon in the FaCup . I've seen 200 v March on a cold Wednesday night in the East Anglian Cup . Also the reserves v Cloalight Yaxley in the old Peterborough league and the A team turning up on 70 mins after a game at River lane in the Lynn League . Yes I've seen it all ... My vision going forward is a successful team on the pitch, with the manager left alone to do what he's paid for . The whole community getting involved if it's a local entrepreneur giving a few grand or someone giving their time to clean or paint the ground. Everyone treated with dignity and respect, whatever their roles within our club ... COYL
Good thoughts, Tennylad.