Announcement regarding the Alan Young consortium

The Alan Young consortium had withdrawn from the transitional ownership arrangements that were agreed and announced in April.

SYDNEY 3 June 2010 By Mark Jensen

Football Federation Australia (FFA) today announced that the Alan Young consortium had withdrawn from the transitional ownership arrangements that were agreed and announced in April.

“The decision by the Consortium is regrettable given that we had agreed upon a one year transitional period and we were pleased to be working towards the club being once again owned by local interests,” said FFA CEO Ben Buckley.

“This remains our objective and we are confident this will occur in the future.

“The club has a great record in the Hyundai A-League as well as the Asian Champions League and FIFA Club World Cup.

“The club is exceptionally well managed and supported by the Adelaide football community, in fact since we agreed the terms with the consortium the position and outlook of the club has continued to improve, particularly off the back of its strong ACL showing.”

Mr Buckley stated that FFA was not prepared to change the agreed terms with the Alan Young consortium to extend the option period to two years.

“We had already considered this and rejected this option at the very outset of our discussions.

“We think it is in the best interests of the Club to find the right owners and make this transition in a reasonable timeframe - two years is too long for such an option.

“Whilst it remains FFA-s objective to return the Club to local ownership, we are committed to doing so in a manner that best advances the long-term success of the Club and we remain confident of a positive ownership outcome for the Club.”