HONG Kong banker Ilyas Khan is considering legal action in his bid to buy Accrington Stanley.

Accrington-born Khan's bid was last week turned down by current chairman Eric Whalley, who claimed the club is not for sale.

But Whalley's reaction has provoked a furious response from Khan, who has demanded an apology.

Khan described Whalley's initial attitude as "full of invective and personal animosity".

He said: "I am somewhat bemused by the sheer inventiveness of a number of Mr Whalley's statements but I have no doubt that all aspects of the matter will eventually come out in the wash.

"I am clearly interested in buying Mr Whalley's shares.

"He has been bad for the club, and for the community.

"Someone who is interested in building a club worthy of Accrington in the 21st century should be the major shareholder.

"The relationship between the degree of 'hands-on' management of Mr Whalley and the results of the club cannot be avoided.

"In any other commercial situation, the responsibility and accountability vested in the individual concerned, in this case Mr Whalley, would have led to some sort of consequence." Whalley said the quoted £750,000 for his 60 per cent stake was "irrelevant" and an off-the-cuff price.

But Khan, who owns 12 per cent of the club, said: "During my conversation last week, I asked Mr Whalley if it were possible to have a meaningful conversation on the question of his shareholding.

"In case Mr Whalley is still confused, I asked this question in order not to ascertain a value, but to prepare the ground for a formal offer.

"Despite the fact that I only asked Mr Whalley whether it was 'worth talking about his shares' he proceeded to tell me that he thought his shares were worth £750,000 and that, if I was able to offer him this amount, he would happily sell.

"At no time did Mr Whalley indicate this was a tongue in cheek comment.

"Indeed, Mr Whalley's rather breathless and loud response indicated the opposite of lightheartedness."

Khan, a 36-year-old Stanley fan, has instructed a British solicitor to tackle the question of minimum rights of minority shareholders.

His plans for the club include professional management at commercial and playing level as well as an expanded board to include representatives from the town, supporters and players.

He added: "I am not implying that the current manager is inadequate in any way - I will leave those decisions for people more qualified.

"In fact, as far as I can see, the current coaching staff are the last people to be blamed and are struggling manfully in difficult conditions."

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