Special report on the audacious bid for Accrington Stanley

AN overseas investor has made an audacious inquiry about buying Accrington Stanley.

But chairman Eric Whalley today insisted the club is not for sale at any price.

Hong Kong-based Investment Banker Ilyas Khan contacted Whalley about buying out his 60 per cent share of the UniBond Premier Division strugglers and was quoted £750,000.

But the Crown Ground chairman has now said that was a figure 'off the top of his head' and stressed his valuation of the club is immeasurable.

Khan, 36, who was born and bred in Accrington, bought a 12 per cent stake in Stanley six years ago when John Alty was chairman.

In that time, he claims to have pumped over £40,000 into the Reds to help with the costs of ground improvements, travel and the general running of the club.

But he has become increasingly disillusioned since Whalley took over, claiming the club has failed to keep him informed about its financial state.

Khan decided to act on Friday and contacted the Stanley chairman about buying him out.

But he was outraged at the price Whalley quoted him for his 60 per cent stake and wants to know how he can justify it. "Essentially, I asked Eric Whalley if I could talk to him about buying his shares in the club," said Khan, talking exclusively to the Lancashire Evening Telegraph from his Hong Kong base.

"He said yes, if I offered him £750,000, at which point I asked him if he would pay the same value for my shares, and he turned around and said he would offer me £10 a share.

"Is there a difference between his shares and mine?

"Is there something about the club which makes it worth the amount he says, and which we don't know about?"

Whalley, however, dismissed Khan's comments and revealed he is just one of a number of people who have made inquiries about buying the club since he became the chairman in the mid 90s.

"What figure I told him is irrelevant," said the Reds chairman.

"It was the first figure which came into my head.

"I get offers for the club all the time and only last month someone offered me £100,000 for it.

"But the valuation of Accrington Stanley to me is immeasurable. The club is not for sale. I don't know how many times I need to say it.

"So Mr Khan can join the back of the queue."

Whalley has pumped a considerable amount of his own money into Stanley in his time in charge.

The club spent £50,000 on a cantilever roof last summer and the Crown is now one of the best grounds outside the Nationwide Conference. He has also ploughed cash into strengthening the team and the club's wage bill this season is reported to be the biggest in its history.

But despite Whalley's financial input, the club have struggled to transform their success off the pitch into league results in the last two years.

Stanley have gone through seven managers in two seasons and look set to get relegated from the UniBond Premier Division after being bottom for most of this campaign.

Khan lays the blame firmly at the door of Whalley and feels it is time for him to step aside and let a new man take over.

"Under Eric's ownership the club has basically collapsed in footballing stature and I think the whole community could do with some answers from him to a few basic questions, such as to what extent is he accountable?" said Khan.

"I have given over £40,000 since I became a shareholder and during that time I have never had any information about the financial state of the club. I've never tried to seek any publicity in all the time I've been putting money in because I did it out of love for the club. "But I'm sick and tired of being treated like this and that is why I've decided to go public.

"I tried to engage Eric Whalley in a conversation last week and he wasn't able to respond in a professional or courteous manner.

"Doesn't the club want to be associated with people who make large donations?

"Accrington is in my blood and I want to see Stanley do well. But I think the club could do with a fresh start under someone who wants to take it places."

Whalley, however, denies Khan has been kept in the dark about the way the club has been run.

And he also stressed he cannot see a situation where the pair can work together in the future.

"Stanley is a limited company governed by company law," said Whalley.

"Ilyas is a shareholder and will receive a copy of the accounts every year like all the other shareholders do.

"Over the years he has put some money in but just because he owns 12 per cent of something doesn't mean anything."

Converted for the new archive on 14 July 2000. Some images and formatting may have been lost in the conversion.