BURNLEY Football Club chairman Frank Teasdale has opened the door for a takeover at Turf Moor, writes NEIL BRAMWELL.

Mr Teasdale told a stormy annual meeting that he was willing to stand down if "serious money" was offered to buy control of the club.

The chairman was forced to admit that a Manchester firm had offered £1million having previously told the packed Boxing Day meeting that no potential bidders had talked hard cash.

But I understand that another interested party, a wealthy businessman based in America called Ray Ingleby, expected his interest in the club to be revealed to the AGM by the board.

Mr Teasdale said: "We have talked to people over the last few months with regard to the future.

"But we cannot say X is going to offer Y amount.

"We have chatted to people but money has not been mentioned.

"People are not queueing up to put money into the club.

"We have only had people being interested.

"Until we sit down it's very difficult to say how seriously we view that interest.

"There has been lots of talk about people wanting to do this and people wanting to do that.

"Someone mentioned a Midas around the corner - you never know.

"It would be nice to talk to someone."

But shareholder Les Dearden revealed that a Manchester company, Apax Partners and Co Securities, offered £1m to buy 51 per cent of the issued share capital on behalf of a third party.

Apax refused to disclose who was behind the bid.

But the board admitted that the bidders were willing to invest "whatever money was necessary". Mr Teasdale added: "We believe we went down the right path in this instance. I have acted in the best interests of Burnley Football Club."

The funding of the club was a theme throughout the meeting, with calls from the floor for Mr Teasdale to stand down.

A special resolution to hand exclusive share handling rights to the board was overwhelmingly defeated.

A special meeting is now to be held to review this matter. The board received severe criticism over the way the resolution had been presented.

Former club chairman John Jackson said: "I am astonished at the proposition being put forward. Surely the floor is entitled to know the board's reasons for the resolution. You should explain that you are deliberately withdrawing from them the protection of the Companies Act."

Influential shareholder Harry Brooks added: "The effect of this resolution would be to give carte blanche to the directors. They could issue shares on preferential terms to themselves.

"If you pass the resolution we will have no voice in the matter.

"I am in favour of a share issue but it has got to be done on a fair and equitable basis with everyone knowing what is going on."

Mr Teasdale, who had originally opposed the timing of the proposal, insisted: "I assure you there is no ulterior motive. We would not allocate them to ourselves. We want it (the special resolution) for the people who are interested and genuinely want it for the football club's sake and not as an investment.

"It is totally untrue that we are trying to pull a flanker."

Director Clive Holt added: "We need the tools with which to bring fresh capital into this club."

Mr Jackson described this statement as "misinformation".

Mr Teasdale also tried to calm fears over the size and nature of existing loans with the club's bankers, TSB. The club currently owe more than £2 million in bank loans and shareholders were worried any income from selling a player would be taken by the bank and not used to strengthen the squad.

TSB have reserved the right to demand immediate repayment of £565,190 of this money.

And the auditors expressed a "fundamental uncertainty" that the accounts were prepared assuming the continued support of the bank.

Their report said: "The accounts do not include any adjustments that would result from the withdrawal of that support. Our opinion is not qualified in that respect."

Mr Teasdale said: "The bank have been magnificent. The bills are being paid.

"If there are any warning bells to be rung, TSB would be ringing them and there are certainly no warning bells being rung."

Mr Holt angrily denied suggestions that a £193,000 settlement with contractors Linpave had made a £386,000 "hole" in the accounts.

He said: "That is absolutely rubbish. The club won the case and won it hands down."

Player manager Chris Waddle's failure to attend the meeting was strongly criticised, as was the timing and date of the AGM.

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