FPP Sunderland dissolve their investment vehicle after failed takeover talks
FPP Sunderland is set to be no more - after applying to have their company stuck off the Companies House register.
The company was established by American trio Glenn Fuhrman, Robert Platek and John Phelan in September as they looked to finalise a takeover of Sunderland AFC. FPP was set to be the trio’s vehicle to purchase a shareholding in the club after they undertook extensive due diligence on the club’s finances.
But after takeover talks cooled, and a subsequent £10million investment deal was sanctioned, the trio have now closed the company.
Documents seen by the Echo, which were filed on February 6 2020, show that the firm have submitted an ‘Application to strike the company off the register’ - essentially dissolving their company.
This means that should the American trio wish to invest in Sunderland moving forward – or launch a full takeover bid - they would have to purchase shares individually or set-up a similar company.
Owner Stewart Donald, however, believed the possibility of the trio purchasing the club was ‘unlikely’.
“I think if they were going to buy it, they would have done so already,” he said, speaking to BBC Newcastle.
“They invested the money on the basis that we would be there to oversee it.
“So if I’m not there, it’s unlikely I think that they’ll want to take on. Never say never but [its unlikely].”
Donald’s holding company, Madrox Partners, will still be liable for the charge registered with FPP Sunderland – as the company remains registered in Delaware.