Accrington Stanley’s major shareholder Andy Holt has now been approved by the Football League.
Andy needed ratification from the Football League to rubber stamp that he and his company What More Ltd are ‘fit and proper persons’ to have a controlling interest in the Reds.
The approval came through this week from Preston.
Andy, whose firm is based in Altham, got the approval of the shareholders to take over three-quarters of the shares at Stanley last week and he has now paid off the £1.2m debt and will invest around £600,000 into the Reds.
“I can confirm the long term debts of varying amounts have been paid off,” said Andy.
“Now everything has been approved, we are working on a business plan to get the club stable so it can break even in the future.
“It is going to take time, it won’t happen overnight, as we have to have meetings with various people but I want to make sure the club never goes bust again.
“We need to generate cash, we need to make it a better experience coming to watch Accrington and we need to get more fans. We also need to get more sponsors on board.
“I am overseeing every single area of the club.”
Chairman Peter Marsden added: “This is a new era at Accrington Stanley. From the first moment I met Andy I knew he was the man who ticked all the boxes, someone we could do business with. A firm but fair, highly successful local businessman able to combine a good business brain with an altruistic streak.
“He is a man with a sense of community and who knows how important a football club is in bringing people together.”
