South Shields agree major deal with international investment fund ahead of ownership structure change
There was some big breaking news from South Shields on Monday evening.
South Shields chairman Geoff Thompson has confirmed a deal has been agreed with an international investment group that will see changes to the ownership structure of the National League North club as early as next month.
Thompson first took ownership of the Mariners 11 years ago and has overseen a dramatic upturn in fortunes that has taken the club from Northern League Division Two to within touching distance of the National League non-league football’s top tier. During that time, the Mariners have secured four promotions via league title wins and lifted the Durham Challenges, Northern League Cup and, perhaps most memorably, the FA Vase as over 15,000 supporters cheered their side on to a Wembley win against Cleethorpes Town in 2017. The club also made the big step from semi-professional to full-time professional during that time.
Thompson decided to put the club up for sale in October 2023 after undergoing surgery following a cancer diagnosis earlier in the year and confirmed he had received interest from several parties during that period. Although no agreement was forthcoming at the time, interest has remained and the Mariners supremo revealed he had held ‘exciting conversations’ about the future of the club in an exclusive interview with The Gazette earlier this month.
Thompson has now moved a step forward by confirming a deal is now in place that will see an international investment group take a majority stake in the Mariners subject to National League approval - but he will remain in place as chairman and as what he described as ‘a significant minority shareholder’. Although further details will not be released for at least another fortnight, the news will come as a major boost to Mariners supporters as Ian Watson’s side push for promotion into the National League.
Impending changes
Speaking in a video released to club shareholders on Monday, Thompson said: “I’m excited to share with you some exciting news about the impending changes of the ownership structure at South Shields Football Club. This follows several months of discussions and negotiations with an international investment group. The deal is subject to final sign off from the National League - but we do not expect any problems in that regard and therefore, I am taking this early opportunity to at least give you some information about the deal and the proposed timetable.
“So, the intention is that this new ownership structure will take effect from the 16th April. That’s our target completion date, subject again to National League approval - but what I must stress is that I am going to continue as chairman of the club and as a significant minority shareholder in the club and I will continue to work with the existing management team and continue to drive the club forward in the way we have over last ten or eleven years.
“So there are some exciting developments for the club. I hope you’re all as enthusiastic as I am hearing this news. Obviously, I need to share with you some more detail in due course, once we have reached that completion date. Thank you for your attention, I know it’s a brief communication at this stage and as I say, I hope you’re as excited as I am about what the future holds for the club.”
All focus will go into events on the pitch for the time being as Watson and assistant manager Carl Magnay look to see off the challenge of AFC Fylde and land the National League North title between now and the end of what has already been an exciting season for the Mariners. As it stands ahead of a Good Friday visit to North East rivals Spennymoor Town, the Mariners are sitting just one point adrift of Fylde - but have already confirmed their place in the play-off spots at least. However, the prospect of promotion into the National League remains prominent and there is a genuine belief the Mariners can move within one promotion of a place in the EFL and that would achieve one of the main goals set out during Thompson’s decade-long tenure.
Instrumental
Speaking to The Gazette earlier this month, Thompson expressed his delight over the progress made over the last nine months and insisted there was no pressure on Watson and Magnay to deliver promotion into the National League this season.
He said: “I knew of Ian’s track record and we did our research. I spent a lot of time with him before we agreed terms and his record and the research speaks volumes because, although it’s his first managerial appointment, he was instrumental in the success at Gateshead and it’s good to have Carl with him. We have a strong management structure and I’m excited about that whatever happens this year. I’ve never been more excited about the club’s prospects.
“Given where we are, I’d be a fool if I said there wasn’t pressure - but am I putting pressure on Ian and his team to get us promotion? No, of course not. I leave that with the team and my role is just to give him all of the support financially and as a organisation and that’s what I’ve tried to do. I’d love to get promoted this year, we are up against some great sides this year - but if it doesn’t happen, we just dust ourselves down and go again - but I am not contemplating that at the moment.”
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