Asian company closes in on Finn Harps takeover

The League of Ireland is set for its first investment from Asia if Finn Harps members accept a takeover proposal on July 5. Pic: Ramsey Cardy/Sportsfile.

The League of Ireland is set for its first investment from Asia if Finn Harps members accept a takeover proposal on July 5.

The First Division club is one the last remaining fan-owned entities in the domestic game but admit voluntarism is unsustainable for long-term growth, both on and off the pitch.

Last October, Markham Capital and Sports Advisory Limited were engaged to act on the Donegal club’s behalf in seeking a ‘a suitable external investment partner’, leading to suitors from abroad.

It’s understood a firm interest was established with an entity based in southeast Asia and due diligence has been completed with a view to seeking approval from members.

A 75% majority is required to ratify a move that the board has already unanimously backed.

The figurehead behind the takeover has a football background and this represents their first venture into ownership, rather than being part of a multi-club play.

Detailed information will be circulated in the coming days to members ahead of the ballot.

Harps are currently second bottom of the second tier but the pressing matter is the completion of their stadium, more than 20 years in the making.

Planning permission being granted for the 5,580-capacity venue was crucial to this development, according to the club. Government support towards the €7.3m build in Stranorlar stands at €5.4m.

“The prospective investor has indicated a willingness to provide the funding required for the club’s match funding element of this stadium development,” they said.

Last year’s fundraising drive that tripled membership from 700 to 2,000 still wasn’t sufficient “to professionalise the club’s operations and deliver the stadium and infrastructure development the club needs.”

They added: “It became clear that fan ownership alone, however strong, could not provide the scale of capital required.”

League of Ireland clubs have taken over in recent years by US and UK companies but this is the first by an Asian-based company.