Sequentia Capital are still hopeful of completing a deal to buy Doncaster Rovers - but say they won’t do it without John Ryan.
Frontman Kevin Phelan has revealed that his consortium have come to an agreement with Ryan to purchase his 24.2 per cent stake in the club.
But he says Sequentia would not be interested in running Rovers without Ryan at the helm.
“If Sequentia are involved, John Ryan will be involved,” Phelan told the Free Press.
“If John Ryan is not involved, Sequentia won’t be involved.
“Doncaster Rovers without John Ryan is like Hamlet without the Prince.
“We’re not interested without John Ryan.”
Talks between Phelan and Rovers are expected to resume next week. Sequentia are continuing their due diligence, while Rovers held an internal board meeting this week to take stock following Ryan’s shock resignation.
Ryan quit as chairman and director claiming Rovers had attempted to “keep him out of the loop” during talks with Sequentia, claims this week backed up by Phelan.
Regardless of Ryan’s position, the takeover now appears to hang in the balance after Phelan also accused Rovers of moving the goalposts during negotiations.
“We reached an agreement in June and signed heads of terms,” said Phelan.
“All the major shareholders signed up to it. But, at the same time those negotiations were going on, Terry Bramall signed an agreement with another party. We thought that was bad faith.
“John Ryan then approached us for a second time and we put together a revised offer.
“We then came back to the table but we were asked not to speak to John Ryan. I found that awkward and embarrassing.
“I’ve know John for 15 years. He was the man that brought Sequentia to the table and suddenly I’m being asked not to talk to him.
“At that meeting we were then told the revised price would reflect the future income of the club. That, if for instance Doncaster Rovers draw Manchester United in the cup, it would cost an extra £250,000.
“That’s a no no for us. We’re not getting involved in that.
“The initial terms of the deal were that we would invest funds with the aim of getting the club promoted.
“If Rovers get promoted, Sequentia get their money back.
“If Rovers don’t get promoted, Sequentia don’t get that money back. It’s as simple as that.
“John Ryan has since completed his portion of the deal by agreeing to sell his stake,” added Phelan.
“I think we can still do a deal to buy the club - but there are obviously a couple of issues that need clearing up.”
Rovers were unavailable for comment when we went to press.