Matthew Benham formally signs agreement to take control of Brentford FC (From Hounslow And Brentford Times)

Matthew Benham formally signs agreement to take control of Brentford FC

10:01am Wednesday 10th March 2010

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The formal agreement for a professional gambler to take control of Brentford Football Club has been signed.

Bees United (BU), the supporters’ trust which owns more than 60 per cent of the club, confirmed paperwork has been completed for Matthew Benham to invest £1m a year in the club for five years, starting this season.

The publicity-shy gambler - who owns Smartodds Limited, which analyses and bets on football matches - purchased 35 per cent of the club when the deal was confirmed and in 2014 he will have the option of taking his shareholding up to 75 per cent by buying shares from the trust.

BU will also have an option to repay his existing £4.5m loans to the club at the same time and keep control.

More than 99 per cent of BU members backed the deal, on a 68 per cent turnout, when it was put to them last summer and Richard Smith, from the Brentford Independent Association of Supporters (BIAS), welcomed its completion.

He said: “BIAS warmly welcome the financial support that Matthew Benham has brought to Brentford Football Club.

“The association hopes that the Matthew Benham, Bees United, Brentford FC relationship will be successful and Brentford will be able to move forward as well as becoming more financially stable.

“The need for Brentford FC to become more sustainable and grounded, is highlighted by recent troubles suffered by clubs such as Portsmouth, Chester City and Crystal Palace to name just a few.”

Under the terms of the deal, BU will continue as majority shareholder for the next five years but Mr Benham will take effective operational control. If the trust’s shareholding is purchased in 2014 it will remain a minor shareholder and retain a golden share protecting against the inappropriate sale of the club’s Griffin Park ground.

It was also announced this week the club’s main Braemar Road stand is to be renamed the Bees United stand.

David Merritt, BU chairman, said: "I am delighted that we have completed this deal with Matthew which significantly strengthens the club's finances at least until 2014.

"I would also like to express my gratitude to all parties involved in the deal, including our lawyers, PriceWaterhouseCoopers Legal, who have worked extremely hard in bringing the deal to a conclusion."

"We are very appreciative of the support of everybody who has made this deal possible.”

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