Pannone Corporate has advised on the sale of Bury FC’s stadium, paving the way for the return of football to Gigg Lane.
Richard Wolff (insolvency & restructuring partner), James Wynne (real estate partner) and Oliver Moore (insolvency & restructuring), advised Inquesta Corporate Recovery & Insolvency – the administrator of The Bury Football Club Company Ltd.
The ground, along with other assets including club memorabilia, goodwill and intellectual property, and the Bury FC name, have been acquired by newly-formed Gigg Lane Stadium Limited – a company limited by guarantee whose members are the Gigg Lane Propco Limited and Bury Football Club Supporters Society Limited.
Richard Wolff said: “Today’s announcement is not only a positive result for the parties involved, but also for football, Bury and its local community. As a firm, we’ve been able to bring together our expertise across restructuring and real estate to support the process over the past few months and achieve the best possible outcome for stakeholders.”
Inquesta announced in May 2021 that the 12,000-capacity stadium was being put up for sale. Gigg Lane is one of the world’s oldest professional football stadiums and has been home to Bury FC since the club was founded in 1885.
Steven Wiseglass, a director at Inquesta, said: “We are delighted that this transaction has been successfully completed. It is a fantastic outcome for the fans, the club and the whole town, as it will hopefully bring football back to Gigg Lane. My hope all along has always been that Bury FC could be rescued.”
The Bury Football Club Company Ltd remains in administration and Inquesta is continuing with investigations into the company.