ADAM WEBB’S St Johnstone takeover has moved a major step closer after being granted in-principle SFA approval.
SunSport understands the Hampden authorities have signalled they will give the thumbs up to the Georgia-based lawyer buying Geoff Brown’s 75% stake in the Perth club.
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Webb has been in talks with the Saints owner since last year, after the 81-year-old decided to end his near four-decade tenure of his hometown club.
Brown will use the proceeds of the sale to build a sports hub for the Saints in the Community charity once the paperwork is completed.
The SFA approving Webb’s arrival in Scottish football is thought to have been the final hurdle the deal had to scale before it goes through.
As a 10% owner of League One side Cambridge United he had to pass dual interests rules with both the SFA and the English Football League.
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Both bodies are satisfied there is no conflict of interest and Webb’s hands-off involvement in English football has not presented a barrier.
The SFA will ask for assurances over meaningful fan engagement on the takeover proposal and a guarantee the Saints badge, colours and team name will stay the same.
Those minor hurdles will be easily negotiated, with Webb’s arrival in Scottish football now appearing imminent.
He has been waiting in the wings for weeks to get to work at McDiarmid Park and with Craig Levein looking to reshape his squad for the new season faces a busy summer.
While Webb is taking over the Brown family’s shareholding on his own at this stage, there is likely to be the opportunity for further inward American investment from his contacts in the States.
We told you previously that Saints have been sitting on 22-acres of land valued at up to £20 million if sold for housing development.
With that in mind, Brown has been keen to find a buyer he trusts with their future.
And after months of discussions with Webb and his legal team, the Perthshire builder is satisfied he’s found the right man to assume control of the club he’s owned since 1986.
Webb said: “Saints in America LLC has been negotiating with Geoff towards purchasing his controlling interest in St Johnstone.
“The process is ongoing and we will not make a detailed statement at this time.
“We are at liberty to state, however, that we are optimistic about the transaction being approved and finalised in short order and we look forward to serving as custodians of the club for many years to come.
“The Browns and the staff at St Johnstone have been a pleasure to deal with and the fans and the people of Perth have been most welcoming.
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“We are excited to take on the challenge to grow the club through success on the pitch, improving the fan experience, dedication to the community, and respect for the 140 years of history and tradition at St Johnstone. Come on you Saints!”
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