Cambridge United board recommend Paul Barry's offer to become club's sole owner
Cambridge United's board have recommended to shareholders that they accept Paul Barry's offer to become sole owner of the club.
Based in the United States but brought up in Cambridge, Barry has been the club's largest shareholder since 2008.
He took over in February 2018 after Jez George resigned as chief executive of the League Two outfit.
Chairman of the board Shaun Grady said the offer was recommended "in the best long term interests of the club."
"This proposal obviously comes at a time when the issue of funding for all lower league clubs is under significant scrutiny," Grady added.
"The board believe the proposal provides important financial stability and security over the short and medium term."
Barry has previously pledged to build a new ground on the site of their Abbey Stadium home, while Grady says there was an appeal in passing sole ownership to a fan of the club.
"All fans know that Paul is black and amber to his core," he said.
"This recommendation follows detailed discussions with several potential investors over the last nine months which resulted in three formal proposals being made as part of a through process involving the whole board and its advisers."