Semaca committed to Wealdstone takeover despite delay

Wealdstone say Nick Semaca is fully committed to obtaining a majority stake in the National League club, despite the deal not being completed by a 31 October deadline.

The American businessman, who is a former director of Leyton Orient, agreed a deal last month to buy a 50.1% stake in the club with a period of exclusivity that ran out on Friday.

Wealdstone's shareholders voted overwhelmingly in favour, external of approving the takeover by Semaca's Lakefront Football Partners LLC group at an extraordinary general meeting earlier this month.

But Wealdstone say delays in signing a new lease at their Grosvenor Vale ground have delayed the deal.

The club say they are in "regular, constructive dialogue" with their landlords who "continue to indicate their intention to finalise and sign the new lease imminently".

"While we are hugely disappointed by the continued delays to the lease signing, we remain confident that both the lease and Nick's investment will be successfully concluded," acting chairman Dominic Whyley told the club website.

"Everyone connected with Wealdstone FC understands the significance of these developments for the club's future, not only to secure our stability but also to continue our incredible progress towards the dream of a new, purpose-built stadium.

"We will continue to work tirelessly to achieve a successful outcome for the club and its supporters."

Semaca was a director for management consulting firm McKinsey & Company before becoming involved in sports investment.

Following his retirement from McKinsey in 2013, he bought Illinois-based minor league baseball team Joliet Slammers - helping them to a league championship before selling the outfit to a group that included actor Bill Murray.

Semaca served on the Orient board from 2021 until April this year, when a consortium led by New York-based businessman David Gandler took over at Brisbane Road.

The O's won the League Two title and reached the League One play-off final during Semaca's time at the club.

The Stones are currently 11th in the National League, five points off the play-off places, having won promotion back to the fifth tier in 2020.