It was not the start they had planned for life back in the top flight of the SSE Airtricity Premier Division but the weekend got better for Shelbourne FC after their 3-0 home defeat before the RTÉ cameras on Friday night.
On Sunday it was confirmed that it had secured significant equity investment from a US Based group of investors under the name of Closebreak Limited.
These include existing US-based Board member Chris Farrell, leading Irish businessman Joe Devine and a group of prominent American professionals working in finance, media and law.
Steve Silver and Gavin Baiera are both Senior Managing Directors with Centerbridge Partners, an investment firm that specialises in real estate and distressed strategies where they “seek to identify instruments and assets that have been either overlooked or misunderstood by the market.”
Closebreak Limited was established as a limited company in Ireland in October 2021 and lists Chris Farrell and Joe Devine as Directors and Sean Wallace as Company secretary.
The amount of the investment has not been revealed as yet but it will be to secure a minority stake with majority control remaining with the current investors, including Chair Andrew Doyle.
Joe Devine has joined the Board and Gavin Baiera is to become a Board Observer.
According to a statement issued by the club on Sunday, “The investment will support the achievement of Shelbourne’s strategic vision and the implementation of our five-year plan.”
“This is a very welcome investment which brings finance and new skill sets to Shels and which validates the ambitious plans we have set out for the Club,” said Doyle.
“Our goal is to have a positive impact on Irish football, in both sporting and social terms and we are making good progress.”
“Being able to introduce business people of this calibre is a tangible example of the changes we are driving at Shels,” added CEO David O’Connor.
“The addition of Joe and Gavin will further strengthen our already accomplished and highly driven Board. We have an incredibly dedicated group of volunteers and the most passionate and loyal fan base in the country. I am looking forward to working with all of them as we collectively drive the Club forward.”
There will be a natural concern at similarities to the high hopes that came with US Investment from Peak6 when they took over Dundalk FC in 2018 before selling back to local investors after an unhappy period in 2021.
Part of the plan now includes negotiation with Dublin City Council on buying back Tolka Park and exiting the arrangement where Shelbourne and Bohemian FC would share a redeveloped community stadium at Dalymount Park. The capacity at the new stadium is set at 6,000. Whether Shelbourne’s exit would open the door for another Dublin club to share is unknown as yet.
