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No sale! Potential buyer pulls out of Warriors purchase

Author
David Skipwith, NZ Herald,
Publish Date
Wed, 23 Aug 2017, 1:33PM
Warriors celebrate a try against the Rabbitohs at ANZ Stadium, Sydney. Photo/Photosport
Warriors celebrate a try against the Rabbitohs at ANZ Stadium, Sydney. Photo/Photosport

No sale! Potential buyer pulls out of Warriors purchase

Author
David Skipwith, NZ Herald,
Publish Date
Wed, 23 Aug 2017, 1:33PM

Auckland businessman Paul Davys has abandoned plans to buy the Warriors NRL club, blaming a "confusing process" as the reason why the deal fell through.

The Warriors will remain in the hands of current owner Eric Watson hands for the foreseeable future after Davys today confirmed he had withdrawn his bid to purchase the Penrose-based franchise.

"Yep, that's a fair call," Davys said. "That's all I've got to say."

Davys was offering $15 million to buy the club while Watson was holding out and wanting $20 million for the club he has owned in part since 2000.

Both parties signed a non-disclosure and confidentiality agreement and have been going through the due diligence process over the past fortnight.

Davys has expressed his frustration over the way negotiations were handled by Watson, saying he received mixed messages about whether his bid would be accepted.

"Withdrawn my interest due to a confusing process," Davys said in a text message to the Herald.

"I was given every indication that my offer was accepted subject to due diligence only to find the process being handled more like a tender.

"I was advised this week that I needed to complete my due diligence then submit an offer for Eric to consider. This to me is back to front and time delaying.

"The fans are wanting to know what direction the club is taking and there is a lot of work to do in a short period of time to get the systems in place that I feel the club needs. And with a sale process of uncertainty I feel it's best I move on and let everyone get on with life.

"To say I'm not disappointed is an understatement [sic] considering my understanding of where we were at with negotiations. I will make no further comment and wish the club all the best."

The Herald contacted Warriors managing director Jim Doyle for comment but he declined saying all discussions around the club's potential sale remain private and confidential.

Watson remains in talks with several other interested buyers but is in no rush to offload the club he has owned in part since 2000.

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