Floriana FC president Stephen Vaughan Jnr issued a statement in which he announced that he was resigning.
This resignation arrives a few days before the club holds an Extraordinary General Meeting on February 15th.
Over the past weeks, other top club officials were reportedly in negotiations with Riccardo Gaucci, son of former Perugia and Catania owner Luciano Gaucci.
Photo: Copyright © Paul Zammit Cutajar
In his statement, Stephen Vaughan Jnr said:
Having proudly held the post of Floriana FC President since December 2012 I now feel the time is right for me to resign my position. Since the 13th of August 2012 Vaughan Boxing signed a collaboration agreement with the football club investing 6 figure sums over a 12 month period. This agreement expired on the 13th of August 2013.
Under the terms of that agreement we had 1st refusal to renew the agreement. Unfortunately for the past 6 months the Floriana FC committee have refused to renew the agreement stating they have other options available.
In the meantime we have continued to loan a further 5 figures to the club since August 2013 most recently €17,000 in January 2014. However since taking legal advice our solicitors have advised us to stop any further loans into the football club without any written agreement.
There has been a lot positives since we arrived and we’ve cleared lots of historic debt under our tenure and cleared countless garnishees not forgetting we initially secured the clubs future on the signing of the agreement in 2012. Having negotiated the terms for the new car park adjacent to the independence Arena we thought this would be a huge step forward for the football club.
The pre season started on a positive note winning the AME Cup and after that we intended to build a stronger squad with more investment but this was restricted by the stalling of the renewed agreement. I’m told there is Italian investors looking to take the club forward. I wish them well!
Finally I would like to take this oppurtunity to thank the Floriana FC supporters for there backing over the past 18 months and wish the Club every success for the future.
The Greens are currently eighth in the BOV Premier League table after suffering five consecutive defeats.