Gillingham has been owned by Paul Scally since 1995
Ownership of Gillingham’s Priestfield Stadium was transferred to American businessman Brad Galinson.
The Florida-based real estate tycoon has been linked to a takeover by League Two fighters.
A ‘pay registration’ has been filed with Companies House showing that the Kent Club is giving up ownership in exchange for an investment.
It could spell the end of owner Paul Scally after 27 years at the club.
In August Scally said he was taking a step back from the club’s day-to-day operations due to the abuse he suffered from fans.
Paul Fisher returned to the club as chief executive.
Almost a year has passed since then Scally mentioned discussions with parties interested in investing in the club.
On the field, Neil Harris’ side struggled for goals, scoring just six goals and winning two of their 19 league games so far to end up in the relegation zone.
Only Middlesbrough chairman Steve Gibson has spent more time managing an English Football League club than Scally, who took over in 1995.
In that time his side have won four promotions and reached three play-off finals, and they spent five seasons in the Championship from 2000.
A banner was flown over Priestfield on the final day of the 2021-22 campaign.
gills got relegated from the first division on the closing day of last season, a day when some fans hoisted a banner over Priestfield with the slogan ‘Win, Lose or Draw – Scally Out’.
“A significant step”
Analysis – Matt Cole, ` Radio Kent Sports Editor
This is a chargeable incorporation – effectively transferring the ownership of the stadium to Brad Galinson. He is now set to become the owner of Priestfield and has been at the center of rumors of a possible takeover of the club in recent weeks.
Of course, there is no comment from the club. This is not uncommon in deals of this nature, taking over a football club is a big deal, there are many points to consider and Ts to cross. It’s not a quick deal in general. Not infrequently there are non-disclosure agreements as part of the financing negotiations.
It is difficult to quantify what percentage a club’s football pitch or stadium accounts for. Very few investors today look at a club and say, ‘We just want the business’.
Not disrespectful to Gillingham or what Paul Scally has built over the years, but the club itself, just the bottomless business, doesn’t give investors any scope for development or change on the bottom – it’s very difficult for a club to operate like this without a the property of the ground.
This is an important step. Without the ground, all you own is the business and a League Two club without its home is a very different investment.
Gills fans have been doing their own due diligence on Galinson for the past few weeks since his name surfaced.
The search engines were scoured. His business is real estate, he is the head of a Florida firm that deals in property worth millions of pounds.
Being the boss of such a company leads some people to believe that there is a lot of money behind this man.
Some cynics also say: “He owns, he owns the stadium, should we be worried?” I don’t think so, but we’ll see that over the next few days and weeks.
It could still take some time. A suitability check must be carried out – be it for him as an individual or on behalf of a trust. We could be looking at weeks rather than months but I don’t think we expect new owners before the week is out.
The fans, like us, read between the lines and think this is good for the club. At the moment they are in poor shape in terms of league position and that could make all the difference in January and the transfer window should the takeover happen.
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