Perth Glory owner Tony Sage has decided against selling the A-League club to controversial bitcoin company London Football Exchange (LFE).
Sage had planned to sell 80 per cent of the club to LFE but he advised Football Federation Australia on Monday night that the deal would not proceed.
Watch every Hyundai A-League game LIVE & On-Demand on KAYO. New to Kayo? Get your 14-day free trial & start streaming instantly >
LISTEN! Andrew Redmayne on the Fox Football Podcast
ON YOUR PHONE? CLICK HERE TO LISTEN
It was revealed yesterday that the London-based cryptocurrency company and its CEO Jim Aylward were facing a $US2.2million (A$3.3m) lawsuit in the UK High Court for partaking in ‘fraudulent misrepresentations’.
Now it appears the deal is off — news that will undoubtedly come as a huge relief to Glory fans who had expressed fears about LFE and the group’s business model.
MORE FOOTBALL NEWS
SALE SURELY OFF THE CARDS? Perth Glory ‘buyers’ facing $3.3million lawsuit
POINTS DEDUCTION? TITLES STRIPPED? Rivals demand Man City cop PL punishment