Blackpool owner Simon Sadler insists he’s taken on the club with his “eyes wide open” and is prepared to invest what is required.
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Even with larger attendances next season, the Seasiders are expected to make a loss, which will only grow over the coming years with capital expenditure projects planned.
Sadler has already confirmed his number one priority as owner is to build a new training facility, while vital improvements also need to be made to the club’s Bloomfield Road stadium.
When asked if the prospect of losing money scares him, Sadler said: “I knew exactly what I was getting myself into.
“It was reported in the recent court judgement that we had done 100 hours of due diligence. However, it was actually a lot more than that.
“In the data room we carried out hundreds and hundreds of hours of work thanks to my team of accountants and my team of lawyers.
“There were days when I had 12, 13, 14 or perhaps even 15 people doing work to buy this club, so my eyes are wide open.
“I know a large amount of investment is needed and I will step up and do it, but at the same time revenue will need to increase.
“I think we have to be a bit patient because we are going to build for the long- term.
“I’m sure some people will want me to spend a lot of money to get us out of League One this season but I don’t think that’s the right thing for the future of the club.
“I will do my best and I hope you will all give me a chance. Talk is cheap but my actions are going to prove what I say.”
Sadler has, however, stated it is his aim to get out of League One within the next two seasons and admits he would be “gutted” if it wasn’t achieved in three.
“In five years’ time I’d hope we’re solidly established in the Championship,” he added.
“I’d hope we have new training facilities, like we should already have, an academy on some way to being developed, where our own players are coming through, and a stadium that looks a bit tidier than it looks now.”
Sadler insists he’s the right person to take the club forward, even if he did take a bit of persuading to launch a takeover.
“I’ve always said one day I’d own a club, as you do,” he said.
“Once Owen Oyston’s assets went into receivership, (friend and new board member) Brett Gerrity kept sending me messages but I thought it would be a really big task.
“Then I saw clips from the homecoming game against Southend, which is when it really hit home how important it was that change happened.
“I started to explore it from there and the more work I did, the more I realised I wanted to do it.
“It had to be right person to stand up because it could have quite easily ended up in the wrong person’s hands.
“But it just gathered momentum and I realised I was the right person to do it.
“Someone had to do it and I’m really honoured to have the opportunity.”