New investors from the United States for Cambridge United

Two new investors based in the United States have given Cambridge United a boost on the eve of the 2020/21 Sky Bet League Two season.

Adam Webb and Mark Green will be taking a 10 per cent stake each in the U’s, with owner Paul Barry having approved the issue of new shares in the US company through which he holds his shares in the club.

It will leave Barry with an 80 per cent holding, and retaining overall control.

“This significant new investment will help give Cambridge United important financial stability over the coming period at what is a very uncertain time for every lower league football club,” said Barry.

"I would like to welcome Adam and Mark publicly to Cambridge United. They approached me about investing in the football club and I have always been clear that any new investors in Cambridge United should share our vision and values, have ambition for the future alongside realism about the current challenges, and also be in it for the long term.

"We spoke for some considerable time and it was obvious to me that they ticked all these boxes and would be great additions to Cambridge United and I firmly believe that our new US-based partnership will strengthen the club's financial base.

“They agreed that, as a condition of their investment, they would be prepared to make an ongoing financial contribution every year to underline their long term commitment to the football club.

"To manage expectations I should make clear that this new funding is timely but not transformative.

“The club will still have to have real financial discipline in every area as we go through this season and beyond but it does without question help give the club a platform of greater financial stability.

"I would also like to thank every part of the club for how, together, we have responded to the serious challenges presented by Covid.

“Since the start of the pandemic it has been so encouraging to see everyone uniting to try to secure our future and at the same time putting the community first.

“The board have been meeting weekly. Staff and players have played a key part and the fans' support has been constant and magnificent.

“It is to Ian's and the club's credit that our next two home games have been chosen by the EFL to trial socially distanced crowds.

"There is a lot of hard work ahead on and off the pitch - and no doubt many challenges lie ahead for all of us - but I am proud of how Cambridge United has been 'United In Endeavour' to get through these last six months.

“We are undoubtedly emerging stronger as a result."

Webb is a lawyer from Atlanta, and is managing partner at Webb, Klase & Lemond LLC, a litigation firm.

He was raised in Columbus, Georgia, where he was captain of the high school football team, and went to college at Harvard University, then law school at the University of Georgia.

He is married, and has four children.

“I am very pleased to be joining Cambridge United and look forward to playing my own positive part in the future of the club," said Webb.

“Cambridge is a special city for me - one I know well and love from frequent visits over the years - and I anticipate spending substantial time there in the future.

“I fully share the collective ambition for the football club to have success on the pitch but to do it in the right way by putting the community and fans front and centre.

“It's one of the main reasons that attracted me to invest and why I believe the club can make an even bigger difference over the coming years."

Green is founder and former chief executive officer of Top of Mind Networks, a leading software firm specialising in CRM and relationship marketing for the mortgage industry.

Born and raised in St Petersburg, Florida, Green was a passionate Tampa Bay Rowdies fan, and now lives in Park City, Utah, with his wife and daughter.

“I am genuinely honoured to be joining the Cambridge United family as a minority owner," said Green.

“I have been a football fan from birth, grew up kicking a ball - and although never particularly athletic or talented - I have always had a lifelong passion for the beautiful game.

“I am really looking forward to contributing to United's aspirations both on and off the pitch with Paul, Adam, the board, staff, players and the passionate fans who are the heart of the club, whilst making Cambridge my family's 'home away from home'."

Shaun Grady, chairman of CUFC, said: “This is news that I am sure will be welcomed by every Cambridge United fan.

“At a time of real difficulty for every part of society Paul has made it a personal priority to bring additional investment into the club to give us the financial stability to weather some of the inevitable challenges of the future.

“Every penny of this new investment has come to Cambridge United and we all owe him a great debt for his unwavering support.

“We met Adam and Mark and they are both very impressive individuals who are clearly in it for the long term.

“They are passionate about the city, only want what is best for the club and share our collective vision to make an impact on and off the pitch. We are all looking forward to welcoming them to the Abbey at the first appropriate opportunity."