A proposed acquisition of Adelaide United Football Club by South Australian-based Renown Lending will not proceed.
"While our intentions were good, we have come to the decision that it isn't the right fit for Renown at this time. I thank the existing owner, Cor Adriaanse, for his time, noting our numerous conversations and meetings," founder and CEO of Renown Lending, Mr Kalpi Prasad, said today.
"Adelaide United is a wonderful club and, in my opinion, will be at its best when it is locally owned. It has had a reputation of grit, inclusivity, and ambition."
"If a new opportunity was to arise in the future, I would want to deepen South Australian ties, partner with more local businesses and service providers, and, where viable, fund the club with local capital."
"Adelaide United must also be grounded in long-term sustainability, transparency, and demonstrate greater community benefit, particularly to governments at all levels.
"Football's greatest power lies in its social impact. It creates opportunity, belonging, and pathways for young people, irrespective of their background. My interest has always been to support football's purpose."
Mr Prasad extended well-wishes to the club's leadership, staff, players and fans.
"During this process I have had the privilege of meeting many wonderful people involved with the club. I wish the men's and women's teams every success in the future and with my family will continue to support the Reds from the sidelines."
Renown Lending will make no
