August 1 2014 Latest news:
Monday, July 7, 2014
Barry Hearn has confirmed he has sold his stake in Leyton Orient to Italian businessman Francesco Becchetti.
All 90 per cent of Hearn’s shares in the company – through his company Matchroom Sport Ltd – have been passed on to Becchetti, who will now become the club’s chairman.
Meanwhile, the board of directors – Hearn’s son Eddie, Steve Dawson and David Dodd have all resigned, and despite Matt Porter standing down as Chief Executive, he will remain as a club director with the O’s.
Porter took to Twitter soon after the announcement, saying: “A difficult day, my last as CEO after 8 years. Proud of what we have achieved though and confident the Club will go from strength to strength. But as the curtain comes down on his era, it opens for Francesco Becchetti, who is ambitious and determined to make us a Championship club.”
Hearn acquired the shares back in 1995 from Tony Wood, which made him one of the longest serving owners in the English football.
A full announcement regarding the club’s new board of directors will take place at a press conference on Thursday, which will be attended by both Hearn and Becchetti.