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Cheltenham Town is seeking "substantial" new investment with three of its four biggest shareholders willing to sell their stakes in the club, according to chairman David Bloxham.

The League Two club is owned by an array of shareholders, with the supporter-led Robins Trust having the third largest stake at 16% as of earlier this year. However, the trust is not one of the stakeholders looking to divest its shares.

The rest of the ownership is split between a large number of minor investors but unlike other football clubs, the board of directors - who are appointed by the shareholders - are responsible for running the club, rather than the owners.

Bloxham that if the "right" new investment was found, current major shareholders would be willing to transfer their shares.

"The club is in need of significant investment - particularly with regard to infrastructure at the stadium and training ground - so given the sums of money required the club may need to find investors from further afield," he said.

"Three of the four largest shareholders have indicated that if the right person or organisation can be found - provided they have the right motives and the best interests of the club at heart and are able to make the level of investment required to develop the club - then those three shareholders will be willing to transfer their respective shares so that the new investor can move the club forward."

James Young, chair of the Robins Trust, said there was "no problem" with the current ownership and that any new investors would need to be "open and honest" with supporters.

"They've done a brilliant job to get the club where it is. I think there is just now this realisation that improvement or further ambition is a bit beyond their needs or our pockets, so it's time to look to see who's out there," he told ³ÉÈË¿ìÊÖ Radio Gloucestershire.

"It's the time to look at the options out there to see if there is somebody who is willing to share a really positive, ambitious vision for our club.

"It's got to be somebody who is open and honest with the biggest and most important stakeholder of all, which is the supporters. We're going to be the ones who are there no matter what, forever and ever and we just want something that we can believe in."

The Robins were relegated back to League Two at the end of last season and have endured a testing start to the new campaign, after a summer overhaul of the playing squad.

Michael Flynn was appointed as manager with 19 new players brought in. The team are currently 20th in League Two, having won two of their first eight league games.

Bloxham said the club has enough money to continue meeting "all of our commitments" and paying wages.

"I believe there is much to be positive about but we have to be realistic and move with the times if the club is to continue its progress," he added.