Diamandis first joined the club's investors when he was invited to buy the shares that Steve McMahon had left, which he bought through a member of his staff to keep his name off of the club's records. He said he did this to prevent any accusations of conflict of interest. He became involved as a member of back-room staff when the club asked him to find investors in 2000. On viewing the club's finances at the time he said "I was pretty taken aback by what I'd seen"; the club had recently received £3.5million and he was "shocked that so soon after such a big investment the club needed another £1.5million to stay afloat". Part of the group that arranged insolvency, he negotiated the provision of £125,000 each from Willie Carson and Cliff Puffet before an administrator was appointed. At one point Cliff Puffett asked him to help fund that month's salary, which he refused whilet demanding to know why there was a money hole. He was instrumental in creating the consortium to re-take over the club and bring it out of administration. Bob Holt, Willie Carson and Cliff Puffet again invested £125,000 each and developers St. Modwen Properties provided capital to the scheme. Ten months later the group regained control from the club's creditors, saying "We only got control by a mistake they made in that they spent too long electing a board and arranging an AGM".