In 2005, director John Fenty became the controlling shareholder in the club after a search for outside investors failed, and a sale of shares to the local public was poorly received. He owned a 51% majority stake in the club and has made significant loans to the club to ensure its continued operation. Former Leicester City chairman John Elsom also joined the board of directors along with racehorse stable trainer and owner Michael Chapman in December 2002. However, with cash flow problems, corners had to be cut and the squad was paper thin, numbers were mainly made up by inexperienced youth team players, and loan signings of questionable purpose. Like many other teams who suffer a relegation in the previous season, Grimsby got off to a mediocre start and a lower mid-table finish was as good as it would get for Slade's men.