Quote:
Originally Posted by Quay Red
Not true. Understand where you're coming from re. ownership but you need to accept that it's basically a co operative.
The trust own the only shares in the club. The trust is it's members. The board it's representatives. The board don't own the club.
You have effectively, the same as every other member, one voting share as a co owner / member of the trust.
Financially your "share" is worthless, can't be traded, can be relinquished.
BV is right, a number of people were interested in investing, one in particular, if I remember rightly, in the COE.
The abuse that the Friends got was unbelievable, especially as we had informed the Trust chair at the time of our intentions to look for additional funding streams and received tentative approval.
It has to be remember that this was at a time when the trust were looking at purchasing the ground as well.
At the time I was critical of the boards approach as they would need to have raised around £4 million and this wasn't likely from the members at £12 a year. Ultimately, purchasing the club for £1 was the best / only option.
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From memory the ground was £1.3m - upkeeps and repairs would have pushed it to that figure over time which I thought was still achievable had the right model been pursued. However it’s all history, Rich was very pragmatic and it was a shame he stepped down, then everything became horrendous with the politics and subterfuge. One thing for sure is I wouldn’t do it again!