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Loan Notes
Loan Notes

Supporting City

York City Supporters Society Loan Notes 2003 Issue


 


In March 2003, when the Trust was in vital need of the funds to complete the Rescue Package, it launched the York City Supporters Society Loan Notes 2003 Issue.  Through this mechanism, around 176,000 was raised by the Trust, effectively from fans donations. 


 


As recently covered in the Trust News in the Match Programme, heres a quick reminder about the key features of the Trusts Loan Notes scheme that was used at that time for vital fundraising:


l                    A mechanism whereby individual supporters could provide money to the Trust for a specific purpose (which, in March 2003, happened to be the purpose of acquiring the Club);


l                    Loan Notes were issued in denominations of 100.  So the minimum contribution was 100, then in multiples of 100 upwards.  Over 30 supporters contributed 1,000 or more and one supporter contributed 50,000 for Loan Notes;


l                    A certificate was issued to each contributor acknowledging their contribution to Save City;


l                    No interest is paid and the Loan Notes are non-transferable;


l                    Noteholders will only be repaid in very limited circumstances.  As was made clear at the time, in many respects, the contribution was akin to a donation;


l                    The Loan Note scheme was recommended by Cobbetts, the Trusts legal advisers, and has been used by other Trusts/clubs.


 


It is possible for the Trust to launch a new Loan Notes scheme in 2004 and this is a matter currently being considered by Trust Board representatives.  More news to follow in due course.


 


 

 
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