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Trust comments on the ground solution
Trust comments on the ground solution

York City...at the heart of the community

The Trust has produced a separate Newsletter about the ground solution to supplement the information provided by the Club to help provide a better understanding of the issues involved.  It is necessarily lengthy, but hopefully of interest and use to those who read it. 


The Newsletter is available via http://www.ycst.co.uk/cgi-bin/template.pl?t=npd&ID=444 The headlines:


l                    Just over a year ago, whilst many people considered that the York City business was beyond salvation, and with the threat of being ousted from Bootham Crescent casting a dark shadow, the Trust rescued York City from the brink of extinction.  This provided the opportunity to fight for the Clubs home.  Through the efforts of true City supporters, the negotiated ground solution provides the basis for long term security and a better future for York City at the heart of the community.


l                    The legal and business aspects of the deal are far from straightforward and there are a number of complexities involved, which is the main reason why it has taken since summer 2003 to reach this stage.


l                    The Club will be paying 2.1 million to obtain a controlling interest in BCH, which currently owns Bootham Crescent.


l                    Upon completion of the arrangements which it is hoped will be concluded before the commencement of the 2004/05 season - ownership of Bootham Crescent will be under the control of the Trust and the Football Club.  The ownership of Bootham Crescent is being reunited with the Football Club.


l                    York City will receive a 2 million loan from the FSIF (a partner company of the Football Foundation), on which the Club must pay interest and adhere to certain conditions;


l                    Persimmons agreement with BCH to acquire Bootham Crescent will be cancelled;


l                    Details of the arrangements are set out in the legal document to BCH shareholders.  The shareholders include around 150 City supporters who between own about 6% of BCH.


l                    The Club will work towards moving to new 10,000 all-seater stadium in York in ten years time.  In due course, the Club will sell Bootham Crescent and will reinvest the proceeds in the proposed new stadium.


l                    The Trust continues to hold the fundamental principle that York City should not be ousted from its Bootham Crescent home unless and until a better facility is put in place for the Club to play its home games.


 

 
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