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Plea for BCH shareholders to offer shares back to YCFC
Plea for BCH shareholders to offer shares back to YCFC

Supporting City - building a better future

From York Evening Press


FINANCIAL director Terry Doyle has handed back his 100 shares in Bootham Crescent Holdings to the football club and York City's board are calling on all minority shareholders to follow suit.


Doyle's gesture matches the undertaking previously made by former BCH director John Quickfall, who agreed, in effect, to return his 19,282 shares to the club.


Several City supporters have already done the same but the club are also offering to exchange shares in BCH for Supporters Trust loan notes on a pound for pound basis.


Minority shareholders originally paid 1 for each BCH share although former directors Douglas Craig, Barry Swallow and Colin Webb received 12.10 per share during the recent transfer of ownership of the football ground and training pitches back to the club.


But last night Doyle said: "I'd be astonished if any of the minority shareholders insisted on the 12.10 paid to the previous directors of Bootham Crescent Holdings. The board's view is that the majority of minority shareholders bought them as York City supporters when former chairman Michael Sinclair made a rallying call to put money in and protect the future of the football club.


"The reality is that if people want to continue to have an investment in the club, the appropriate way is through loan notes which are issued through the Trust."


Loan notes will only be paid back to the holders in very exceptional circumstances but Doyle was quick to allay any fears that history could repeat itself with individuals using the ground as a profit-making asset.


He said: "The Supporters' Trust was the body which was ultimately put in place to ensure what happened never does again. Protection is there within the Trust's constitution should anything unfortunate happen to the football club such as insolvency or any other unforeseen circumstances.


"Any surplus money raised through the sale of the ground will return to the Trust which also provides protection against individuals receiving such money."


Doyle added that the club's chief aim remains to obtain a 100 per cent ownership of BCH.


The club currently have a 75.9 majority shareholding but an option agreement is in place to acquire the remaining shares, including the 8.52 per cent still retained by Craig, Swallow and Webb, for 1 per share.


Doyle added: "The ideal scenario is that we will get 100 per cent ownership and give York City Football Club complete control of its football ground, training pitch and the land at Wigginton Road with no outside shareholders."


He also pointed out that the return of shares would save the club administrative hours and costs involved in the production of accounts and other documentation.


The club are now appealing for all willing minority shareholders to write to the club with permission to make the transferral, enclosing the original share certificate.

 
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