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Trust urges members to vote for the future
Trust urges members to vote for the future

Members to vote on/by 6 June


Citys Trust Board is urging the Trusts near 1,280 members to vote in favour of the proposal to provide vital financing for the Club.  The proposal will result in Jason McGills family business becoming the new majority owners of York City for 1 million of cash investment in the Club.  The members decision will be revealed at the Trusts Special General Meeting in two weeks time, with members being entitled to vote in person on the night or by postal vote beforehand.



 


Trust Chairman Steve Beck said: Weve provided a lot of information to the members and were encouraging them to carefully consider the details and exercise their vote.  After exploring various alternatives, were pleased to have a proposal that meets our objectives of gaining significant additional funding for the Club and also securing voluntary input to lead the Club into the future.


 


In the letter sent to members this week, the Trust Board set out why they believe that the proposed arrangements are in the best interests for the continuation of professional football in York:


 



  • The arrangements will provide 950,000 of essential committed funds to the Club, in addition to the monies provided by Jason in 2003.  This 1 million of monies will not be repayable by the Club to JMP.

  • It will enable the Clubs operations to benefit from the significant voluntary input of time and skills by Jason and other existing Club Directors - which is essential for the leadership and running of the Club.

  • Various possible alternative funding and management arrangements have been investigated and considered.  The arrangement with JMP is the only available option.

  • If significant additional funding is not put in place very quickly, then the Clubs Directors would be obliged to consider the solvency of the Club.  The future of the Club will be forced into serious doubt.

  • Given the need to swiftly remove the uncertainty overhanging the Club, under the JMP proposal there is certainty about the provision of funds and also about continuity of leadership/management.

  • The Trust will continue to have a significant involvement in the future ownership and operation of the Club, including several special additional shareholder rights for the Trust, many of which relate to protections about the ground situation.  From the outset of the discussions, both Jason and the Trust agreed that it is important to protect the value of the ground for the future benefit of the Club, for future investment in a new ground.

  • Working in partnership with Jason, the Trust will continue to promote its vision of a thriving community-focussed York City, with a high quality permanent home in the city, managed on a long-term sustainable basis and achieving at a good level within the Football League structure. 

 


If the arrangements are concluded, then the major downside for some people will be that the Trusts shareholding in York City will reduce from 85% to 25%, although the Trust will be granted certain special additional rights.  The Trusts special additional rights are primarily to help ensure that the value of the Bootham Crescent site is protected for investment in a future new stadium in the city.


 


The arrangements with JMP provide for an 11% rate of return on monies invested.  That interest will not be paid to JMP until the Bootham Crescent ground is sold.  Jason will not receive a salary for his future time input.


 


Trust Chairman Steve Beck commented: Understandably theres been some heated debate amongst some supporters about the ownership of the Club.  The Trust Board have had to work especially hard over the past few months to consider the alternatives.  After lengthy discussions, we have now been able to put forward a proposal that has been agreed with Jason.  In two weeks time, when the members collective decision is known, we will hopefully be in a position of certainty about the future funding and management of the Club and be able to positively work towards the 2006/07 season and beyond.


 


The Trusts Special General Meeting will be held in two weeks time on Tuesday 6th June (from 7:30pm) at the Tempest Anderson Hall in York.  In the letter to members, the Trust has provided a lot of details about the current financial position of the Club, about the proposed new arrangements with JMP, and about the alternatives that have been investigated.

 
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