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Working Towards Saving City

Trust battles on to complete Rescue Package

As reported in Mondays Evening Press, the meeting to consider the Administrators proposed Company Voluntary Arrangement was again adjourned, this time until Wednesday 26th March. The main reason for this was that the Preferential Creditors (comprising HM Customs & Excise and the Inland Revenue) had indicated to the Administrator that they were yet to be satisfied regarding the proposals put to them by the Administrator.

In order for The Football League and the Football Association to approve the transfer of membership from one entity to another in the case of our club, from York City Association Football & Athletic Club plc to York City Football Club Limited (i.e. the new company set up by the Trust) various matters have to be satisfied. One of these matters is that certain preferential creditors have to be satisfied.

For the avoidance of doubt, it is the Administrators responsibility to deal with matters relating to the CVA and the Administration. However, Trust representatives have had to hold various discussions in relation to the matter concerning the Taxman. Late on the afternoon of Monday 24th March, following discussions with various parties, further amendments have been suggested to the proposals to creditors that should provide for a greater return to the Preferential Creditors than had been proposed previously. At the time of writing, no formal acceptance of the improved proposals had been received from the Taxman, although there are good grounds to believe that they will be accepted. It is hoped that a formal approval will be received from the Taxman prior to the rearranged meeting to consider the revised CVA proposals. Trust representatives and other supporters who have attended Bootham Crescent on 17th March and 24th March will again be in attendance on 26th March.

Again, for the avoidance of doubt, if the CVA proposals are approved by the Preferential Creditors and others, that is simply another piece in the jigsaw (albeit a very significant one) in terms of the Trusts rescue plan. Before York City is under Trust ownership, York City Football Club Limited has to enter into an agreement to acquire the business and assets of the old club from the company in Administration. That transaction is the subject of a separate Sale Agreement. One of the last remaining matters will be transfer of League membership by the football bodies. To this end, Trust representatives are set to again meet the Football League at their Preston headquarters on Tuesday 25th March.

The Inland Revenue and The Football League are just two of a myriad of parties that the Trust has had to deal with (some at great length) over the past few weeks.

Working towards completion of the rescue package to save City from extinction, those acting on behalf of the Trust (Trust Board members and a number of other individuals who have kindly volunteered their time) have been working with the following parties, amongst others, over just the past few weeks:

- Satisfying the Football Leagues significant requirements for the transfer of membership;
Similar to The Football League, satisfaction of The Football Associations requirements;
- Incorporation of a new company, York City Football Club Limited, to operate the business of the new York City;
- Planning for running the business of a football club, including the appointment of a Board of Directors with responsibility to run the new club;
- Development of a business plan and detailed financial projections that have been presented to various parties;
- Working with the Professional Footballers Association and their legal advisers and, in turn, the players, to achieve deferral agreements to help save the Club from extinction;
- Consultation with non-playing staff employees;
- The absolute necessity to demonstrate to The Football League a solution with regard to their ground tenure requirements has required a series of discussions with BCH, Persimmon and the City of York Council. The initial result of those discussions that is, the proposed full and proper development of the Monks Cross stadium site - was announced on 11 March;
- Working with the Administrator (and their legal advisers) in relation to the CVA proposals, the Sale Agreement, and various other matters;
Working with the Trusts own legal advisers (Cobbetts Solicitors) in relation to a variety of issues;
- Working towards a solution with regard to the properties currently used by the club (including the house on Grosvenor Terrace and the home ground of Bootham Crescent);
- Contact with the current Chairman of York City Association Football & Athletic Club plc with regard to trying to resolve certain legacy issues; and
- Turning pledges into cash via donations and Loan Notes and raising additional monies to help make the Trusts rescue package a reality. Whilst some have said the Club was beyond salvation, the immense power and financial support of the people have brought the fans to the brink of saving/owning their own club.


Meanwhile, the business of operating the Trust continues, including:

- The recruitment drive to push membership numbers towards the 2,000 mark (if you have not yet joined or re-joined, please do so today);
- Communication to members via fan group meetings, responding to individual queries via letter/phone/email; the regular press releases and newsletters, match programme notes, use of local media and so on;
- Fundraising events to aid the Trust; and
- Plans for a Fans Forum meeting within a few weeks of the rescue package being completed.


Everyone contributing towards the Trusts efforts has one central aim that is, to save York City to enable a new and better community orientated club to be developed for future generations. The hard work and fantastic support has brought the fans to the brink of owning their own club. Although there are no guarantees, hopefully the rescue package will be in place in time for Saturdays match against Southend, at which a terrific turnout of support for the Trust and the Team would be great to see.



Please continue to support the Trust to support a future for York City Football Club.

 
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