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If Myfootballclub fails

Steve (YCFC)

By Steve (YCFC)
in Ebbsfleet United Forum

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Uncle Urchin Newbie

Uncle Urchin

Posted
Posted
Originally Posted By: maestro
Can you define what you mean by "fails" ?


well for the sake of this discussion lets say that 'fails' means that the clause is invoked whereby the membership drops to a particular low level and the club then becomes an asset of myfcltd... which as I understand matters is a private limited company owned by one or two shareholders...
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JohnB Newbie

JohnB

Posted
Posted
Originally Posted By: Uncle Urchin
well for the sake of this discussion lets say that 'fails' means that the clause is invoked whereby the membership drops to a particular low level and the club then becomes an asset of myfcltd... which as I understand matters is a private limited company owned by one or two shareholders...


UU - There isn't a clause that says that, I had hoped you had become more informed while I was away, but there you go! smile The rules of the society state that if IPS is dissolved the assests are sold and the profits given to charity.

However, in either case - the shares would be sold to an individual or corporate entity, and will therefore be owned in exactly the same way as any other football club shares smile

Isn't that the position you want to see anyway? So why do you have a problem with that?
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doheochai Newbie

doheochai

Posted
Posted
Originally Posted By: Steve (YCFC)
As they say they are doing this in the best interest of Ebbsfleet will they be willing to write into the purchase contract that, if the experiment fails, they will donate the club to Ebbsfleet Supporters Trust?

I don't know if this can be done - if it can I would have no problem with it. However, if it can't, I would absolutely support - and I believe the vast majority of members would as well (from comments on the MyFC forum)- that the ST would be given first option to purchase the club for a nominal fee.

But I think you are getting a little ahead of yourself here - given that MyFC actually don't own the club yet.
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waggamick Newbie

waggamick

Posted
Posted

The 'experiment' won't fail...but I am an optimist.

If it did fall over then I would be all for the suggestion of donating the club to the Ebbsfleet Supporters Trust.

I would hope that the Trust would operate on a one vote per member basis rather than individuals controlling blocks of shares as it appears is the case now.

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Uncle Urchin Newbie

Uncle Urchin

Posted
Posted
Originally Posted By: JohnB
Originally Posted By: Uncle Urchin
well for the sake of this discussion lets say that 'fails' means that the clause is invoked whereby the membership drops to a particular low level and the club then becomes an asset of myfcltd... which as I understand matters is a private limited company owned by one or two shareholders...


UU - There isn't a clause that says that, I had hoped you had become more informed while I was away, but there you go! smile The rules of the society state that if IPS is dissolved the assests are sold and the profits given to charity.

However, in either case - the shares would be sold to an individual or corporate entity, and will therefore be owned in exactly the same way as any other football club shares smile

Isn't that the position you want to see anyway? So why do you have a problem with that?


I didn't say I had a problem with anything johnB....read my posts correctly please....I have always maintained the line that I can see much good in what myfc are trying to do...I can also see much uninformed and misguided nonsense.....you really must learn to understand that open forums are used by many people in many different ways and my lampooning of myfc is MY way of expressing MY views...

now forgive me for being pedantic but I am sure that there are circumstances where the asset returns to the management company...are you stating that no such clause exists anywhere....? are you stating that the management company have no first right to buy option..

should your answer be a definitive NO to both questions then I cannot see what the problem is with the clause being inserted whereby the fleet trust have (under failed circumstances) a fixed first option contract to purchase the club..as a member of myfc I would vote for that..
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Uncle Urchin Newbie

Uncle Urchin

Posted
Posted
Originally Posted By: doheochai


But I think you are getting a little ahead of yourself here - given that MyFC actually don't own the club yet.


crikey wanchai...given the activity on numerous forums by you and myfc members in the past week or so discussing the future running of the club then one would have to say that it's not just the initiator of this thread that has got

a little ahead of himself

ha ha..I do love a little irony on a friday morning... grin
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doheochai Newbie

doheochai

Posted
Posted
Originally Posted By: Uncle Urchin

now forgive me for being pedantic but I am sure that there are circumstances where the asset returns to the management company...are you stating that no such clause exists anywhere....? are you stating that the management company have no first right to buy option..

NO to both.

Originally Posted By: Uncle Urchin
should your answer be a definitive NO to both questions then I cannot see what the problem is with the clause being inserted whereby the fleet trust have (under failed circumstances) a fixed first option contract to purchase the club..as a member of myfc I would vote for that..

I would have absolutely no problem with that, if it can be done. What never occurred to me is what is mentioned above, i.e. that the current shareholders may have first option on buying back the shares (and may have insisted on this as part of the deal). If this is the case I don't know how I actually feel about this. What would your opinion be?
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Uncle Urchin Newbie

Uncle Urchin

Posted
Posted
Originally Posted By: doheochai
What would your opinion be?


twofold.....from a point of view of being a member of myfc I would need to know what deal had been done with the current owners and if anyone had profited from it before making a comment..

as an non ebbsfleet supporter but a supporter and participant of/in NL in general and an avid believer that football clubs transend ownership and that no one should profit from them.. then I would like to see the club back in the hands of the supporters (through the FT?) should anything go wrong with the myfc concept (assuming it goes through in the first place) this view is not aimed at the current owners per se but once they have sold the club they inevitably move on and their period as custodians is over...

as an overall personal opinion.... now I have had time to weigh it all up... my view is not absolute but is leaning towards you guys sorting out the obvious nonsense things in your mandate and actually taking over the club and helping it forward..there are that many positives to the scheme that surely the idiocy of fans trying to pick teams can be dropped (or maybe watered right down so common sense prevails) whilst the major benefits for all are much embraced....

I see perhaps a twofold level of support developing with new supporters genuinely embracing the club and increasing gates (say by 30/40% on average) and many many financial benefits created by the internet owners all over the world with merchandise sales and other sensible ideas mooted previously on here...

the scheme could be a bright new world for lower league football clubs but it also could be a major unmitigated disaster with a greed fest flung in for good measure as desperate folk abandon ship...

even the remotest possibility of that happening must be avoided which brings me back to the option for the fans/trust to take control in the event of...!!

just my opinion FWIW and not representative of my own club or indeed anyone else at all....

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JimGNFC Newbie

JimGNFC

Posted
Posted
Originally Posted By: David Holden
I believe that the current board have first refusal if the shares have to be sold for any reason.


This is what I was afraid of. Don't get me wrong the current Board have done many good things, despite the fact I've been highly critical of their recent actions. However, they have had their time at the Club and its time for them to move on just like its time for the Club to move forward.

Being extremely sceptical, whats to stop the current Board from making the MYFC experiment fail, seeing as they will still be non-executives and still largely pulling the strings in the background? As part of this process, they get the large debt that they have accumalated paid off and then regain control of the Club once MYFC fails. This is precisely why MYFC should not allow the current Board any involvement in the running of the Club after the initial transfer period.

As MyFC is a fan based organisation, first refusal on the shares ought to be offered to the Fleet Trust.
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David Holden Newbie

David Holden

Posted
Posted

Quote:
As MyFC is a fan based organisation, first refusal on the shares ought to be offered to the Fleet Trust.

 

Agreed, but the trust were in no position to ask for such an understanding, whereas the board were.

 

Much has been made of the the fact that the Board approached MyFC, but it does seem that MyFC were just as keen to get involved here or they may well have resisted having to give anyone first refusual.

 

Perhaps their choice was a lot more limited than we have been led to believe.

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American FLEET FAN No1 Newbie

American FLEET FAN No1

Posted
Posted
Originally Posted By: David Holden
Quote:
As MyFC is a fan based organisation, first refusal on the shares ought to be offered to the Fleet Trust.


Agreed, but the trust were in no position to ask for such an understanding, whereas the board were.

Much has been made of the the fact that the Board approached MyFC, but it does seem that MyFC were just as keen to get involved here or they may well have resisted having to give anyone first refusual.

Perhaps their choice was a lot more limited than we have been led to believe.


Surely not..........That could be classed as deception! whistle
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Santa Newbie

Santa

Posted
Posted
Originally Posted By: David Holden
Quote:
As MyFC is a fan based organisation, first refusal on the shares ought to be offered to the Fleet Trust.


Agreed, but the trust were in no position to ask for such an understanding, whereas the board were.

Much has been made of the the fact that the Board approached MyFC, but it does seem that MyFC were just as keen to get involved here or they may well have resisted having to give anyone first refusual.

Perhaps their choice was a lot more limited than we have been led to believe.


Think their credibility would have taken a big hit had they not agreed to some for of buy-back option being included.
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