Question for Myclubfc Members!

[American FLEET FAN No1]

Are the new fans/shareholders, the same people who are (prospective)fans/shareholders of BiggleswadeFC?

If so, isn't against FA rules to be shareholders of more than one club?

[Live4ever]

No, there is no connection whatsoever. Although it is a similar but different scheme.

[American FLEET FAN No1]

Thank you!

[fugazi]

No, there is no connection whatsoever.

 

Why do you ask ? Think th elegal team would have picked up on that a while ago, before getting to todays announcement.

[American FLEET FAN No1]

I asked because I didn't know.....That's what I was always told to do, if I didn't know................Don't let people pull the wool over your eyes, without asking questions, my dad told me!

 

Pardon me whilst i move the wool higher, but you said it had nothing to do with Myfc? How come it keeps sending me to your homepage?

Coincident? I don't think!

I can see a pattern here, as you are all Internet shareholders, you can register under different names, from different locations...........And all is Kosher!

[rsheard]

AFF, I haven't followed the other ownership sites that are similar or have spawned from the MyFC concept. But I don't think it's technically illegal for anyone to be a member of more than one. We're not actual shareholders of the club, but shareholders of the trust that owns the club. I don't know if that's the distinction that allows some members to be in both trusts. I've never had any interest in the ones other than MyFC. All of my disposable cash will be buying EUFC club merchandise and saving for airfare to come to games. I can't afford two such expensive habits.

[American FLEET FAN No1]

This is the confusing part(at least for me to understand)!

One minute you are owners, then you aren't, the Trust is!

Then you are shareholders, then you aren't, the Trust is!

This seems to me, to be a very clever smoke screen so nobody can be blamed ,if it goes wrong, or a very subtle way of gaining control of one or more clubs, and contravene the FA rules on owning more than one club!

Confused of New York!

[rsheard]

It is a bit confusing. There are three entities: the club, the charitable trust, and the website operator. MyFC members each hold one share in the charitable trust, which will own the club. So we technically each have one share of the charitable trust, which will own the club. The operator owns the website used as the interface between MyFC members and the management of the club. The website has no ownership stake in the club, although each of the individual staff members is personally a member of the charitable trust.

 

It's a legal safeguard for individual members against debt, as well as a legal safeguard for the club against raider-owners. Neither can occur under the legal structure being used here.