Debt or more Debt?

[rsheard]

Fortunately, I can squeeze into an XL. I hope I can get in the line for one of those.

[andyforest]

A shirt on ebay has only been on a few hours and its up to £57 inc postage.

 

You fans should wack yours on (especially old ones) and buy a new one when the fuss has died down.

[Hirsty]

No way Pedro !!

 

Sell my Shepherd Neame shirt that I wore to Bedford when we won the Ryman ? Not a chance !!

 

 

 

 

[rsheard]

I don't think many MyFC members would buy a team shirt from eBay because nothing goes to the club. Well, I'm probably wrong there. Some will, but not the bulk of members, I would think.

 

And I don't mind if my new shirt identifies me as a "new fan." I'm glad to have a club to follow at last.

[American FLEET FAN No1]

Lacking large wads of dosh( ), that haven't already been designated for the IRS, I won't be going to England soon.

As I said before, I will wait for a few years before sinking money into this, or any other venture!

 

Maybe somebody could answer a few questions, without resort to cut and paste!

Is this a trust or a charitable trust?

If the latter what's the reg No?

If it's the latter what charity do they support and give funds too? Somebody did tell me this went to a vote, As i stated my sceptisism to computer voting(too easily altered)!

Where do these funds come from? From the Club being wound up?

 

 

 

[rsheard]

Originally Posted By: American FLEET FAN No1

Maybe somebody could answer a few questions, without resort to cut and paste!
Is this a trust or a charitable trust?
If the latter what's the reg No?
If it's the latter what charity do they support and give funds too? Somebody did tell me this went to a vote, As i stated my sceptisism to computer voting(too easily altered)!
Where do these funds come from? From the Club being wound up?

The FSA number is 30275R, I believe. Not resorting to cut-and-paste, my understanding is that it's a not-for-profit trust. I don't know contract law, so I don't know if there's a distinction between that and a charitable trust. I can copy-and-paste lots of dry legalese, but my layman's understanding of the fine points is minimal.

The design is that the trust owns the club and if at any time the members vote to sell (requiring a 75% vote), at that point the members choose a charity and the sale proceeds go there.

If you want precise details, let me know and I can email you a pdf file with the precise details.

[clowntown]

SHEARD - give it a rest

[chris blanc]

But what if there are no members? Is there anything in the constitution that guarantees you can keep buying your shares or whatever they are?

 

[rsheard]

Originally Posted By: chris blanc

But what if there are no members? Is there anything in the constitution that guarantees you can keep buying your shares or whatever they are?

Yes, the annual membership is renewable at the option of the member. There are provisions for eventualities such as rises in the membership fee and members who are banned from the trust, but the option to renew otherwise is up to each individual member. If the worst case happens and membership disappears, the club would undoubtedly be sold, possibly to the supporters trust, and whatever proceeds came of the sale would go to charity.

[Dewsbury SAFC]

Originally Posted By: American FLEET FAN No1

Maybe somebody could answer a few questions, without resort to cut and paste!
Is this a trust or a charitable trust?
If the latter what's the reg No?
If it's the latter what charity do they support and give funds too? Somebody did tell me this went to a vote, As i stated my sceptisism to computer voting(too easily altered)!
Where do these funds come from? From the Club being wound up?

AFf - from looking at the documentation on the MyFC website, the "trust" or "charitable trust" that keeps getting referred to is an Industrial & Provident Society, registration #30275R. An IPS is a not-for-profit organisation that is owned by its members on a one share, one vote basis. Shares cannot be transferred to 3rd parties, and a member can only ever own one share. Dividends cannot be paid to shareholders/members. It is not a "charitable trust" and should not be referred to as such.

All Supporters Trusts in the UK are formed as IPS's. However this does not mean that all IPS's are necessarily Supporters Trusts. The problem is that there is no legal definition of what a Supporters Trust is exactly, therefore there MyFC seem to be able to refer to the members part of their setup as a supporters trust. My own view on that is that a true Supporters Trust is set up under the guidance of Supporters Direct, with a clear definition of which team it exists to support written into its society rules, and with no pre-existing agreement to pay 21% of its members' fees to a 3rd party company.