Fan Website agrees club takeover

[ds]

Fans' community website MyFootballClub has agreed a deal to take over Blue Square Premier outfit Ebbsfleet United.

The 20,000 MyFootballClub members have each paid £35 to provide a £700,000 takeover pot and they will all own an equal share in the club.
Members will have a vote on transfers as well as player selection and all major decisions.
"We are united in believing this is a great opportunity," Ebbsfleet chairman Jason Botley told BBC Sport.


"This extra finance and support will enable our club to progress."
The deal is expected to be completed in a few weeks after a due diligence process and the website will purchase a 51% controlling stake, while also having the option to buy the club outright in the future.
The takeover is a landmark for English football, given the website's stated intention of involving the members so radically in the running of the club, particularly with team selection.



After the takeover goes through the current board will stay in place, as will manager Liam Daish, although his title will change to head coach.


Daish insisted that he was happy for fans to have an input on team matters.
"Picking 11 players and formations isn't a precise science and luck often plays its part," stated the Ebbsfleet boss.
"During and after matches, Ebbsfleet supporters often give me their opinion on which players should or shouldn't start games. Now they can have their say.
"My job won't change that much. As a club, we'll select the starting 11 players and formation together.
"But just as before, what goes on at the training ground and in the dressing room on the day of the match is down to me.
"It's the supporters' money that finances this club and pays my wages and those of the players.
"So there's a good argument for them having a say in what players they want to see."
Ebbsfleet were formerly Gravesend and Northfleet but the club's name was changed in May in a bid to tap into the regeneration of the area.
They are currently ninth in the Blue Square Premier, six points off a play-off place for entry to the Football League.



And Ebbsfleet's push for a spot in League Two will receive a boost as some of the funds raised by MyFootballClub members will be available in the January transfer window.
MyFootballClub members will be given the option to vote on who the club should buy.
Daish added that he was fully behind the radical model for the club.
"We all agree we need something extra to take us to the next step," he said.
"As a football fan, I think the MyFootballClub idea is fantastic.



"As the coach, I look forward to the challenge of working with thousands of members to produce a winning team.
"My assistant Alan Kimble and myself are 100% committed to making this work."
Since the website's launch in April, 50,000 members have signed up, with 20,000 of those paying the registration fee.
The membership subscription is paid annually so new members can join and become owners at any time, adding to the club's finances.
MyFootballClub was approached by nine clubs and looked into seven of those before opting to take over Ebbsfleet.
The Financial Services Authority has approved the setting up of the MyFootballClub Trust to safeguard members' interests in the eventuality of the club running into financial difficulties.


"The MyFootballClub ownership model is an innovative way of funding a lower league club," said Dan Jones, partner at Deloitte and editor of the Annual Review of Football Finance.
"Reports of having raised over £700,000 in 11 weeks suggests it is viable too.
"Deloitte has been following its progress with interest and we're now looking forward to offering our experience in football finance to assist with advice and guidance during the due diligence process."
MyFootballClub creator Will Brooks added: "We hope that MyFootballClub members and Ebbsfleet supporters will join forces and make the football club more sustainable and successful."
Jessica McQueen, Ebbsfleet United Supporters' Trust chair commented: "Being a Trust, our members understand the MyFootballClub concept immediately.
"We very much look forward to working with the MyFootballClub members for the benefit of Ebbsfleet United."

http://news.bbc.co.uk/sport1/hi/football/teams/g/gravesend_and_northfleet/7089473.stm

So who wants to buy Spurs with me? I've got a fiver.

 

[Defsta]

Bloody hell, that project started few years back and I bet that old SC has a thread about it :think:

 

[Flatters]

So who wants to buy Spurs with me? I've got a fiver.[/quote]

Yeah, I'm in. :up:

 

[smithym]

Im in for £10!

 

[Zuben]

We've got 13927 registered members, and the club's valuation is currently ... what £70m? So that means if we put in £2564 each, we can buy out 51% of the club. Sweet.

Get COYS, FTL, etc. involved and we're good to go!

 

[joey55]

We've got 13927 registered members, and the club's valuation is currently ... what £70m? So that means if we put in £2564 each, we can buy out 51% of the club. Sweet.

Get COYS, FTL, etc. involved and we're good to go!

51% would cost more like £150 million +. I'd gladly contribute a tenner, but I'd want to be made Director of Football.

 

[Zuben]

Yeah I didn't bother to look up share prices so I guessed it based on the value ... actually hold on if the value is £70m, how will paying double that gain us only 51%?

 

[SpurSince57]

51% would cost more like £150 million +. I'd gladly contribute a tenner, but I'd want to be made Director of Football.

I'm sure Spursking would be keen.

 

[Defsta]

I really think that few of us might have joined to this few years back, as I still remember that site's layout :think:

 

[joey55]

Yeah I didn't bother to look up share prices so I guessed it based on the value ... actually hold on if the value is £70m, how will paying double that gain us only 51%?

Share price isn't that relevant as Enic own about 82% (I think), so we'd have to buy off them and they won't sell for less than £300 million. They are rumoured to want over £400 million.

 

[PantherX]

I'll throw some money in but the US dollar is weak so I don't know how far my share will go.

 

[smithym]

I would like to me made Non-acting Chairman so i dont have to turn up!! i also demand a company car (Veyron)

 

[ds]

I'll throw some money in but the US dollar is weak so I don't know how far my share will go.

If you've got 800 million of them that's fine.

But I still get the same share as you.

 

[Zuben]

Bagsy legal director!

 

[Bill_Oddie]

I'll be Chief Executive In Charge of Clipboards. Since Chrissy H has gone, thats got to be a cushy gig.

 

[smithym]

I think we have the good makings of a board room now!

 

[stevenqoz]

Great! Art imitating life. The 'football manager' gamers will now be playing with real players:duh:

 

[Bobishism]

Bagsy manager.

 

[Chris12345]

Bagsy director of top secret anti-arsenal operations :grin:

you reckon we could buy a share in the US army aswell so we can buy a stealth fighter to drop bombs on the Emirates? :grin:

 

[PT]

Re 13000+ SC members. Deduct those who have been banned, supended, moved on in disgust, necessity, removal of internet connection, duplicate membership (we are working on banning the alts) and you are left with Flatters.

Flatters as Chairman / DOF / Head Coach and chief chef / cleaner / pitch inspector, assuming he has enough left over from his studies to push through the controlling interest.

Levy is safe for the moment I feel.....