FC United of Manchester reach £1.6m share target
Published: 16th Mar 2012 02:14:08
A Manchester football club has raised £1.6m from a community share issue to help fund the building of a new ground.
FC United of Manchester offered shares to raise money to build a stadium and community sports facility in Moston.
General manager Andy Walsh said it was a "fantastic achievement, especially in the current economic climate".
Co-operatives UK, a trade association for co-operatives, has praised the Evo-Stik League Premier Division club for its use of community shares.
FC United worked with the organisation to produce a share scheme that would support the community as well as the club and avoid traditional funding methods such as bank borrowing.
A club spokesman said the money, coupled with a further £500,000 raised in a separate development fund, would unlock other grant funding to allow the £4.6m project to go ahead.
Hollywood could not write a better script of hope and triumph”
The club, which formed in 2005 by Manchester United fans as a protest against American businessman Malcolm Glazer's takeover, is run by its supporters.
Mr Walsh said shareholders would have "just one vote regardless of the number of shares they hold, [thereby] preserving the common ownership of the club".
He added that the community shares were "a unique development in English football and has been recognised as offering a real alternative to the way football is run and financed".
"We believe community shares is preferable way of raising finance to borrowing from banks and more sustainable than relying on wealthy individuals who may not always have the best interest of the club at heart," he said.
"By buying community shares, FC United members are supporting a better way for football to deliver genuine community benefit - one that is owned and run by supporters and committed to wider community and social development and financial sustainability."
Ed Mayo, secretary general of Co-operatives UK said that "through hard work and open collaboration, FC United has become a beacon for sport and community action".
"Hollywood could not write a better script of hope and triumph," he said.
"I want to pay tribute to the members of the club for pioneering a model of community shares which is now being used as a form of lifeline finance for co-operative enterprise across the UK."
The spokesman said the club were hopeful that work on the stadium and sports complex would begin soon.
FC United currently play their home games at either Bury's Gigg Lane or Stalybridge Celtic's Bower Fold.
At 12:58:39 in EnglandA poem about the killing of PC Keith Blakelock during riots in north London was written by the man accused of his murder, a court has heard.
At 12:58:21 in SportKent have announced a pre-interest and pre-tax profit of £156,778 for the financial year to November 2013.
At 12:56:04 in ScotlandA hamster has been found abandoned inside a plastic play tube in Edinburgh.
At 12:55:09 in BusinessThe sometimes fraught relationship between leaseholders and their freeholders is going to be investigated by the Office of Fair Trading (OFT).
At 12:54:04 in HeadlinesIndia's Supreme Court has ordered the continuing detention of businessman Subrata Roy and asked his firm to come up with a plan to repay its investors.
At 12:53:21 in SportCrystal Palace winger Jason Puncheon has been fined £15,000 by the Football Association and warned about his future conduct for Twitter comments he made in relation to former boss Neil Warnock.
At 12:52:43 in HeadlinesA second witness at the murder trial of South African athlete Oscar Pistorius has told a court in the capital Pretoria she was awoken by the sounds of a fight early on 14 February 2013.
At 12:42:01 in PoliticsThere is a risk that "deliberate provocation" could give rise to a dangerous incident in Ukraine, Foreign Secretary William Hague has warned.
At 12:41:48 in EnglandA residential treatment programme for addicts which closed in Yeovil is to reopen after the charity running it merged with another organisation.
At 12:40:03 in ScotlandPolice Scotland has exceeded its target to recruit 1,000 additional officers.
Harvard CitationBBC News, 2012. FC United of Manchester reach £1.6m share target [Online] (Updated 16th Mar 2012)
Available at: http://www.ukwirednews.com/news/1416750/FC-United-of-Manchester-reach-1-6m-share-target [Accessed 10th Mar 2014]
News In Other Categories
A poem about the killing of PC Keith Blakelock during riots in north London was written by the man accused of his murder, a court has heard.
The sometimes fraught relationship between leaseholders and their freeholders is going to be investigated by the Office of Fair Trading (OFT).
With the doors to its brand new £1million training centre officially open, one of the UK's leading apprentice training providers, Bristol based S&B Automotive Academy, is showcasing its world-class facilities by launching a series of foreign student exchanges for the first time in its 41-year history. To get a flavour of what life is like as an apprentice in the UK, the Academy hosted 16 apprentice engineers and bus drivers from the G9 Automotive College in Hamburg, Germany, as part of a Europe-wide vocational training initiative called the ‘Leonardo Programme’ with support from the European Social Fund. In a reciprocal arrangement, S&B will be sending nine apprentices to Germany during February 2012 so that they can get an appreciation of life in the automotive industry on the Continent. A further three German exchange groups are being planned for next year. Designed to assist the development of vocational skills and training across Europe, including work placements for trainees, the Leonardo Programme has a budget of €1.75bn, which is helping to encourage UK organisations to work with their counterparts abroad. In what is expected to be another challenging year for employers in the UK automotive sector, S&B’s Chief Executive, Jon Winter, claims that the exchange initiative will bring many benefits to the Academy and its apprentices: “In a world of global automotive brands, it’s important for our learners to understand the international context of the industry they have chosen to make their career. This new exchange programme will enable apprentices and Academy staff alike to achieve a better understanding of the challenges and opportunities within the automotive arena in Europe. With the Academy’s influence also extending to the USA and Asia, there’s every possibility that this initiative could move further afield in the future.” Continued Winter: “The need for skilled technicians across the world is on the increase and we actively encourage our apprentices to look at broader horizons during their training. Many of them have already learned the phrase ‘Vorsprung durch Gelehrtheit’, quite simply, ‘Advancement through learning.” In the 2010/11 academic year, S&B doubled the number of successful Apprenticeships over the previous year with some 350 apprentices graduating from the Academy. At the same time, achievement levels reached an all-time high with an overall success rate of 85%. For those learners on the Advanced Apprenticeship three-year programme, success rates were even higher, at over 98%. PHOTO CAPTION: As part of their exchange visit, S&B Automotive Academy arranged for the German apprentices to visit Hampshire bus operator, Bluestar, at its Barton Park depot. The students are pictured with S&B’s Andy West (3rd right) and Steve Prewett, Bluestar’s Area Engineering Manager (2nd right). Ends http://www.sandbaa.com
There is a risk that "deliberate provocation" could give rise to a dangerous incident in Ukraine, Foreign Secretary William Hague has warned.
Kent have announced a pre-interest and pre-tax profit of £156,778 for the financial year to November 2013.
Fawlty Towers star Prunella Scales has "a sort of mild Alzheimer's", her husband Tim West has revealed in the Radio Times.