Formation Of MCFC Supporters Trust To Be Fast-Tracked
After the unanimous vote in favour of forming the MCFC Supporters Trust we have spoken and met with various professionals, advisors and supporters. Following this we have decided to push forward with the trust's formation as soon as possible. We have already started the process and hope to have it formed and registered with the Financial Services Authority within six weeks. We will, of course, keep you up to date with all progress on here.
The MCFC Supporters Trust will be an IPS (an Industrial and Provident Society). The definition of an IPS by the Financial Services Authority ("FSA") is an organisation conducting an industry, business or trade, either as a co-operative or for the benefit of the community, and is registered under the Industrial and Provident Societies Act 1965.
When an IPS is formed it must be registered with the FSA and dependent on the size of the turnover of the Trust it will have to be audited by an independent auditor each year.
Supporters Direct will oversee the trust's registration with the FSA and will also cover the costs of the registration. The vast majority of existing Supporters Trusts have opted for this form of structure because of its community orientation, democratic ethos and robust regulatory framework.
The attributes of an IPS are:-
1) Community Orientation - intrinsically part of the framework of the Trust
2) External Regulation - the FSA will not register rule changes that conflict with the requirement to operate for the benefit of the community
3) Robust Constitution - crucial rules such as the Objects, Powers and Application of Profits, may only be altered if there is a 75% majority in favour
4) Effective And Versatile - experience has shown IPSs to be adaptable and powerful in varied circumstances
5) Not For Profit Motive - safeguards against "carpet bagging"
6) Growing Supporters Trusts Movements - offers additional "political" weight and influence in the wider world of football
7) Community Of Mutuals - offers opportunities for additional funding and partnerships with other co-operatives. Provides affinity with other organisations committed to benefiting the local community; and offers reassurance to the supporters and the club of the community orientation and not-for-profit objectives of the Trust
8) Start-Up Grant Funding - as already mentioned Supporters Direct pay for legal costs and expenses subject to eligibility
9) Limited Liability For Members - no need to put your financial security on the line; members are protected
10) Financially Responsible - effective in circumstances where significant sums of money have to be raised by public offer
Please continue to send us your queries, feedback and input to mcfcsupporters@hotmail.co.uk and keep up to date with all progress by reading this blog.
posted by Manchester City Supporters' Trust @ 7:39 am
8 comments
"YOUR CITY. YOUR TRUST."
8 Comments:
surely you and your supporters need to be aware that if the club's board accept a takeover in the same model as Villa or Liverpool, then you will eventually be obliged to sell all your shares back and the price will be determined by the new owners. Someone stands to lose money chasing this honourable cause five years too late
Anonymous if the board accept an offer the potential buyer will require acceptances from 75% to de-list the Club from Plus Markets and 90% to force the remaining shareholders to sell. At the moment over 33% of the shares are owned by 6,500 supporters. Of course, until the club accept an offer and we know the terms/ who the potential buyer is, we can't consider whether a bid is right for the club/ shareholders/ supporters etc or not. The trust will be formed whatever the situation re a potential takeover.
Its a shame city didn,t have the vision to set it up or give it their blessing ,they went out of their way to update the junior blues and rename it (live 4 city )for the kids . WE ADULTS WOULD LIKE TO BE INVOLVED WITH THE CLUB AND BE RESPECTED AND LISTENED TO THATS ALL WE ASK FOR - SINCE THE MOVE TO THE NEW STADIUM WE HAVE BECOME INVISSIBLE AND TAKEN FOR GRANTED. we look forward to paying a fee to become a members in the near future !!! all the best lou-kev bramhall
Lets highlight this. Should the unthinkable happen and we need a finanical saviour solution following our impending relegation the trust may be able to act as a safety net or a safe pair of hands at least in the short term. Its not all about gaining control or shares it about gaining a voice. Unfortunatley however I feel one of our biggest problems will be the offical supporters club and their higher up officals. They are close to the club have a often cushy little number and feel that they already do what a lot of the trsut do. I get the feeling whislt branches may support us the up brass my kick back. We need to get them on board.
I think it is essential that a club like MCFC has a supporters trust, and with the backing of supporters direct this is really good news. The supporters clubs do a job, but kowtow too much to what they are told and really just fulfil a social need. A supporters trust is different altogether and should help give us, the fans, a say in how we are treated and our beloved club is run.
THis is all very laudable but maybe 6 of the aims listed are just the generic terms and mean absolutely nothing in terms of getting a voice of the support back into City.
How do we know that this is not jsut a little clique created to give people with big egos a opportunity to meet the City Board (who have equally big egos).
There is a very that the various city supporters clubs should be doing what the Trust is being set up to achieve, and look how effective that has been. How can you assure me as a single city supporter that this will not just become a Trust of "cronies" who are doing this to massage their own egos.
Lets not forget the raging success that shareholders united was, clearly a "hostile takeover" a la glazer will ride roughshod over the mighty Trust.
I don't wish to sound overly negative but I have my doubts abou the motives involved here.
The team needs to be supported, so turn up to home matches (and not just the high profile cups games), getting the crowd behind the team cannot harm the confidence (but constantly winging and booing will harm confidence).
I am all for engagement with the club but cannot accept cronyism disguised as the Trust will inspire the club to change.
Steve Cheadle Blue
The OSC do a great job in the field they operate in. The Trust is not looking to take over from the OSC or any other supporter organisation. In fact we want to ensure there is co-existence and for all relationships to be mutually beneficial. I think some of the criticism of the OSC on here is a bit unfair in that respect.
Steve
The Trust will be a truly democratic organisation and everyone in office will have to be elected and re-elected by the membership and all the aims will have to be agreed by the membership. Each member will have one vote, unlike the board of directors of a plc who have one vote per share. Therefore there is very little prospect of being able to vote out a director of the Manchester City board at the moment as two of the directors own nearly 50% of the shares.
We have also made it abundantly clear that anyone appointed to the board to represent the Trust would have to be of sufficient calibre to do that job properly and would certainly not be over-awed by the prospect. As an example, the Arsenal Supporters' Trust has a regular meeting with the Arsenal Managing Director. They don't send three members of their trust board but three high-powered businessmen who are used to operating at that level.
As for the accusation that we are doing this just to get the chance of a meeting with the City board, a number of our group have jobs that regularly bring them into contact with chief executives, directors, government ministers and officials and other successful people in the public and private sectors. We have also made it clear that if we get the chance to put someone on the board then it will not be one of the current group as none of us are sufficiently qualified.
It's a very cheap shot to label anyone who is prepared to stand up and be counted a "self-publicist" or "ego-tripper". Any publicity we have sought has been for the trust not ourselves. The vast majority of people walk past us outside the ground without knowing who we are, as well as most of the people who sit near us. So if we are self-publicists then we haven't done a very good job!
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