Soccer club moves closer to fan buy-out
English Blue Square Premier club Ebbsfleet United reflected on a landmark day as they nudged closer to the very real prospect of being taken over by fans’ website MyFootballClub.
The main headline of the deal is that members of the website will have controlling votes over all aspects of the playing squad. This includes voting on transfers, player selection and all major team decisions.
The completion of the takeover is likely to be a couple of months away, as the due diligence process has yet to be completed, but the very public announcement and the information released by the club details how they plan this takeover to work in reality.
The 20,000-plus members of the site, who have joined since the launch on April 26, have each paid £35 to provide the £700,000 takeover pot and they will all own an equal share in the club.
The deal to purchase the controlling stake is understood to be structured so that the up-front payment is relatively small, with a further staged payment due a year after the takeover.
The club do also have a small amount of debt, which the prospective new owners plan to either repay or refinance three years after the takeover. There is also an option to buy all the club for a fixed price in the future.
As part of the deal, the current board will continue their roles at the club as non-executives for ’continuity’.
The club staff, including manager Liam Daish and assistant Alan Kimble, are expected to stay on. Daish’s title will change from manager to head coach when the takeover is complete.
Daish told Sky Sports News: “There is more to running a football club than just picking the team. It is a pioneering idea and will find out as we go the effects it will have on the club.
“As a football fan, I think the idea is fantastic. Alan Kimble and myself are 100% committed to making this work. We felt we needed to do something to get to the highest level and this input could be it.”
MyFootball Club’s Will Brooks is convinced that Ebbsfleet are the ideal choice for their takeover and is convinced their forces can be combined.
He said: “Nine football clubs approached us and we believe that Ebbsfleet is the right choice. We hope that MyFootballClub members and Ebbsfleet supporters will join forces to make the football club more sustainable and successful.”
Another factor is how the club’s finances will be managed, although the takeover is being handled by by noted financial advisors Deloitte.
Dan Jones, company partner at Deloitte and editor of the Annual Review of Football Finance, said: “The MyFootballClub ownership model is an innovative way of funding a lower league club. Reports of having raised over £700,000 in 11 weeks suggest it is viable too.
“The Sports Business Group at 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.”
