York City Supporters’ Trust can confirm that a new investor has joined the YCFC ownership group, purchasing a 24% stake from Julie-Anne Uggla. As reported in the club’s announcement, this new member of the ownership team has been fully disclosed to the York City Supporters’ Trust board and will operate as a silent partner. Members of the Trust board met with the new investor early in the process as part of our scrutiny process.
What does mean in real terms?
Matt & Julie-Anne Uggla continue to own 51% of the club, York City Supporters’ Trust continue to own 25% of the club, and the new investor now owns 24% of the club. Ongoing funding to the club will come from the Ugglas & the new investor in proportion to their relative ownership stakes, with the Supporters’ Trust responsible for fundraising toward specific goals. This is covered by the new shareholders’ agreement signed by all parties, replacing the previous partnership agreement between 394 Sports & the Trust. The new agreement is available for download below.
How does this affect the Trust’s rights & protections?
The special rights & protections the Trust hold within the club’s constitution all remain, including extending the Trust’s pre-emption rights to include any sale of shares by the club’s new investor. As part of this these rights have been adapted so that the Trust can exercise our pre-emption rights on the shareholder wishing to sell without the requirement to exercise them against other shareholders at the same time. These amendments are subject to ratification by the FA and a general meeting of the club shareholders; a draft copy is available to download below.
How does this affect the day-to-day operation of the club?
The addition of a new investor brings additional stability to the club’s funding model, and strengthens the club’s ability to plan for growth & sustainability. Day-to-day operation of the club, and the governance of the club board are unchanged.
About York City Supporters’ Trust
Established in 2002, York City Supporters Trust is a not-for-profit Community Benefit Society, regulated by the Financial Conduct Authority. We were formed to protect the long-term future of the football club and represent the interests of the fans. We are also 49% shareholders in York City Football Club Ltd.