Following recent discussions between Glen Henderson and the Supporters’ Trust about the direction of the football club, we have received written confirmation from Glen that he is willing to trigger a buy-back clause contained in a Shareholders’ Agreement of June 2022. The Trust board agree with Glen that this would be in the best interests of the football club.
The relevant clause gives the Trust the option to purchase Glen’s shareholding for a price based upon an independent valuation. However, Glen has indicated that he would not seek to profit from any purchase of shares and would accept a consideration equal to his total investment in the football club at the time of any sale.
The Trust board held an urgent meeting yesterday evening to explore the various options available to take the club forward, including:
- Crowdfunding to achieve 100% supporter ownership
- Forming a consortium of multiple investors
- Attracting a new investor partner
- Declining Glen Henderson’s offer of shares
At this stage, the Trust are keen to hear from any individual or consortium that may be interested in acquiring a majority shareholding in the football club. In the first instance, any interested party should email firstname.lastname@example.org before 6th January 2023 for further information.
Should any credible investors be identified, the Trust are committed to putting the matter to an informed vote of our members in a Special General Meeting. In the coming weeks, the Trust board will seek advice from its legal teams and the Football Supporters Association. We will issue further updates on how the process will work in due course.
In the meantime, the Trust encourages supporters to make donations to enable us to acquire Glen’s shares at https://www.ycst.org.uk/one-off-donation/ should they prefer a fan ownership model. In the event that a third party investor is approved by Trust members, any such donations will be held by the Trust and ringfenced for the club’s future playing budget or essential working capital.
The Trust board are extremely disappointed that despite best efforts, things haven’t worked out with Glen as hoped. We are determined to learn from our mistakes and find a way forward that all supporters can get behind. Whilst the football club has faced many recent challenges, significant positive changes have been introduced and we are confident that given time the club will flourish. Now more than ever, we need supporters to come together as a united force.