Welcome to the Fleet Trust website
Posted by Mike Moyes - 01 December 12, 20:27
Fleet Trust Statement - 1 December 2012

The Fleet Trust held its Annual General Meeting on Thursday 29 November 2012 with nearly 25 percent of members in attendance.

Following the Trust’s statement issued on 15 November 2012, My Football Club (the majority shareholder in Ebbsfleet United FC) issued a statement on 29 November 2012 which was read to Trust members at the AGM.

MyFC’s Society Board stated that MyFC’s objective is to “sustain and develop the club to the best of our ability” but added “MyFC will listen and consider serious offers to work with us as owners of the club and, if the right opportunity arose, to take over the ownership of the club if they could demonstrate an ability to develop and sustain the club to a greater degree than ourselves. Any serious offers would be considered by [MyFC] members with the best interests of the club in mind.”

The Fleet Trust Board placed two options before the AGM, as follows:

1) Fleet Trust members call upon MyFC to transfer their shareholding in EUFC to the Fleet Trust, and the Trust would then own and run the football club along similar lines to the ‘trust ownership’ models at AFC Telford United, AFC Wimbledon, Chester FC, Wrexham FC and others.

2) Fleet Trust members call upon the Fleet Trust Board to seek immediate investment into EUFC and formally request MyFC to provide a written guarantee that in the event of substantial investment being forthcoming, MyFC will relinquish their shareholding in EUFC, either to the Fleet Trust or to new owners.

A lively discussion debated the two options, as well as considering whether other options were viable. Many Trust members present felt that the first option was preferable for the football club but that the financial burden (£240,000 per year) which would be placed on all members (£980 each per year) was prohibitive.

There were suggestions that the Trust adopt the first option in the hope of attracting investors into the Trust, and details of how the Trust would actually run the club were also explored. Members pressed the Trust Board on the identity and number of those parties who have expressed an interest in investing in and potentially purchasing the club, but the Board reiterated that at the present time none are willing to go public.

At the end of the discussion, members voted overwhelmingly for the second option and the Trust Board have formed a sub-group to seek immediate investment into EUFC. The Board will keep all parties informed of the work of the sub-group.

The Vice-Chair of the Trust Board, Emily Connolly, has written to the MyFC Society Board Chairman, Keith Handley, to inform him of the outcome and formally request the written guarantee that MyFC will relinquish their shareholding in the event of substantial investment being forthcoming.

The Trust Board and Trust members believe this action to be the best way forward for the good of the football club and hope that all fans of Ebbsfleet United work together to ensure the long term viability and sustainability of the club.

For further information, please contact Emily Connolly: [email protected]

Fleet Trust Board
1st December 2012
Last edited 01/12/12 at 20:35