“To work together in safeguarding a professional football club in Bournemouth, and to give supporters, through the Community Mutual, a greater say in how the club is run. We will strive to support the club to achieve its maximum potential, whilst ensuring that it operates within its means, and will use every opportunity to ensure that AFC Bournemouth is regarded positively by all sections of the community".
Consortium Update 24th January 2007
So that everyone knows where the CM have got to in their discussions with the consortium we feel now is a good time for an update.
David Musker and Ernie Battey are leading the talks and have met with Jeff Mostyn and other consortium members on a number of occasions. We as the CM Board have met Jeff on two occasions.
The meetings have all been conducted in a positive and constructive manner and the CM appreciate that all parties have differing views and interpretations, however what we all agree on is that the future of the football club is paramount, and that past history, personalities and personal differences must be put aside in order to reach our aims.
Listed below are the main issues which have been discussed.
1. The Right to representation on the AFCB Main Board
The CM has asked for a ratio of 2 consortium to 1 CM director but with a minimum of 2 CM appointees. This means that a third CM appointee would happen when there are six ‘consortium' directors. This would always leave the consortium with a majority but would offer more input from the CM in Board Meetings. So far this has been refused with the consortium only wanting one director at present - We have not accepted this.
2. Fans Shares (formerly Golden Shares)
We have asked for pre-emption rights (the right to buy the shares first) in the event of any sale of the consortium's shares. In principle this has been agreed subject to legal advice, however, this will require extensive work to describe exactly how it will work and to avoid any misunderstanding. This is ongoing.
3. Blocking Rights attaching to the Fans Shares
We have asked for the ability to block any sale of shares, or a beneficial interest in shares, to any undesirable purchaser. Regarding the undesirable purchaser aspect, it has been suggested that we use the Football League's definition of a fit and proper person. It has also been suggested that the final decision would be in the hands of a committee made up of a CM board member, a Shareholder (without an interest in the sale), a Board Member (without an interest in the sale) and a solicitor. This has been accepted in principle subject to further discussions on the make up of the committee.
4. Power of Veto
The CM require power of Veto on changing the Articles in any way that affects the CM and its rights in respect of everything that is finally agreed during these negotiations - this has been agreed.
5. Football at Dean Court
We have insisted that any new Rules contain a statement which guarantees football at Dean Court. The consortium has agreed to this.
6. Other Shareholder issues
There is talk of a share dilution and the CM is in a different position to most shareholders. The CM own a percentage of Ordinary Shares and we own the "Golden Shares" therefore we feel that our interest should not be diluted. The shareholders will decide on their position at the forthcoming EGM after full details of the share structure have been made public.
We also want to still have the right to purchase shares with a view to one day matching the consortiums interests.
We are sure that all of our members will appreciate that these negotiations have and still are taking time to complete in order for the CM to make recommendations to its members. As we have stated before our one aim is to protect the future of this Football Club. The Consortium to date has been the only concrete offer brought to the negotiating table and it is only right and proper that we give it all due consideration.
Finally....
The CM will shortly announce the date of its Special General Meeting (SGM) with its members at which we would hope to be in a position to answer any questions posed by its members and to vote on any recommendation. We want as many of our members to participate in the decision making process as possible. It is vital therefore that if you think that your email address, or your home contact details, have changed in any way, please let us know as quickly as possible by emailing afcbcm@afcb.co.uk, or alternatively you can write to:
AFCBCM,
1123 Christchurch Road,
Boscombe East,
Bournemouth,
BH7 6BQ