Fans Raise £1.5m in FC United Share Scheme
Tue 28th Feb 2012 | Football Stadiums & Facilities
FC United closes in on £1.6m community shares target to help finance new football ground and community facility in Moston
Supporters of fan-owned football club FC United of Manchester have raised over £1.5m in community share income, leaving just £71,000 of their £1.6m shares target to raise to help fund a community sports facility in Moston, north Manchester.
The club has received planning permission from Manchester City Council to build a football ground and community facility in Moston, north Manchester, and is looking to raise £1.6m of the £4.6m cost from an innovative community share offer. Raising capital through community shares is a unique development in English football and has been recognised as offering a real alternative to the way football is run and financed and offers genuine social benefits to local communities.
Speaking of the news, FC United general manager Andy Walsh, said: "Raising over £1.5m in the current economic climate has been a Herculean effort and we believe is the largest amount ever raised by supporters independently. With 95% of our share target now achieved, and brilliant progress made on other funds such as our Development Fund, we just need a final push to raise the remaining £71,000 by 15 March, which will unlock other grant funding and enable us to start building in Moston. We are asking anyone who shares our vision of bringing football back to local communities to back us by investing in community shares and giving us that final brick in the wall," said Walsh.
"By buying shares, investors will be supporting a better way for football to deliver genuine community benefit - one that is owned and run by supporters and committed to wider community and social development and financial sustainability," said Walsh. "Our groundbreaking development will create a positive and lasting legacy in Moston, creating new sports and non-sports facilities for the area for generations to come," said Walsh.
The FC United community share scheme has a minimum share purchase of £200 and is open to all investors, whether individuals or organisations. The share issue has been given advance approval by the HMRC Enterprise Investment Scheme and subject to personal circumstances this allows individuals to claim tax relief of up to 30 per cent on the amount that they purchase in the share scheme. "Our share scheme is an excellent opportunity for those who wish to invest money to generate social and economic benefit," said Walsh.
Full details of the scheme including all documentation, the offer documents and a summary business and community use plan for FC United's community football ground in Moston are available online at http://www.fc-utd.co.uk/communityshares?moston
Posted by: Aaron Gourley
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