Business Directory

Browse the Directory

Sign Up to the Directory

FC Business Twitter
FC business Linked in
FC Business facebook
FC Business Youtube

East Stirlingshire FC owner sells his stake in club for 1

Thu 27th May 2010 | Clubs Ownership

East Stirlingshire owner Spencer Fearn has sold his stake in the club for £1 and resigned from the board but insists their future is secure.

Current chairman Les Thomson has bought the shares but has agreed to sell them to the Shiretrust supporters group in a year's time should it want them according to the BBC.

"I wanted to leave the club to the fans despite having received a good offer for my shares," said Fearn.

The English businessman has been with the Falkirk club for four years.

Third Division Shire sold their Firs Park ground in 2008 and have been sharing Stenhousemuir's Ochilview Park in nearby Larbert until a new stadium can be built.

Now Fearn, whose business interests include a record label and training firm, has agreed to write off loans he made to the club and says his decision to leave is personal.

"I would prefer to keep my reasons for leaving as private," the former Sheffield United player told Shire's website.

"I hope the fans respect that, but I have to put my family first."

Shire, not so long ago the perennial worst side in Scottish senior football, finished third in Division Three this season, missing out on promotion after losing to Forfar Athletic in their play-off semi-final.

"It has been a great four years," said Fearn, who had been vice-chairman. "We have achieved a lot in that time and I am proud of what we have all done together.

"I could have waited two or three months, but I felt I had to make the move now so the club can move forward."

Fearn will not sever his ties with the club completely but indicated that it is the start of the process of handing the club to their fans.

"It allows the shares to stay in Les's hands for a year and the Shiretrust can buy them in 12 months time if they want to exercise that option," he said.

"I will still come to some games and will put some money into the club."

Fearn said that the club is still in good financial health and will still have a competitive budget for the 2010-11 season.

"Shire will be left largely debt-free and there will be no need to return to the £10 a week days just to survive," he said, referring to previous low payments to players.

"The pre-season tour has all been paid for and that will not be affected by this decision."

Shire coach Jim McInally had delayed a decision on player contracts for next season until after a decision about Fearn's shareholding had been made clear.

If you have any football business related news stories you’d like to share then please contact us – agourley@fcbusiness.co.uk or ryan@fcbusiness.co.uk

Don’t forget to subscribe to F.C. Business Magazine to keep up to date with the latest comment from the football world. Click here to subscribe

Add to: Google Google | Yahoo Yahoo | Live Live | del.icio.us del.icio | Digg Digg |

Related Articles

Portsmouth Enter Possible Takeover Talks

Thu 23rd Mar 2017 | Clubs Ownership

Portsmouth Football Club has confirmed it’s in talks regarding a potential takeover. In a statement released by the club, they said: “Portsmouth Community Football Club would like to...

Walker Morris Advise On Leeds United Sale

Thu 5th Jan 2017 | Clubs Ownership

Specialist Sports Law Team at Walker Morris reinforces its national reputation for football club acquisitions/sales with the latest sale of Leeds United FC. Specialist sports lawyers at Walker Morris...

Aser Group Holding Acquires 50% Of Leeds United

Wed 4th Jan 2017 | Clubs Ownership

Aser Group Holding has completed its investment in Leeds United Football Club today. Leeds United Football Club has confirmed Aser Group Holding, through its acquisition vehicle Greenfield Investment...

Notts County Sold To Local Businessman

Mon 19th Dec 2016 | Clubs Ownership

Notts County owner Ray Trew has confirmed the sale of the club after reaching an agreement with local businessman Alan Hardy. Having held discussions with a number of prospective buyers in recent...