We have completed the amalgamation of the two societies, the name change to Bury Football Club and made Gigg Lane our home ground, which were the three items voted on by members in May.
We also advised as part of the pre-vote information pack that we would move the ownership of the football club, which is Bury Football Club (2019) Ltd trading as Bury Football Club, under the ownership of The Bury Football Club Company Limited, subject to further financial due diligence. We have been advised by Bury FC Benefactors Ltd that at this stage they will not be investing the further £300, 000 they had committed to in the business plan presented to members. This does not place the stadium or club in any significant jeopardy as we are still able to access both central and local government funding in addition to holding our own cash reserves.
There is no obligation on Bury FC Benefactors Ltd to invest this money, and we will continue to work with them as normal. Equally there is no requirement for the Football Supporters’ Society of Bury to make any changes to the ownership of the club, and so it will remain 100% owned by the Society, and separate from The Bury Football Club Company Limited, which the Society co-owns with Bury FC Benefactors Ltd. The Football Supporters’ Society of Bury also owns the majority of voting rights in The Bury Football Club Company Limited, so should not be prejudiced in any way by keeping the organisational structure in its current format.
Should any party, including Bury FC Benefactors Ltd, wish to invest into either Bury Football Club (2019) Ltd or The Bury Football Club Company Limited at a future date they may do so by an approach to the board of the Football Supporters’ Society of Bury, who can take this forward to member consultation and a member vote if they believe it is a credible offer in the best interests of the club and the society.
There are some significant legal and tax issues to consider as part of any transaction like this, in addition to the need for member approval, and so it is unlikely that any offer could be agreed and put forward for a vote quickly or without professional advice.