Clarets Trust decides not to sell its shares to new Burnley FC owners

The Clarets Trust board has decided not to sell its shareholding to the new Burnley FC owners.

Turf Moor
Turf Moor

Following a board meeting, the Trust's chairman, former Burnley MP Peter Pike issued a statement to the Burnley Express which concluded: "After careful thought and consideration it was agreed by the Board that we should retain all our shares and should report accordingly to our members.

"Retaining our shares would enable the Trust to work together with the club in a positive way for the future for the supporters, club and Trust."

The Clarets Trust holds 176 shares and the new owners, led by chairman Alan Pace, is offering £1,699 per share payable half in cash and half in a credit at the club shop.

The Trust statement goes on to say: "The Clarets Trust is proposing to hold a zoom meeting for all members on Sunday, October, 17th, at 6-30pm. Notice and invitation to attend this meeting will be sent as soon as possible.

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"Members must then indicate their wish to attend by email to [email protected] no later than 9am Friday, October 15th, following which they will then be sent an invitation to join the meeting. It should be noted if a lot of members choose to attend, admission to the meeting could take some time.

"We apologise for the short notice but we have had little time to take advice from the Football Supporters Association and hold a Board meeting last night.

"Members will know that the new owners of Burnley Football Club have invited minority shareholders in the Club to sell their shares. This is a choice for those shareholders and not compulsory. There is a closing date for acceptance of this offer of October 24th.

"The offer is £1,699 per share payable half in cash and half in a credit at the Club shop. The Trust holds 176 shares.

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"The Trust Board has met and considered all possible options. It should be noted rule 7 of our governing document makes it impossible to share such funds amongst our members. Rules also indicate that if we were to wind up the Trust again funds would not go to members but to some charity associated with our aims and objectives."