Further to the recent announcement by the Bath City Bid team, the Board of Bath City Football Club Limited have made the following statement regarding the future.
“We are delighted to announce that following lengthy and amicable discussions, agreement has been reached between the majority shareholders and the Supporters Society to create a pathway towards Bath City becoming a Community Benefit Society (CBS). Both parties have signed up to a Heads of Terms document that will provide the framework for this to happen.
“This has been a complicated procedure, as assurances were required on funding, both for the day to day running of the club and ultimately repayment of loans owed by the club. At the same time the Supporters Society required a commitment from the majority shareholders to relinquish the majority shareholding held within the Board.
“The Society have acquired financial support outside of the Bid process to provide working capital during this interim period. This finance has been the catalyst in providing the majority shareholders with the confidence they required.
“Subject to shareholder approval, the club will increase its share capital with the new shares being acquired by the Society, so that with its existing shareholding and some shares presently held by the majority shareholders, it will have a shareholding of over 50%.
“The current majority shareholders will retain a 25% shareholding for an interim period, while a new Board oversees the redevelopment of Twerton Park, negotiations for which have been ongoing for nearly 12 months and is key in the overall plan to provide both a modernised stadium, and funding to repay loans.
We appreciate that shareholders and supporters will have questions regarding the agreement, and the detail therein, and we will endeavour to answer all of these at the appropriate time.
“For this to happen it now requires the forthcoming re-launch of the Bid to be a success. Therefore, we urge all supporters, and the Bath population as a whole, to “Back the Bid”, and make this historic agreement become a reality. We firmly believe that this proposal provides the very best opportunity for Bath City Football Club to prosper in the future, and finally achieve its long held dream of Football League status”.