York City Supporters Trust revealed at their AGM that club owner Jason McGill has rejected a compromise proposal over the club’s share issue.
McGill has asked for the Trust’s 25 per cent shareholding in the Minstermen if he is to continue covering the club’s losses until the proposed move to the new community stadium in the summer of 2019. But a deal that would see the Trust retain five per cent of its shares and JM Packaging – McGill’s Malton-based business – increase their stake from 75 per cent to 95 per cent has not met with the City chairman’s approval.
As part of the proposal, the Trust would also receive a payment if McGill sold his shares within two years of relocation to Monks Cross, as well as 21.35 per cent of any equity left from the sale of Bootham Crescent once the club’s creditors are met. It has previously been stated that, with the ground valued at £4.5million by the City of York Council, McGill would be out of pocket to the tune of £3million when the ground is sold in terms of being unable to recoup the money that he has ploughed into the club to cover losses since taking over from the Trust as City’s majority shareholder in 2006.
But the Trust have now resolved to seek an independent valuation of the land, which club auditor Steve Kilmartin, who was representing McGill at the Burton Stone Lane WMC event, claimed would not attract offers in excess of £3million from property developers.
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