York City chairman Jason McGill has stated he has no intention of selling his shareholding in the club in the “foreseeable future”.
With City’s financial auditor Steve Kilmartin acting as a spokesman for McGill, a statement given to The Press went on to suggest the Malton-based JM Packaging businessman might have to reconsider covering the club’s operating losses if York City Supporters Trust do not relinquish their 25 per cent shareholding in the Minstermen.
McGill also revealed in a statement of his own that the club suffered £630,000 in operating losses during the 2016/17 season when former manager Jackie McNamara was given a top-three budget to deliver a swift return to the Football League and successor Gary Mills’ recruitment efforts were bankrolled in an unsuccessful attempt to stave off relegation to regionalised football. The figures mean the club’s 75 per cent majority shareholder has, up to June 30, 2017, pumped £4million into the club to cover the losses since he took over ownership from the Trust in 2006.
City’s share issue is to be debated at the Trust’s annual general meeting on Monday, February 5 at Burton Stone Lane Working Men’s Club (7.30pm). Kilmartin said: “The chairman indicated, almost two years ago, that the club would need funding of £1million to enable football to be played at the new Community Stadium which, therefore, requires the issue of £1 million ordinary shares of £1.
“In this respect, it was the Trust who referred to ‘giving up their 25 per cent stake’ in the club to enable the chairman to fund the whole of the amount required as they had no financial resource to provide their obligation. The debt owing to the chairman’s company was £1.856m at July 1, 2011 and £5.809m at June 30, 2017 (including interest McGill has agreed to waive).
“The chairman has already provided unequivocal confirmation to the Trust that he is willing to provide the necessary finance that should enable football to be played at the new Community Stadium. He has also advised he has no intention of selling his shareholding in the foreseeable future.”
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