12/12/08

The Community Club needs Community Help. Your Club Needs You

Following a scheduled meeting on Tuesday evening, the Board of Directors discussed financing proposals from initiatives and pleas from the Club over the last few weeks.

The Board are disappointed that little has been achieved since the plight of Lewes FC was brought to the public attention. No one has come forward with any offers of substance to allow the club to go forward. The level of interest and offers of help have been disappointing.

Although much concern and rhetoric has been displayed, and some interest from £100 funders has been encouraging, clearly this is still not sufficient for the club to go forward on a stable basis.

It is the opinion of the Board of Directors of Lewes FC that the Club has now reached the end of the line and unless sufficient pledges come forward immediately, then there is a reasonable chance that the Club will have to consider entering administration in the near future.

The Board are therefore proposing the following radical action. The Club is available for purchase for £150,000 in its entirety. This would secure the running of the Club till the end of the season.

The Club, for the final time, are appealing for 30 businesses or individuals to come forward to invest £5,000 in exchange for 1 share each in the Club. The Board have collectively written off £300,000 of debt, and are prepared to freeze an unsecured interest free loan of £235,000. Repayment terms would be discussed and structured with the new shareholders.

The Board of Directors propose to resign in order to allow the new shareholders to nominate a new Board. All positions in the Club would then be available to be decided by the new Board.

A number of Board members have already made their pledges to the new structure along with a number of other individuals. All pledges will be posted on the Club website. It is proposed that these funds be kept separate from the Club and to that end; it is proposed to use the Magic Man bank account for these funds which is already set up.

The account details are as follows: account name: “The Friends of Lewes FC”, HSBC sort code 40-25-06, Account No: 91401858. To make your pledges and register your interest please contact Mark Henderson at lewes@magicman.ltd.uk       

The phenomenal success Lewes FC and its supporters have enjoyed over the last eight years should be noted, and also the fact that the Board currently find themselves operating and running the club in the worst economic climate since 1929.