Annan Athletic fans pledge £55,000 in community share offer
Superb support praised as fan-owned SPFL club continues investment drive
Annan Athletic fans have so far pledged £55,000 as part of a share offer which aims to inject up to £100,000 into the club.
The fan-owned Scottish League One outfit opened up an initiative for supporters to buy new shares in blocks of £5,000 almost three weeks ago.
As discussions with interested investors continue, the window in which to purchase these has been extended from March 22 until April 5. This ties in with the tax year-end, with purchasers potentially able to take advantage of tax incentives linked to the shares.
Community shares are one of the fundraising tools open to the Galabank club through its Community Benefit Society (CBS) ownership model.
Investors can be individuals, businesses or consortiums.
The share initiative was launched in tandem with a new business plan which outlines a vision to secure sustainability and success, both on and off the pitch.
Annan Athletic chairman Russell Brown said: “We are really pleased – and extremely grateful – for the way in which people have stepped forward so far to support us by buying community shares or expressing an interest in doing so.
“Our target for this initiative is ambitious and, clearly, the closer we can get to it, the better it is for our aim of strengthening the club’s financial stability.
“But the most energising aspect of the past few weeks has actually been the way in which the share offer has got people talking and sharing ideas about the wider ways in which we can boost the club’s finances and how they can be part of it.” Upcoming events to support the club include a sell-out evening with Rangers legend and Sky Sports pundit Kris Boyd at Galabank on March 28 and a race night – which fans and families are invited to attend – at 7pm on March 29, after Annan host Kelty Hearts.
Brown added: “Annan Athletic is playing at the highest level it ever has, but – like so many other clubs – we find ourselves in an incredibly challenging position financially.
“We’re not hiding away from that. We need to be really innovative in response. This share offer is just one of the ways in which we’ll be looking to generate new funds in the weeks and months ahead. We are really thankful to our fans, and the wider community, for getting behind us.” The community share offer does not change the club’s one member, one vote shareholder governance structure.
Each community share investor will be granted Life Member status and become part of Club 1942, a new group – named in honour of the year the Black-and-Golds were founded – which will recognise their contribution.
Potential investors can purchase up to a maximum of four community share offer blocks of £5,000 with the option to pay up-front or via an agreed payment plan.
On top of the community share offer, fans can still become shareholders in Annan Athletic with a £1 stake and a £10-a-year annual payment. Regular shareholders have – and will remain to have – the same voting and general membership rights as community share offer investors.
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