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Co-operation To Show Football’s Financial Woes The Red Card

22/02/2010

By Lea Pachta

Ed Mayo, Secretary General of Co-operativesUK, announces a radical new plan to give football fans a realistic chance to be in charge of their club.

Speaking at the Community Ownership of Sport conference in Cardiff Ed said: "I call on Government to introduce legislation that will allow supporters the right to buy their club and convert it to a co-operative if 75% of season ticket holders are in favour of the move. And this should be fast-tracked for clubs in difficulty along with the right to buy at a fair market valuation."

With teams from all leagues in the domestic game, from Portsmouth to Cardiff City, facing a daily struggle to survive with the reality of debts and the threat of administration hanging over them there is a real chance that a vital community asset could be lost.

According to Ed Mayo a co-operative approach to football ownership could pay dividends for clubs and supporters alike. "Football clubs are much more than just a business - they are a way of life for many people. As well as being sports clubs they have a massive influence of the financial, cultural and sporting environment in most towns and cities in the country."
"Thousands of people follow their team week in week out, giving them tremendous support, and as a result fans, the cog that keeps the engine running, should have a say on how the club is run.

He continued: "Evidence shows that many clubs are not managing their business successfully off the pitch and it is really time to let the supporters and fans have a real say in the destiny of their club.

"After all, there is likely to be greater financial stability for spectator sports if the assets of sports clubs are in ownership of a not-for-profit community venture, preventing the community asset being used for casino-style leveraged financing for the benefit of shareholders, or dangerous gambles on playing success funded by ruinous debt."

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