Banbury United members vote in favour of exploring options of selling football club to private owner

The club, which is currently fan-owned, held a meeting last week (January 23) to discuss its future.

Banbury United has been fan-owned since 2015; however, the club said this set-up has become financially unsuitable in recent times.

During the meeting, the board presented the members with three possible options to vote on, that would ensure the survival of the club.

The first option was to stay as a fan-owned community club, which would require it to raise around £140,000 per year from members.

Another option was to remain fan-owned but accept budget cuts that would affect players’ and staffs’ salaries.

The third option was to explore the options of selling the club to a private owner, who could fund the club’s working requirement.

Eighty-nine percent of members voted in favour of exploring the options of selling the club, and 98 per cent of members gave the board permission to speak to potential buyers.

Chairman of Banbury United Community Football Club Ltd, Wayne Farrell, said: “Following open discussion in a packed Spencer Clubhouse last week, the feedback from our members is clear, we have to be open to private investment in order to secure the long-term future of Banbury United.

“Our current fan-owned model, in the unique set of challenging conditions faced by the club, in today’s commercial football environment, does not work, despite the amazing financial contributions and blood, sweat and tears from our loyal sponsors, supporters and volunteers.

“We are taking responsibility for ourselves comfortably before the club hits an insurmountable juncture. We run a tight ship. As North

Oxfordshire’s largest football club, with a rich heritage dating back to 1931 and a strong fan base, Banbury United FC is a very attractive proposition.

“We look forward to hearing from investors who not only have the budget, considering our impending ground move and need for training facilities, but the right motivations to take the club and our town forward.”

Potential buyers or investors should contact the board of Banbury United in strict confidence via [email protected] before February 28.

Wayne added: “I would like to assure Banbury United members that they have not voted to sell the club at this stage. They will have the opportunity to interrogate and vote on ownership propositions and to reject selling the club if proposals are unsatisfactory to them.

“We will report back to members at a meeting in early March. Absolutely no decisions will be made without member involvement.”

A transition from the current fan-owned setup to full or part private ownership (or any other ownership structure that may be presented) would require the club to hold a special resolution vote at an Extraordinary General Meeting (EGM), as per the club’s society rules.

In order to make the move from its current club-owned status to private ownership, a minimum of 75 per cent positive votes from the voting membership would be required.

For more information about the club, visit: https://www.banburyunitedfc.co.uk/