We are getting lots of questions sent to us about the Trust’s COG initative, which is great.
We will endeavour to answer them all.
We have been asked if you need to join the Trust to contribute to COG?
In order to maximise the contributions, we have to be as inclusive as we possibly can. There will be no requirement to be a Trust member to contribute to the COG fund, but those who contribute will do so in the understanding that they are contributing to the Trust’s community ownership of the club.
How much do we need to raise?
We need to raise a significant sum, the exact amount will become clear as we begin negotiations with the club, but we need to acquire a 51% shareholding. This can be influenced by many factors, as has been witnessed over the summer months with the newco, so it’s impossible to quantify at this stage. Suffice to say, the acquisition of the shares will be prudent and in keeping with circumstances which prevail at that time.
Who will ‘own’ the shares that we purchase?
The Trust will own any shares we buy as a result of collecting for the COG Fund, in the same way we own shares now. The Trust members are shareholders in the Trust and as such will be in control of our club shareholding via the Trust Board.
Do we accumulate funds or pledges or both?
We accumulate money in the same way we did for FFTF, by all means necessary. We can take ‘pledges’ as in standing orders as we did before and individual donations, we will have events to fund-raise and, if businesses want to pledge large sums then we have a binding agreement for them to sign with specific terms that will satisfy the bank should it be required.
How will local business be involved?
The same way we to got them involved with FFTF, by explaining what we are doing and asking them to contribute, not necessarily just by donating cash. We can also get them involved by encouraging them to sign one of the previously mentioned contracts, or simply by getting them to go public with their support of us and inviting them to be a part of the new board if we think they would be an asset to the club.
How are other supporters’ organisations going to be involved?
We will make representation to their committees and seek support on what we are trying to achieve, and if they buy into it then they may have ideas of their own as to how they can help. The KFCSA have already shown support by co-signing the initial letter to the bank.