Initially, I wondered why ‘punk’? Instant perceptions hardly pertinent to trustworthy, reliable finances and professionalism – I refer to music groups, the likes of Sex Pistols, The Stranglers, Cockney Rejects, Angelic Upstarts etc.
But “Punk Finance” is a new branding allocated to the concept of community groups and societies raising funds without the need to approach traditional ‘High Street’ lenders such as banks and building societies.
Inherent in the formation of this terminology is FC United of Manchester somewhat resulting from its own successes in generating funds towards its objective of owning its own stadium. It has raised over £1.2 Million from shares so far. Andy Walsh, General Manager at FCUM says “The community shares model we have developed with Co-ops UK and the legal framework that we have put together with Cobbetts [solicitors] offers a route to financial stability.”
It is thought that FC United’s model can be adopted by many other smaller organisations and in partnership with Cobbetts it has produced a booklet which promotes the ‘punk finance’ model.
I have already started to look at its application in football, athletics and multi-sports capital projects that I am working on or might be commissioned towards shortly.