FCUM nearly home
FC United of Manchester (“FCUM”) has raised in excess of £1.5M from its community shares issue. I am delighted to have worked with this Club in the UK (and Turkey). This experience reflects my commitment to the concept of greater supporters’ involvement and governance being a potential model for ‘clubs’ stewardship’.
The achievement means that only £71K is needed to build the Stadium and ancillary facilities in Moston. I have no doubt that this will be achieved. I’ve even had a recent notification of another bid for FCUM being successful. Indeed, they are asking me to meet in the morning?
The Club has received planning permission from Manchester City Council to build a football ground and community facility in Moston, North Manchester, and is looking to raise £4.6M in total. This Site after an earlier proposed site at Ten Acre Lane and a ‘spiritual home’ at Newton Heath fell through.
The Appeal illustrates something that I have been excited by for some time as another string (of many!) in running the sport and financing in non-traditional ways.
FCUM’s Andy Walsh, General Manager comments: “Raising over GBP1.5m in the current economic climate has been a Herculean effort and we believe is the largest amount ever raised by supporters independently. With 95% of our share target now achieved, and brilliant progress made on other funds such as our Development Fund, we just need a final push to raise the remaining GBP71,000 by 15 March, which will unlock other grant funding and enable us to start building in Moston”.
The FC United community share scheme has a minimum share purchase of £200 and is open to all investors, whether individuals or organisations. The share issue has been given advance approval by the HMRC Enterprise Investment Scheme and subject to personal circumstances this allows individuals to claim tax relief of up to 30 per cent on the amount that they purchase in the share scheme.