The owners of York City want to up their stake in the club to 75%.
At the moment 394 Sports – the company formed by mother and son team Julie-Anne and Matt Uggla to buy York City – owns 51% of the shares in the club.
The remaining 49% belongs to the York City Supporters’ Trust. And its leaders are urging members to sell 24% to the Ugglas.
In a statement released at 3.30pm today (Wednesday, 8 November), the trust says that a 75% stake would “facilitate the continued investment in the future of York City” by Julie-Anne and Matt Uggla.
The trust goes on: “This step has the potential to bring substantial benefits to our beloved club while further strengthening the trust’s rights and protections.
“In our unwavering commitment to transparency and member engagement, we are unveiling this development ahead of schedule, with the intention of ensuring that as many of our fans as possible can actively participate in the decision-making process and shape the future of our football club.”
History repeating
The news mirrors events 20 years ago.
In 2003 the Supporters’ Trust ran York City with a board of voluntary directors, including chairman Jason McGill.
In June 2006, trust members voted to transfer 75% of the company shares to JM Packaging Ltd, a company owned and operated by Mr McGill, in return for an initial loan to York City of £950,000.
He sold his shares in July 2022 when Glen Henderson became the majority shareholder with 51% of York City, and the trust had 49%.
When relations between Mr Henderson, the fans and the Supporters’ Trust broke down, the Ugglas bought Mr Henderson’s 51% stake.
The trust has outlined this timeline of selling the shares.
14 November
The trust issues the formal announcement of the Special General Meeting to vote on the motion to sell an additional 24% of York City to 394 Sports. “This announcement will include a detailed share purchase agreement, partnership agreement, and proposed changes to the club’s articles”.
15 November
A public presentation by 394 Sports where they will outline their plans for the future of the club, followed by a Q&A. This will be “streamed by the club, allowing all our members to participate and gain insight into the direction our club is taking”.
28 November
A fans forum has already been organised for this date, with both City manager Neal Ardley and Matt Uggla. “This will provide an excellent opportunity for supporters to engage in constructive discussions about the club’s future and share their thoughts and concerns,” the Supporters’ Trust says.
30 November
The date of a Special General Meeting (SGM) to discuss the proposed sale of the additional 24% stake to 394 Sports.
The trust adds: “It is important to clarify that the proposed sale of the 24% stake will not alter the principle of rights held by the Supporters’ Trust in the club’s articles. It is aimed at increasing and modernising these rights in a way that promotes the growth and progression of the football club.”
If you want your say in the sale of shares, you can join the York City Supporters’ Trust here.