The Football League refuses to let fans have a stake
The Labour’s proposal for fans to have a say at board level at the Football League and given the fans an opportunity to buy 10 percent of the shares of the club were declined right out by the league yesterday.
The Labour party has new plans to include this in its election manifesto and promise fans that it will get two of the fans on the board by replacing two existing board members and also appointing up to a quarter of their club’s board to give them the assurance that their ideas can be put across to the board. The proposal also included the request to the league to give an opportunity to fans to buy 10 percent of the club’s shares whenever the club puts out at least 30 percent of its shares for sale.
The new Labour rules say that fans will not be able to block takeovers or change the corporate strategies decided on by the board but their role is to just hold the club accountable for its decisions and course of actions. However, the Football League turned down the proposal quickly and the Chief executive of the Football League Shaun Harvey said in a statement that potential owners don’t need to be protected and he also ensured that they are not put off investing in clubs.
His statement read, “As ever, we welcome dialogue with the political parties regarding football, as our clubs represent communities across England and Wales. Many of the individuals that choose to invest in football do so without expecting any financial return on their investment, as they too are supporters of their club.”
Harvey also said that instead of this, the club does so for different reasons and that it has to be careful to prevent barriers from being created by allowing fans into the board.