Statement by the Majority Shareholders

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Statement by the Majority Shareholders

Post by comrade powell on Sun Sep 13, 2015 12:58 pm

Statement by the Majority Shareholders of Bath City Football Club Limited

We would like to congratulate the Big Bath City Bid team on their efforts in the recent campaign to raise funds towards their aim of making Bath City FC into a Community Club.  To raise in excess of £300K is a remarkable effort, and it shows how much the club means to both our supporters, and people of Bath in general.  However it should be remembered that this is still a long way short of the minimum £750K required to start negotiations for the transfer of ownership of the club, let alone the £1.25M required to clear the debt.  We gave the bid team the period of exclusivity they requested to see if they could be successful, but now that period has ended, we need to decide how to proceed.

As the current custodians of the club, we have to do what is in the club's best interest. We are not going to prejudge what the BBCB team decides to do next, but we have some debts coming up for repayment, and, in the absence of a successful bid, or confidence that the requisite money can be raised this way in the timescale required, we also now have to talk with any other interested parties and our creditors.  We would also like to thank those who renegotiated their loans to allow the bid to take the period it requested, but we must now accept the fact that it may not be possible to do this again.  Even if it were, we recognise that this situation cannot continue indefinitely, and will look to explore all avenues to put the club on a stronger, more sustainable, footing.  

It is hoped that some of the money and goodwill engendered by the Bid process can similarly be dedicated to the club, without limiting its options, to ensure stability whilst decisions are made.  We believe a financially stronger Bath City with the burden shared by the many, and not the few, is in the best interest of all parties, and would welcome discussions with the BBCB team to this end.
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