SFU met with its members at its AGM tonight to finalise an agreement brokered with the Football Club. We are delighted to announce that our members ratified the agreement. The Trust will now be purchasing a further 5.5% stake in Mansfield Town with an investment of £55,000, to add to the 3.3% stake we already own. As part of the deal, SFU will have a Non Executive Supporter Director on the board, who will be Colin Dobell.
Meanwhile, Will Lord is the new Chairman of SFU taking over from Chris Vasper, who remains on the board. We thank Chris for his tireless efforts in helping to reach the agreement with the football club.
What happens to the Trust now? The football club has offered SFU the opportunity to purchase a further 1200 Community Shares in the club. An important part of the agreement is that the Trust have agreed a fixed price of £10 per share for 18 months to purchase these remaining Community Shares. This leaves the trust with the task of raising £12,000 in 18 months to invest in the club. This will be achieved through fundraising activities such as a sportsmans' dinner and also through seeking to gain new members of the trust.
For more media coverage, including audio interviews with Colin Dobell and Will Lord, and a photo as SSA inject £15,000 into SFU, Listen here.