Can Newcastle fans take over the club
11 Nov 2009 - 11:03:43
NEWCASTLE UNITED supporters yesterday launched a bid to take control of the club and oust owner Mike Ashley.
If the Yes We Can campaign proves successful, Newcastle would emulate Spanish giants Barcelona and become the first league club in Britain to be wholly owned by its supporters.
The notion of fans holding a controlling stake in a football club would be a revolutionary move in this country but the model has proved successful in the Spanish and German top flights where the likes of Real Madrid, Athletic Bilbao and Hamburg are governed by their followers.
Ashley's failure to find a buyer for Newcastle this year sparked supporter demonstrations against his continued presence at St James' Park, while his decision to change the name of the stadium further enraged fans, leading to protests on the terraces during Saturday's 3-1 home victory over Peterborough United.
Newcastle United Supporters Trust (NUST), formed in the wake of Kevin Keegan's departure from the club in September 2008, have been at the forefront of protests to persuade Ashley to quit.
After formally launching their bid to raise funds and wrest control of the club from Ashley, NUST declared that fans should register their opposition to the current Newcastle regime by pledging their financial support to the takeover campaign.
The not-for-profit organisation is asking fans to pledge funds, backed by a deposit, into a holding account to build a war chest to secure a buyout. Ashley recently valued the club at £80m.
Launching the campaign, NUST spokesman Mark Jensen insisted that the fans should shelve any hopes that a messiah will save the club and, instead, take positive action themselves.
It is clear that we have no knight in shining armour to end the charade at St James' Park so we must look at how we can do this ourselves, he said.
We've been obsessed by protest but this is the ultimate protest.
We have emailed over 40,000 supporters to ask them if and how they want to buy into the campaign to lead a city-wide bid to buy back the club.
There are a number of ways supporters can buy into the model dubbed by the financial community as the Barcelona on the Tyne' which would see a democratisation of the club to ensure that the current state of the club would not be repeated.
The idea is based on fans investing in the club through a number of financial opportunities which will be held by a local solicitor in an escrow (holding) account to demonstrate to Ashley that the fans have proof of funds.
Supporters will be asked to pledge 10 per cent of their investment into this account and guaranteed that the money will be returned if the bid fails. The club is a fantastic investment if run properly and we aim to attract the type of investors who will seek to bring back the values of integrity and honesty to the club.
Jensen insisted that the bid was serious and intends to reveal details of further backers, including big hitters from the financial and business world, in the next few days.
This is an investment which is not only ruled by the heart but by the head also.
We've been in discussions with serious people in the city and beyond and they have thrown down the gauntlet to supporters to lead the charge.'' The plan includes proposals to establish a panel of six fans' representatives overseen by a president who will bring in a professional team to run the club who would be accountable to the supporters.
