Following an agreement reached today with Cheshire East Council Macclesfield Town will become owned by members of the community.
Amar and Bashar Alkadhi, Jeremy Turner, Barrie Darcey and Mike Rance, supported by Andy Scott, who has been intimately involved in the process, will gift their shareholdings in the Club into a community owned vehicle that will be become the owner of the football club.
All directors and ex-directors will also write off their substantial loans to the existing company in order to strengthen its balance sheet.
The deal, which will see the club escape financial difficulties will, we believe, result in Macclesfield Town becoming the first senior club in England to become community owned without suffering an insolvency event.
The deal will see Cheshire East Council acquire the freehold of the site for £285K so that the club can consolidate its debts.
The football club will remain at its current home until a new stadium is built in the future.
The decision is subject to an extraordinary Cabinet meeting on Monday (June 10).
Leader of Cheshire East Council Michael Jones said: “Macclesfield Town Football Club is part of our heritage and we should not – and cannot – lose it.
“We are incredibly proud of their achievements and it is unfortunate that they have succumbed to the financial pressures exacerbated by our current economy. But they are not the first football club to run into difficulties.
“It is in times like this that Council’s can and should play a part, after all the club is incredibly important to the town’s identity and adds to the visitor economy enormously, providing much-needed jobs and prosperity.
In the transaction Macclesfield Town will become a Community Interest Company and the conversion will require the approval of shareholders at an Emergency General Meeting, details of which will be announced shortly. Andy Scott and Mike Rance will join Amar Alkadhi as directors of the Community Interest Company and will be joined by other community members later.
As a part of the agreement a new stadium for the club will be included, subject to planning permission, in the plans for South Macclesfield Development Area. The new stadium will be owned and operated by the Community Interest Company.
“This arrangement gives the Club the cash flow it needs at a difficult time” said Director Barrie Darcey, “but it also creates a club that will be genuinely owned by and anchored in Macclesfield.
“The Council’s help in this process has been absolutely invaluable. Everyone at Cheshire East has been enormously helpful and we thank them for their support.”
“We would encourage everyone to get involved in the new community venture. We now have a vehicle to take the club forward with confidence.”
What is a Community Interest Company?
A Community Interest Company is a new vehicle for community and social enterprise.