Bath City Football Club’s Supporters Society has triumphed in its two-year battle to become the club’s majority shareholder.
The move transforms Bath City into a long-hoped-for, community-owned football club following the success of the Supporters Society’s high-profile Big Bath City Bid campaign last year.
The campaign, which was backed by many firms across Bath, beat its goal of raising £300,000, ending up with nearly £350,000
Following an extensive legal process, the Society has bought £300,000 of new shares issued by the National League South club, lent a further £50,000 and opened a new line of credit for working capital to underwrite operations for the next three to five years.
As well as clearing debts to a number of individuals, the club’s finances have been restructured with all remaining debt re-scheduled on five-years, interest-free terms, giving the club a stable platform to begin its turnaround plan.
The club said a key foundation of the plan would be the redevelopment of the main stand and half the car park with a new grandstand and property to raise sufficient funds to clear all remaining debts as well as providing ongoing income streams.
A new board has been formed, headed by chairman Nick Blofeld, former CEO at Bath Rugby, with Paul Williams remaining from the previous board as football chairman.
The society now has six members on the nine-person board, including new additions Sally Harris as community director, Martin Powell as supporter liaison officer and Jon Bickley in the sales & marketing director role.
Society representative Shane Morgan continues in that role with previous board members John Reynolds and Andrew Pierce staying on to provide continuity of knowledge and experience.
One society position is still to be filled as former appointee Nick Thompson has recently moved away from the area.
The new-look club has also appointed a full-time general manager to drive new revenues and oversee day-to-day running, launched an online shop for merchandise, event and ticket sales and started a new Bath City FC Sponsors Club.
Nick Blofeld offered: “We’re delighted that after over two years of hard work, fund-raising and negotiation we’ve completed this refinancing and that the people of Bath and wider community now hold a majority stake in Bath City Football Club.
“With a firm financial footing and citywide engagement, we’re already seeing a burst of creative energy that is invigorating the club. The possibilities are huge for this football club at the heart of our community and we’re excited to get things moving.”
Paul Williams added: “I’m really pleased to reach this stage of the process that gives us the stability to plan for success on the pitch, while new resources and finance enable us to build the business off the pitch and make it sustainable for the long run.
“One of the most tangible things fans can see is that we’ve approved an enhanced playing budget for next season that will enable manager Gary Owers to plan and recruit for a serious tilt at promotion.”
Martin Powell said: “We are absolutely thrilled to see this dream become a reality. The Big Bath City Bid has finally delivered a community-owned club that enables fans to elect directors and to take hands-on roles in the day-to-day and strategic running of the club. We couldn’t be more pleased.”
The club is to stage a ‘Bidfest’ party on June 9 to celebrate the success of the bid and to toast the future of Bath City FC as a community-owned club.
The transition to community ownership was supported by regional law firm Royds Withy King’s Bath office.
James Worrall, Katharine Mortimer and James Barratt of its corporate and commercial team advised the club and its board on all aspects of the deal, from the start of the negotiations through to completion.
Their role involved advising on the issue of 300,000 new shares in the club to the Supporters Society, the negotiation of new financial facilities and a broader financial restructuring of the club, including renegotiating the payment terms of the club’s debts.
Senior associate James Worrall, who led the transaction team, said: “We have a long-standing relationship with Bath City Football Club and are delighted to have played a hands-on role in achieving a great result for the club and its stakeholders.
“We are confident that the club has a bright and exciting future and this transaction will help it achieve its aims of becoming a sustainable and successful business on and off the pitch.
“This was a complex transaction involving a large number of parties. All credit to the hard work of existing chairman Paul Williams, the generosity of the existing shareholder group, the fundraising efforts of the Supporters Society and to the wider community for getting behind the Big Bath City Bid campaign and helping to raise the significant sums needed to make this transaction feasible.
“We look forward to continuing to work closely with the club as it begins a new chapter in its history, with an increased playing budget and a host of new opportunities. We have no doubt that the Bath community will get behind the club again next season and we look forward to being in the stands ourselves cheering the team on.”
Pictured: Bath City chairman of football Paul Williams, third from left, with Royds Withy King’s Katharine Mortimer and James Worrall and James Barratt
