Since news broke of the bid by Milan Mandaric for ownership of Leicester City the Trust has raised questions about the bid & his plans for the club. This has been viewed by some fans as being against Mr Mandaric & his bid. The Trust has also been accused of speaking on behalf of all City fans.
Below Trust Board Member Matt Davis answers these points on behalf of the Trust….
To take the 2nd of these points first the Trust does not, never has or would even begin to suggest that we represent all City fans. However with almost 1000 supporters who are members the Foxes Trust IS the largest single fans organisation at the club.
The Trust also owns 151,000 shares in Leicester City FC. The shares were purchased mostly with the money raised to help save the club from bankruptcy in 2002/3. Some of this money was put in by fans who are either are no longer members or who never chose to join the Trust, but who still put money into a bucket to help save our club.
When a bid for ownership of the club is received it is the above shares, purchased with the supporters money, which the potential new owner is seeking to acquire – along with shares held by other members of the Lineker Consortium & investors who have since put money into the club.
The Trust does not hold shares in the club for financial gain – but to ensure compliance with corporate governance legislation & principles through access to audited yearly accounts. As a shareholder the Trust can raise questions about the yearly accounts at the company AGM.
So clearly when a bid is received for its shares the Trust Board is duty bound to ensure the person/s seeking to acquire them has the best interest of the club & its supporters to the fore….