AFC Telford open the door for investors as Supporters' Trust agree to sell shares

Proposals that members of the AFC Telford United Supporters' Trust sell their shares to the football club were carried after a landslide vote at the New Bucks Head.

The Supporters Trust held their special general meeting in the Learning Suite at the Bucks' ground, with more than 120 votes cast.

Of the 123 votes cast, 118 voted in favour of the proposals, three voted against and two ballot papers were spoiled.

The proposals included that members of the Supporters Trust would sell their entire shareholding 1,000 £1 shares to AFC Telford United Limited.

The club will then offer 500 lots of £100 shares that can be purchased by interested individuals and businesses.

It was a key night in the club's history, as the club changed their structure following the recent announcement regarding financial hardship.

The Bucks are on track to raising the required £25,000 by the end of October, a figure they then need to raise again by the end of November.

The vote means shareholders relinquish their controlling stake in the club and effectively invites would-be investors to take over the club.

The structure which gave the trust the controlling stake was put in place to prevent the club becoming over-reliant on a single big-money investor – a problem which had led to the club collapsing under multi-million pound debts in 2004.