AFC Telford scrap limit on share ownership
AFC Telford have scrapped the limitations on the percentage of shares that can be bought by investors.
The motion was passed in the clubs AGM at the New Bucks Head stadium in Wellington last night, effectively opening up investment opportunities.
The previous cap on shares that could be bought stood at 20 per cent. In total, the Bucks sold 32 per cent of the shares on offer, generating £170,000.
The new round of shares will go on sale in March, and the club could find themselves with new majority owners.
The move will help the club to bolster its finances, and annual accounts which were also set to be approved at the AGM show that the Bucks made a loss of £13,065 in the year to last May.
The figures, covering the first season back in the National League North following relegation from football's fifth tier in the 2014-15 season, show that turnover fell by 21 per cent to £691,683. In response the club slashed its wage bill by more than £103,000 to £528,583 last season.
In a report accompanying the accounts chairman Ian Dosser said: "On the field we have again been much lower in the league than we had targeted and elimination from the FA Cup at the first hurdle and FA Trophy at the second hurdle, contributed to a continuing difficult financial situation.
The main fall in income stemmed from lower gate receipts, with the overall figure falling from £243,000 in 2014-15 to £125,000 last season.
Season ticket revenue fell from £72,000 to £53,000, income from food and drink dropped by £34,000 to £64,000, and grants from the FA slid from £71,000 down to £11,000.
Other revenue areas including income from the lottery, raffle, car park and programmes fell, but donations and sundry income grew by almost £70,000 to £283,000.
