Source: Social Enterprise
2 September 2010 by Gemma Hampson
A co-operative football club will this month launch a £1.5m community share issue in its bid to build a new stadium.
FC United of Manchester was created in 2005 by thousands of disenchanted Manchester United fans who felt alienated and priced out of Premiership football.
It is now looking to raise the cash to build a community stadium at Ten Acres Lane, Newton Heath, which is expected to cost £3.5m.
FC United is one of only ten community share projects supported by Co-operatives UK and the government through its Community Share Scheme. The scheme aims to help raise finance from communities to support expansion and development and is an alternative to bank borrowing.
The club is working to ensure that the shares are eligible for the Enterprise Investment Scheme (EIS) tax relief, allowing investors to offset up to 20 per cent of any purchase over £500 against income tax liability. Find out more about EIS here or, for subscribers, here.
Only club members, who pay an annual membership fee of £12, will be able to buy community shares. Members have a say in the running of the club and no additional voting rights come with the shares.
More details can be found at www.fc-utd.co.uk.