Friday, March 16, 2012

FC United raise enough money to move from Bury

 Source: Bury Times

 Fan-owned football club FC United of Manchester has raised £1.6m to help fund the building of a new ground that will see them move from Bury to Moston.

A community share issue was launched to pay for a new football ground and community sports facility in Moston, north Manchester.

The club currently plays at Bury FC's Gigg Lane stadium.

Reaching the £1.6m target enables the club to unlock the grant funding they need to meet the costs of the £4.6m project and enable building to start on the Moston site in the spring.

FC United general manager Andy Walsh, said: "Reaching our £1.6m target from the share issue is a fantastic achievement, especially in the current economic climate.

"We believe this is the largest amount ever raised by football supporters independently. Raising capital through community shares is a unique development in English football and has been recognised as offering a real alternative to the way football is run and financed."

FC United of Manchester has worked closely with Co-ops UK.

The share schemes are designed to enable cooperative organisations like FC United to raise finance from local communities to support expansion and development much more effectively than through traditional methods such as bank borrowing.