Shares' switch gets go-ahead
Burnley Football Club can confirm that the re-organisation to transfer the club’s existing shares to a new holding company has been successful as the Clarets move towards regaining ownership of Turf Moor and Gawthorpe.
A takeover offer for existing shares to be transferred to Burnley FC Holdings Ltd (BFCH) was made on January 12 and the required acceptance of the offer by 90 per cent of the club’s shareholders has now been reached.
As a result, the remaining 10 per cent of shareholders will now be informed that their shareholding in The Burnley Football & Athletic Co. Ltd (BFAC) will be transferred to the new company.
Burnley FC Holdings Ltd will then form a new property company, Turf Moor Properties Ltd, to re-purchase Turf Moor and Gawthorpe from Longside Properties Ltd via a bond issue.
Indicative interest in the bond issue has been received from a selected number of Burnley Football Club supporters, who will each contribute a significant six-figure sum.
Formal bond documents will be issued shortly, with a deal for the club’s stadium and training ground hoped to be completed in February.