I have no beef with Scunny but how is it possible to get leveling up funds to purchase the ground??????? Why are we not looking into getting leveling up funds?
Could the supporters buy Plainmoor? Then let the ground to Torquay United?
Conservative MP for Scunthorpe, Holly Mumby-Croft, who took a request for levelling-up funds to government and came back with £2.5m.
https://www.theguardian.com/football/20 ... le-harness
Scunthorpe obtain £2.5 million Gov levelling up funds.
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Colorado
- On the Bench
- Posts: 130
- Joined: 07 Jan 2023, 17:08
- Favourite player: Peter Coffill
- Location: Windsor Colorado USA
It appears they have a born and bred Scunthorpian owner called Michelle Harness and others in the Scunthorpe business community and their local MP who are passionate about the team. It appears they have been willing to put their collective egos aside, at least for now, and do something amazing .
Thanks for citing this fascinating article which only goes to show you are only as good as your ownership and board of directors.
Thanks for citing this fascinating article which only goes to show you are only as good as your ownership and board of directors.
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Wolborough
- First Regular
- Posts: 469
- Joined: 09 Sep 2017, 09:47
- Favourite player: Robin Stubbs
If we had intelligent, ambitious club owners we would be exploring every avenue that could develop the club, Sadly we are heading down a one way street towards oblivion!
Colorado you should read this interesting legal article about how Scunthorpe United became a community interest company to save the club.
It is free to join to read the full article.
https://www.lawinsport.com/topics/item/ ... insolvency
I'm just like you, a worried fan. I wondered if it is a way for fans to raise the money to buy plainmoor for the community? It might be useful to know this info or pass it on to those who need to know sometime in the future. As far as I can tell a CIC runs a club for the benefit of the community. It allows government and council to invest along with private money.
But a CIC is subject to a number of specific controls regarding the assets it holds. Firstly, it is subject to an “asset lock”. This ensures that assets are retained by the CIC to benefit the community.
A few paragraphs
How Scunthorpe United used a Community Interest Company to save the club from insolvency Friday, 19 January 2024 By Tahina Akther This article examines how UK football club, Scunthorpe Utd, used a novel legal structure – a community interest company (CIC) – to help save it from insolvency, by facilitating the alignment of public and private investment to purchase its ground on short notice. It also asks whether CICs could be used more widely to help fix the UK’s problematic sports model:What was required was a structure that sat between a charity and a private company. A structure that allowed the council and central government to provide grant funding but also one that allowed private investors to be involved along with the ability to raise borrowing. Step forward the community interest company.What is a community interest company and how was it used?
So, what is a community interest company? First established in 2005, community interest companies or CICs are limited companies that operate to provide a benefit to the community they serve. Unlike charities, CICs can, and do, deliver returns to investors. However, these returns are subject to limits on dividends, which ensure that CIC’s serve their primary purpose of bringing benefits to communities (Department for Business, 2016). CICs are regulated by the Regulator of Community Interest Companies.
A CIC is subject to a number of specific controls regarding the assets it holds. Firstly, it is subject to an “asset lock”. This ensures that assets are retained by the CIC to benefit the community. They can only be transferred to another asset locked body or sold at full market value. If the CIC is dissolved, any remaining assets can only be transferred to another asset locked body.How does a CIC operate?
One of the attractions of running a CIC is that the structure is the same as a “standard” limited company, directors can be paid or unpaid and have the same duties as any other company. A CIC can borrow, enter into contracts and hold assets. This makes operating and dealing with a CIC straightforward for those involved.Accounting rules are also the same however there are rules particular to CIC’s including annual reporting requirements.Wider application of CICs for the UK sports industryIn the author’s view, CICs offer a modern solution to an historic problem for sports and leisure clubs. The fact they are specifically designed to deliver a community benefit means that they are very attractive to local and central governments when they are looking to award community grants. This also works well for collaborative work with charities or for funding by charities and philanthropists. However, unlike charities their limited liability structure makes them more flexible for working with entrepreneurs and for obtaining financing.
It is free to join to read the full article.
https://www.lawinsport.com/topics/item/ ... insolvency
I'm just like you, a worried fan. I wondered if it is a way for fans to raise the money to buy plainmoor for the community? It might be useful to know this info or pass it on to those who need to know sometime in the future. As far as I can tell a CIC runs a club for the benefit of the community. It allows government and council to invest along with private money.
But a CIC is subject to a number of specific controls regarding the assets it holds. Firstly, it is subject to an “asset lock”. This ensures that assets are retained by the CIC to benefit the community.
A few paragraphs
How Scunthorpe United used a Community Interest Company to save the club from insolvency Friday, 19 January 2024 By Tahina Akther This article examines how UK football club, Scunthorpe Utd, used a novel legal structure – a community interest company (CIC) – to help save it from insolvency, by facilitating the alignment of public and private investment to purchase its ground on short notice. It also asks whether CICs could be used more widely to help fix the UK’s problematic sports model:What was required was a structure that sat between a charity and a private company. A structure that allowed the council and central government to provide grant funding but also one that allowed private investors to be involved along with the ability to raise borrowing. Step forward the community interest company.What is a community interest company and how was it used?
So, what is a community interest company? First established in 2005, community interest companies or CICs are limited companies that operate to provide a benefit to the community they serve. Unlike charities, CICs can, and do, deliver returns to investors. However, these returns are subject to limits on dividends, which ensure that CIC’s serve their primary purpose of bringing benefits to communities (Department for Business, 2016). CICs are regulated by the Regulator of Community Interest Companies.
A CIC is subject to a number of specific controls regarding the assets it holds. Firstly, it is subject to an “asset lock”. This ensures that assets are retained by the CIC to benefit the community. They can only be transferred to another asset locked body or sold at full market value. If the CIC is dissolved, any remaining assets can only be transferred to another asset locked body.How does a CIC operate?
One of the attractions of running a CIC is that the structure is the same as a “standard” limited company, directors can be paid or unpaid and have the same duties as any other company. A CIC can borrow, enter into contracts and hold assets. This makes operating and dealing with a CIC straightforward for those involved.Accounting rules are also the same however there are rules particular to CIC’s including annual reporting requirements.Wider application of CICs for the UK sports industryIn the author’s view, CICs offer a modern solution to an historic problem for sports and leisure clubs. The fact they are specifically designed to deliver a community benefit means that they are very attractive to local and central governments when they are looking to award community grants. This also works well for collaborative work with charities or for funding by charities and philanthropists. However, unlike charities their limited liability structure makes them more flexible for working with entrepreneurs and for obtaining financing.
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