Press Release
21 February 2010
Co-operation to show football’s financial woes the red card

Ed Mayo, Secretary General of Co-operativesUK, announces a radical new
plan to give football fans a realistic chance to be in charge of their club.

Speaking at the Community Ownership of Sport conference in Cardiff Ed
said: “I call on Government to introduce legislation that will allow
supporters the right to buy their club and convert it to a co-operative if 75% of
season ticket holders are in favour of the move. And this should be
fast-tracked for clubs in difficulty along with the right to buy at a fair market
valuation.”

With teams from all leagues in the domestic game, from Portsmouth to
Cardiff City, facing a daily struggle to survive with the reality of debts and
the threat of administration hanging over them there is a real chance that a
vital community asset could be lost.

According to Ed Mayo a co-operative approach to football ownership could
pay dividends for clubs and supporters alike. “Football clubs are much more
than just a business – they are a way of life for many people. As well as
being sports clubs they have a massive influence of the financial, cultural
and sporting environment in most towns and cities in the country.”
“Thousands of people follow their team week in week out, giving them
tremendous support, and as a result fans, the cog that keeps the engine running,
should have a say on how the club is run.

He continued: “Evidence shows that many clubs are not managing their
business successfully off the pitch and it is really time to let the supporters
and fans have a real say in the destiny of their club.

“After all, there is likely to be greater financial stability for
spectator sports if the assets of sports clubs are in ownership of a not-for-profit
community venture, preventing the community asset being used for
casino-style leveraged financing for the benefit of shareholders, or dangerous
gambles on playing success funded by ruinous debt.”
- Ends-

Notes to Editors:

The Community Ownership of Sport conference takes place on Monday February
22nd 2010 at the Pro-Copy Lounge, SWALEC Stadium, Cardiff, CF11 9XR.
To find out more about the event _click here_
(http://www.cooperatives-wales.coop/?page_id=235) .
Co-operativesUK is the member-owned and led organisation that promotes the
interests of co-operatives, works to increase awareness and understanding
of co‑operative values and principles, and supports the development and
growth of new and existing co-operatives. It is a focal point for the sector,
a forum for innovation and best practice, and a strategic voice for the
co-operative movement.
Co-operativesUK represents co-operative enterprise throughout the United
Kingdom of Great Britain, Northern Ireland, the Channel Islands and the Isle
of Man.
In 2008, there were over 4,820 co-operative businesses in the UK, owned by
11.3 million people (one in five of the population) and sustaining more
than 200,000 jobs. The sector had a combined turnover of £28.9 billion.
_www.cooperatives-uk.coop_ (http://www.cooperatives-uk.coop/)

For more information, please contact Sean Bish at Ethos public relations:
Tel: 0161 830 7640
Mobile: 07970 875907