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 Updated with Press Release 21/09/07:
At the club’s Annual General Meeting (Monday 17th September 2007) members passed a Management Committee proposal to change the Club Status from a members’ club to that of a ‘Community Interest Company’.
Chairman Len Smith outlined the background and rationale behind the proposal, and a representative of the club’s solicitors was present to answer any questions relating to the legal position of the proposed new company. There will now follow a period of negotiation when the ‘Articles Of Association’ for the company are drawn up before ‘shares’ will be made available.
Mr Smith commented, “When a few people set out to form their own football club back in the 1960s, the present day Eastbourne Borough Football Club was first conceived. But few could have imagined the manner and speed with which it has grown and developed. Over the years many members and supporters have given time and devotion to the well-being and development….and this desire to make the club a Community Club...is a desire to gain stability for future years and at the same time give the opportunity for individuals to hold a stake in their own club.” Over the years football has suffered at the hands of certain persons who have sought to gain ‘ownership’ and monopolise clubs...only to walk away and leave the organisation in disarray and financial ruin. Here at Priory Lane it is important that the growth of the club is maintained….and the move to CIC status allows a limited company status...without any outside body having the influence to gain an ‘overall’ take-over. Eastbourne Borough FC and Langney Sports Club has much to offer the local community, as recognised by the Football Association...which has named Borough as ‘Community Club of the Year’ for the past four seasons. Through social, leisure, educational and sporting strands, the club has opened itself to all facets of the community from the very young to the senior citizens. It is, therefore, imperative that supporters and club members keep up the momentum….ensuring the football section sustains its climb up the Pyramid, whilst other sections of the organisation also continue to provide a wide range of facilities and opportunities. Now the club will work towards the future and sustained stability.
Community Interest Companies (CICS) are limited companies, with special additional features, created for the use of people who want to conduct a business or other activity for the community, and not purely for private advantage. Such companies (CIC) are a new type of limited company designed specifically for those wishing to operate for the benefit of the community rather than for the benefit of the owners of the company. This means that a CIC cannot be formed or used solely for the personal gain of a particular person, or group of people. Before acceptance the club will be required to undertake a "community interest test" and "asset lock", which ensures that the CIC is established for community purposes and the assets and profits are dedicated to these purposes. Registration of a company as a CIC has to be approved by the Regulator who has a continuing monitoring and enforcement role Further details will be provided when possible. Further information re: Community Interest Companies can be obtained from the regulators website here.
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