EXECUTIVE SUMMARY CHAPTER 1 – CORPORATE GOVERNANCE OF FOOTBALL CLUBS 1.1 Football Club or Business? i Compliance with Company Law and Codes of Corporate Governance ii The Combined Code of Corporate Governance
Board of Directors Quoted Football Clubs Directors’ Pay Relations with Shareholders Accountability and Audit Institutional Shareholders
1.2 Supporters, Community Stakeholders and Supporters’ Trusts 1.3 Governance by the Football Authorities: Redistribution Rules CHAPTER 2 – THE SHARE REGISTER, THE AGM AND RESOLUTIONS 2.1 Access to the Share Register 2.2 The Future of the Company AGM 2.3 Resolutions Submitted to the Company AGM 2.4 The Role of the Company Secretary 2.5 Conclusion CHAPTER 3 – CLUBS AND GROUNDS: ISSUES OF OWNERSHIP AND SECURITY 3.1 Holding Companies and Issues of Ownership (i) Wimbledon (ii) York City (iii) Brighton and Hove Albion (iv) Clydebank 3.2 Sale and Leaseback (i) Watford (ii) Walsall (iii) Bristol Rovers A checklist for supporters 3.3 Strategies to protect football grounds (i) Covenants (ii) Local Government Intervention (iii) Other Strategies: Chelsea Pitch Owners 3.4 Conclusion CHAPTER 4 – SUPPORTERS AND CORPORATE GOVERNANCE AT THE CLUB 4.1 Consultation and dialogue between supporters’ groups and the club 4.1.1 Fans’ forums 4.1.2 Customer Charters 4.1.3 Regular contact between club officials and supporter group representatives 4.1.4 Supporter directors (a) Brentford (b) Luton Town (c) Exeter City (d) Aberdeen 4.1.5 Supporter groups, club finance and shareholdings 4.2 Supporters’ trusts – a new force in football 4.2.1 New share issues 4.2.2 New classes of shares and share holding agreements 4.2.3 Golden shares 4.2.4 Share-save schemes – the listed Plc Models 4.2.5 Share-save schemes – Private Limited Companies 4.2.6 Loan Notes 4.2.7 Donations 4.2.8 Trust as a safe house 4.3 Resolutions and AGMs 4.4 What Trusts Need: The Next Phase for Supporters Direct CHAPTER 5 – THE STATE OF THE GAME IN SCOTLAND 5.1 Overall Financial Situation 5.2 Potential Break-up of the Premier League 5.3 ‘Franchise’ Clubs via the Back Door? 5.4 Conclusion CHAPTER 6 - CONCLUSION