The State of the Game: The Corporate Governance of Football Clubs 2002

 


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

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