Reading through these posts is exactly why I never signed up to the FSS. The structure of it and the relationship with the patrons group was always going to be an issue in the future.
The issue for me is that the patrons never thought for one minute the FSS would get close to 26%, certainly not as quick as they have, the wording of the agreement of the FSS document is very fluffy which backs that up. 25% + gives the FSS the right to block any move by the board, release of shares, strategic direction, appointment of directors etc.
Reports I have heard first hand is that one of the patrons, possibly two, are driving everything and see the FSS as nothing more than an income source despite having some experienced individuals who volunteer their time to help run the club. I have no doubt the FSS reps have resigned as they see no point on being on the board whilst they are railroaded by the patrons - I know this is the case with one of them and suspect it with the others despite the party line of ‘not having the time etc’. That was arguably ok when the FSS had made a small investment but at 25% + the FSS could make things very difficult for the board and have much more influence on the way things are done and the patrons don’t want this.
One way is to release more shares and allow the FSS to purchase new shares, collect their investment but to keep them below the magical 26%, the patrons would be required to pro rata purchase more shares to keep the shareholding balance the same. They clearly don’t have the appetite to do that.
The keeping of one share for future investment is nothing but a smokescreen. The board know the wording in the FSS now reverts to 'donations' and consideration of what the money is spent on, without any real recourse, they are delighted with this and why wouldn't they be. Get the cash, protect the patrons influence.
Add in the years of being told this model was ideal, the old MSG was evil etc only to go cap in hand for soft loans off them when things got tight last year I am far from convinced the model we have at present will work.
The guys at board level are obviously fans and you could argue they are doing a decent job in some areas, however, now I think they are now focussing on protecting their own position rather than supporting the fans ownership model which they coveted for years. I'm not necessarily having a go at the patrons, they put their cash in up front but equally, they have sold this model and need to support it.
