Stevenage chairman Phil Wallace calls for fan investment to boost Boro’s promotion bid
- Credit: Picture: DANNY LOO
Stevenage chairman Phil Wallace has called for fans to invest in the club’s equity offering scheme to help boost their playing budget by £1.2 million.
Wallace is aiming to raise the money by offering 12% equity in the club, with shares priced at £25 each or a minimum subscription of £1,000 for 40 shares.
The funds will be used to increase the club's wage and transfer budget as part of an ambitious plan to climb the Football League.
Explaining more, Wallace said: "Since I made it known that I have been thinking of taking on new investors, I have been approached by a number of people wanting a minority stake or to buy the club, but I think there's a lot more to come from Stevenage and I want to be part of that.
"We like to do things differently at Stevenage and we have shown that with a lot of things, like launching the first ever online bond in English football.
"It's hardly ever possible to buy shares in a football club, but we are offering people the chance to do that.
"We want to start competing more seriously for promotion and so we need to invest.
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"The money we get from this new investment will go into the playing budget and help us achieve our targets on the pitch."
There will also be benefits for those who invest if Stevenage achieve promotion from League Two, receiving a 25 per cent dividend upon promotion to League One, and an additional 75 per cent dividend if the club reaches the Championship.
"These are real shares, with voting rights. People get to be real shareholders," added Wallace.
"The first reason you buy shares is to get a return, which is why we have included promotion dividends.
"We believe that by investing in the squad we can make that happen. It is really a way to share our success with our supporters."
"We want to bring people closer to the club, give them more access and get them involved like never before."
The offering is available through sports investment platform Tifosy, whose bond scheme raised £600,000 in six weeks to build a new north stand.
To invest in Stevenage, visit www.tifosy.com/en/raises/stevenage-fc-equity-offer.