Stevenage chairman Phil Wallace increases stake in club to 98 per cent
PUBLISHED: 16:22 24 April 2018 | UPDATED: 16:30 24 April 2018
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Stevenage chairman Phil Wallace has increased his shareholding at the club to 98 per cent.
Wallace has acquired 24,500 shares, representing 7.5 per cent of the issued share capital in the club, after purchasing the stock from former director Mick Shortland.
The club is actively looking to increase revenue streams, including building a new North Stand which is expected to be completed by the middle of next season.
Boro raised £600,000 through a mini-bond in just six weeks through crowdinvesting organisation Tifosy, an alternative funding group billed as the world’s first and only fully authorised sports-investment platform regulated by the Financial Conduct Authority.
Fans invested in a five-year mini-bond yielding four per cent in cash or eight per cent in club credit to spend on club shop merchandise, food and drink at the Broadhall Suite, matchday hospitality packages as well as offering tickets to club organised social events, advertising and sponsorship credit.
The club owns its state of the art training ground at Bragbury End, while renting the Lamex from Stevenage Borough Council. The club also operate from Shephalbury Park with all three facilities set to underpin the club’s ambition.
Wallace believes the training facilities are essential for attracting the best young talent, while the growth of the Lamex is central to expanding its commercial partners to help the club move forward.
Highly-rated defender Ben Wilmot is already being touted as the club’s first £1 million sale as a number of Premier League clubs hover in the wings.
Phil Wallace said: “We do need an injection of cash to attract the better players, establish ourselves at the top of whichever league we are playing in and encourage more local people to follow the club and attend home games.
“It would be fantastic to drive Stevenage into the Championship, but our financial model has to change to do that.”
Wallace praised Shortland after more than 20 years at the club, awarding him an honorary life vice presidency, in recognition of his service and financial commitment, hailing him as a ‘special friend’.
Wallace added: “I now want to use this enlarged holding to push the club onwards and I am considering different ways to do that.”