GLOVERS NEWS: Glovers Trust questions club over ownership issues

THE Glovers Trust has written to Yeovil Town FC asking for answers to a series of questions about the club and its ownership.

The supporters’ group is acting on feedback from a number of members who, like the Trust Board itself, are becoming increasingly concerned with the lack of transparency around the floating charge and ownership of the club and so have posed a number of questions for which it feels answers are desperately required.

A Trust spokesman said: “We have received an initial reply from the Club Secretary indicating that they will be in a position to respond once the Secretary of Yeovil Town Holdings Ltd has been able to review the questions posed.

“They have also advised that this particular individual is currently away and will be returning at the end of the April.  In the meantime the Trust Board will endeavour to communicate any updates as they materialise.”

PHOTO - TOP: Yeovil Town FC chairman John Fry.

The Trust has also arranged an open meeting with members on Thursday, April 20, 2017, at Yeovil Labour Club in Central Road, Yeovil, at 8.30pm.

This will be an opportunity to provide everyone with an opportunity to discuss recent and future matters both club and Trust related.

“We hope that a good number of our members are able to attend and contribute to a productive evening,” added the Trust spokesman.

The letter sent by the Glovers Trust to Yeovil Town FC, addressed to club chairman John Fry, is published in full below.

Dear Mr Fry,

Whilst we recognise the advances that we have made in working together over the last few months and the productive meetings that we have engaged in, we are concerned with the lack of progress and communications following these meetings.  There are a number of areas that need to be progressed following the last meeting on 22nd February.  We will follow up on these in due course.

We fully recognise that the Football Club is privately owned, however it is also a community asset which many people enjoy, and as such we feel that there is a need for some clarification from the Board of Yeovil Football Club regarding the recent floating charge, hence this open letter.

We are writing to you on behalf of our members at the Glovers Trust as we are deeply concerned about the recent news that came to light regarding the floating charge put on the land at Huish Park and other matters in your response to the Western Gazette.

We understand that the Football Club is currently split into three limited companies with Huish Park Stadium Partnership Limited being the holding company of Yeovil Town Holdings Limited and Yeovil Football and Athletic Club Limited.

• Please can you advise us how the assets owned by Yeovil Town Holdings Ltd and Yeovil Football and Athletic Club Ltd are split, so it is clear which company owns which asset?

• Does the ownership of any of the 26 acres lie outside these two companies? If so please specify the ownership and the split.

• The Western Gazette recently stated that the football club owed no money to Norman Hayward, however we believe that there is still an outstanding legal charge of £278,000 created on 24th March 2011 – can you confirm that this is the case?

o Can you also confirm that there is also a separate unsecured loan from Norman Hayward making a total of £427,000 being owed?

Yeovil Football and Athletic Club Limited has a floating charge from 25th October 2016.  We do not understand the need for this floating charge and are extremely concerned by it;

• Were all the Directors of Yeovil Town Football Club present on the occasion when a decision was made to accept a Land Charge made out in the name of Mr Norman Hayward?

o How many Directors were in agreement with this action? 

• Why have the seven directors of this limited company allowed one director (Norman Hayward) so much control?

• What are the consequences to the Football Club should the Club default on the terms of the Land Charge?  

o Will Mr Norman Hayward have the equivalent of a covenant against the Club?

• What provisions are in place in the event of Norman Hayward’s bereavement or incapacity to act as the legal charge holder?

• What costs are involved in removing this charge as you have stated no money is owed?

• Given the clear conflict of interest between Norman Hayward, the Yeovil Town Football Club director and Norman Hayward, the Legal charge/Land covenant holder, when the Board took the decision to grant him the legal charge were all the requirements of the Companies Act 2006 complied within terms of declarations of interest and voting as it would appear to be the case that Norman Hayward would not be able to vote on this matter?

• It would also appear that the accounts for both Limited Companies are now overdue and thus incurring a fine. At a time when money is extremely tight can you explain why this situation has occurred?

We would appreciate a prompt answer to these queries clarifying the situation for Trust members,

Yours sincerely,

The Glovers Trust Board of Directors.

PHOTO - ABOVE: Yeovil Town FC director Norman Hayward.

YEOVIL Town coverage is sponsored on this website by the Glovers Trust.  The Yeovil Town Supporters’ Society Ltd – known as the Glovers Trust – is a democratic, not for profit organisation, committed to giving supporters a strong unified voice in the decision making process at Yeovil Town FC and strengthening the links between the club and the community that it serves.

Adult membership to join the Glovers Trust is just £10 per year, while it is just £1 per year for those aged Under-16; and £100 per year for a corporate membership.

For more details – go to the Glovers’ Trust website at http://www.glovers-trust.co.uk/ .

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Yeovil Town FC.