Press Release Article

Thursday 02nd December 2004: Continuing Discussions with the Club

The United Trust, like all of the other 120 or so supporters’ Trusts around the country, was established to maximise the influence of the Cumbrian community in its local Football Club. At a practical level this entailed the acquisition of an equity stake in the Holding Company, CUFC Holdings Ltd., which owns some 93% of the Football Club. A legally binding contract was entered into by the Trust encapsulating this objective and establishing a schedule for the acquisition of up to 49% of CUFC (Holdings) Ltd. This agreement is still in force. Other arrangements have been discussed both with the other shareholders of CUFC (Holdings) Ltd and with our members but nothing was finalised. The provisions of the original agreement ensure that the Club and its assets are protected for the benefit of the community and can not in the future be exploited by any individual for personal advantage. The Club is therefore protected not only for this generation but for all of the many subsequent generations of Cumbrians who follow us.

Monies have become available to the Trust enabling the fulfilment of the contract which is currently in place, and in these circumstances it is not only the wish but also the duty of the Trust directors to implement the conditions of the contract. The funds being offered to the Trust for this purpose would not otherwise be available to the Club and there is no reason for conflict – the Club will benefit enormously from the funds being made available, which equate approximately to the gate and season ticket receipts for a full season.

Discussions are continuing with the Club through the agreed channels to ensure that these arrangements can be implemented as soon as possible.