I am not going on any nautical excursions in the near future. Instead, I am proudly announcing that MyFootballClub has entered a deal in principle to take over Ebbsfleet United Football Club, affectionately known as “The Fleet.”
What this means is that I, along with the approximately 20,000 current MyFootballClub members, will own an equal share in the club. While I cannot earn a profit or receive a dividend, I will have a vote on transfers as well as player selection and all major decisions.
In case you are a huge English Footie fanatic and do not recognize the name, Ebbsfleet United was known as Gravesend & Northfleet F.C. until May, 2007. In 1946, Gravesend United F.C. (originally formed in 1893) and Northfleet United F.C. (originally formed in 1890) merged with the new club retaining the red & white home colours (and the Stonebridge Road stadium) of Northfleet United F.C.
The world is so excited that the EUFC site has crashed. All one sees on the homepage is the following message:
“As you can appreciate, this website has been inundated with traffic and we will need to upgrade our servers to cope with the demand generated by the EUFC/MyFootballClub announcement.”
I have been waiting my entire life to own (a piece of) a professional sports team. So what if they play in England’s Conference National league, which is the highest level of the National League System and fifth highest of the overall English football league system? As Wikipedia notes, “It is the most profitable and competitive fifth-tier football league in the world.” I’m only a plane flight from NY to London and a 55 min train ride from London to Kent away from seeing my boys play. I wonder who sits in the owners box – while there are 20,000 owners, there is only room in Ebbsfleet Stadium for 5,000 people. I like how it is affectionately called ‘The Graveyard’ or ‘Cemetery.’
For more information, read the info I gleamed from the Members Area of MyFootballClub’s site.
MyFootballClub has agreed a deal in principle to purchase a controlling stake in Ebbsfleet United FC. Placed 9th in the Conference, Ebbsfleet United FC is one promotion from reaching the Football League for the first time in its history.
MyFootballClub members will also have the option to buy 100% of the football club in the future for a fixed price.
Funds will be made available to Liam Daish during the January transfer window to help the club push towards the play-off places.
As part of the deal, the current Board will continue their roles at the club as non-executives after the date of takeover, and club staff (including the manager) will also stay on.
The football club selection process
Some of the top 15 clubs chosen by members were ruled out because they didn’t fulfil our criteria, for example high levels of debt. In all, MyFootballClub was approached by nine football club owners, and we approached several others. Getting to know one club and meeting the personalities involved is a process that can take several weeks. In three months, we took a close look at seven clubs. Confidentiality means we cannot disclose details of any of these discussions.
Of the seven football clubs considered, the MyFootballClub team believes that Ebbsfleet United FC presents a unique opportunity. Here is some background to the deal and the football club:
Price
We have been able to structure a deal so that the up front payment is relatively small (to allow investment in the squad), with a further staged payment due 12 months after takeover. The club will also have a small amount of debt, which will need to be repaid or refinanced 3 years after takeover.
Only when due diligence is complete can further details be released.
Current Directors and club staff
For continuity, all club staff will remain. Directors will become non-executive Directors and will continue their roles at the club.
The manager
Liam Daish’s title will change from Manager to Head Coach, in recognition of the unique role he will perform. Liam’s backroom staff, including assistant Alan Kimble, will remain.
Division
Playing in the Conference National, MyFootballClub members across the UK will have the opportunity of going to watch Ebbsfleet United matches close to home. This would not have been the case with a club in a regional division.
Promotion to the Football League is one of the great prizes in English football, and the Conference also has a Wembley play-off final. The division enjoys a similar amount of TV and press coverage as Division Two.
History
Ebbsfleet United FC is a new name, but its roots can be traced back Gravesend United FC (formed in 1893) and Northfleet United FC (formed in 1890). These two clubs merged in 1946 to become Gravesend & Northfleet FC. In May 2007, the football club changed its name to Ebbsfleet United FC.
Ground
Stonebridge Road was built in 1946 and has a capacity of 5,248 of which approximately 4,000 is standing. The club has a 17-year lease to play there the with a peppercorn rent. Plans are ongoing to build and move to a new stadium in the vicinity.
So as well as offering something for the traditionalist, there is also the prospect of a new stadium in future.
Club sponsor
Eurostar is the club’s main sponsor. The club is in the first season of a three-year deal. The club will receive monies in year two and three.
Location and transport
Ebbsfleet United FC is in northwest Kent and enjoys good transport links. By car it is junction 2 on the M25. And Northfleet station (a 5 minute walk to the ground) is 55 minutes from Charing Cross, London. Gravesend Station is also near by. And it is a 40 minute drive from Gatwick Airport.
Ebbsfleet International Station, on the Eurostar line, opens on 19 November. It’s approximately 500m from the Stonebridge Road. In December 2009, a high speed 15-minute domestic service from St Pancras will be added.
Local area
The new £100m Ebbsfleet International Station with its 15-minute journey time to St Pancras will make the area extremely desirable for commuters and businesses. To provide for Ebbsfleet’s growing population, plans are in place for 3000 residential units, 2,190 acres of new parks and open spaces and 4.5 million sq ft of commercial property, which will create around 20,000 new jobs.
Commenting on the deal in principle between EUFC and MyFootballClub:
Liam Daish, Ebbsfleet United manager: “Everyone has worked wonders to get this club to in the top half of the Conference. We all agree the club needs something extra to take it to the next step. As a football fan, I think the MyFootballClub idea is fantastic. And as the coach, I look forward to the challenge of working with thousands of members to produce a winning team. Alan Kimble and myself are 100% committed to making this work.”
Jessica McQueen, Ebbsfleet United supporters’ representative: “Also being a Trust, our members understand the MyFootballClub concept immediately. We very much look forward to working with the MyFootbcallClub members for the benefit Ebbsfleet United.”
Jason Botley, Ebbsfleet United Chairman: “The Board, Liam Daish and his coaching staff, club employees and myself are united in believing this is a great opportunity for Ebbsfleet United. This extra finance and support will enable our club to progress.”
Brian Kilcullen, Ebbsfleet United Director: “This partnership will also allow us to concentrate on driving the club forward in other areas, such as working on the new stadium development.”
Will Brooks, MyFootballClub: “Nine football clubs approached MyFootballClub and we believe that Ebbsfleet United is the perfect choice. We hope that MyFootballClub members and Ebbsfleet United supporters will join forces and make the football club more sustainable and successful.”
Dan Jones, Partner at Deloitte and Editor of the Annual Review of Football Finance: “The MyFootballClub ownership model is an innovative way of funding a lower league club. Reports of having raised over £700,000 in 11 weeks suggests it is viable too. The Sports Business Group at Deloitte has been following its progress with interest, and we’re now looking forward to offering our experience in football finance to assist with advice and guidance during the due diligence process.”
Further Quotes from Liam Daish: “Picking elevens and formations isn’t a precise science, and luck often plays its part. I believe a strong dressing room and 11 who want to perform are just as important. And I’ll continue to make sure that happens.
“During and after matches, Ebbsfleet supporters often give me their opinion on which players should or shouldn’t start games. Now they can have their say.”
“My job won’t change that much. As a club, we’ll select an eleven and formation together. But just as before, what goes on at the training ground, in the dressing room on matchday is down to me.”
“It’s the supporters money that will finances this club. Pays my and the players’ wages. So there’s a good argument for them having a say in what players they want to see.
