FC United of Manchester raises £500,000 through share issue

A semi-professional football club formed five years ago by disgruntled fans of Manchester United has raised £500,000 towards a new stadium by selling shares to local supporters, investors and companies.

FC United of Manchester's planned new stadium aims to be a community hub offering a range of physical activities to local people.
FC United of Manchester's planned new stadium aims to be a community hub offering a range of physical activities to local people.
FC United of Manchester hit the half-million pound mark less than two months after it launched a community share issue that aims to raise £1.5 million of the total £3.5 million cost of the stadium. The rest will come from grants and donations, the club has said.

The club, which currently plays at Bury FC’s football ground and is in the seventh tier of English football, has submitted a full planning application to build a 5,000-seat stadium on Ten Acres Lane at Newton Heath, the historic home of Manchester Untied.

The club said that the planned new stadium would be a community hub offering a range of physical activities to local people.

Through the community share issue, investors can purchase £1 shares to a value ranging from £200 to £20,000. The club said that a further boost had recently come from HM Revenue & Customs giving provisional assurance that those who buy £500 of shares can claim tax relief of 20 per cent under the Government’s Enterprise Investment Scheme.

Andy Walsh, general manager of FC United, said: "We are delighted with the response to the community share issue, which has attracted both ordinary fans and wealthier fans alike. The tax relief alone offers a significant financial benefit – equivalent to a return of 6.5 per cent for the first three years.

"Investors will have the satisfaction of knowing that in raising funds for the stadium, they are helping to secure the future of FC United and offer major social benefits for the local community."

The scheme is one of ten projects in England that is receiving support through the government-backed Community Share Scheme, which aims to stimulate investment through community share issues.


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