ST ALBANS CITY'S troubled chairman, Lee Harding, has pledged to step down as majority shareholder of the football club if the right buyer offering the right price comes along.

However, the move comes after a supporters club meeting voted overwhelmingly on Tuesday night not to be involved with the club if Harding who currently owns 80 per cent of the club continued as the majority shareholder.

There was support though, for a management committee where Harding holds less than 35 per cent of the shares.

The meeting of supporters came about after a representative group including the supporter's club chairman, Ian Rogers, and former vice-president, Peter Lewis met with Harding last Thursday to hear the chairman's proposals of a management committee, made up of supporters, running the club.

This committee would be involved in all aspects of the football club, from fund-raising to programme selling with the only condition being that Harding would sit on the seven man committee.

When the proposal was relayed to the supporters on Tuesday night, the offer was rejected on the grounds that Harding would still be the majority shareholder and ultimately have the final say.

There were also a number of reservations about the financial state of the club, especially on matters concerning the recent credit voluntary agreement (CVA) which appeared to have rescued the club from debt.

Although the club thrashed out a new CVA last week in which all past debts were to be cleared with a £45,000 payment, part of the terms of the CVA were that Harding must be prepared to write off £132,000 he has invested in the club.

However, according to the terms of the CVA which is legally binding the £45,000 was due for payment last week and failure to pay the sum would almost certainly result in the club being wound up. Some fans were concerned that this payment would be met after Harding disclosed earlier in the season that he had stopped paying the previous CVA in February, 2000.

Harding would not confirm whether or not the £45,000 had been paid yet, but did insist that the club could afford such a figure.

He said: "It would be foolish to enter the commitment to pay the CVA if the club couldn't afford it.

"We have sorted out the ground and our debts are under control, I now want to focus on the future."

Harding hopes this future will involve a management committee with direct involvement from the fans, although the supporters at the meeting quickly shot down this suggestion unless Harding reduced his 80 per cent share in the club to around 30-35 per cent, something, which it seems, the chairman is prepared to do.

"I have no problem with examining the concept of shareholding in the club.

"I am more than happy to step down as the majority shareholder, but after the investment I have made in the club, I don't want to give my shares away for next to nothing.

"For example, if 45 supporters were to put in £1,000 each, then I would be happy to transfer 45 per cent of my shares over to them, which would also give the supporters at the club a real voice."

A cautious Peter Lewis was pleased at how the supporters meeting had gone but acknowledged there was a long way to go before a satisfactory conclusion was met.

He said: "I've spoken to Lee and I recognise the strength of feeling that was at the supporters meeting and he appears to be prepared to consider reducing his majority of shareholding from 80 per cent to a minority of 30 per cent."

October 26, 2001 16:38

Marc Dodd