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, October 23, 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.
Harding proposed the set-up of a management committee to take over the running of 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 at the meeting, 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.
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."
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% to a minority of 30%.
"Clearly though, he needs time to consider his options."
October 25, 2001 9:30
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