Investor Group Looking To Buy Bath City FC For £6m
A group of investors that includes Tears for Fears co-founder Curt Smith, and led by mobile entertainment company Seriously’s Andrew Stalbow, has raised £6m in funding, which it hopes to use to buy Bath City FC. The club is currently fan owned, via the Bath City Supporters Society, which holds a nearly 55% share in the Somerset club.
The board and supporters’ society have both recommended the sale go ahead, and the new investors have set a long-term goal of reaching the Football League for the first time in the club’s history. The short-term goal is to bounce back to the National League South after being relegated last year.
The club’s ground, Cannon Clarke Stadium, has undergone redevelopment and improvements in the past year, and the new investment group has hinted at further improvements, if their bid is accepted.
It makes perfect sense why the club would be having these discussions now of all times. The world of entertainment has shifted significantly in recent decades. Thanks to the advent of the Internet, people have far more options when it comes to how to spend their spare time, and this has implications for older institutions like football.
TV, movie, and music streaming are commonplace, thanks to low barriers of entry and incredible accessibility. Social media not only enables friends and family to stay in touch, but also to entertain one another. Many entertainment options are playable from mobile devices as well as browsers, with online casino slots like
Rainbow Riches being good examples, games which don't require much processing power and therefore can be loaded up near instantly as soon as one feels inclined to play.
Despite these changes, for now football remains the most popular pastime in the UK, both by viewership and engagement. But, for smaller clubs, especially those operating in the non-league, it can be difficult to keep their heads above water.
A Change In Ownership
After years of losses, and stagnation in the football pyramid,
Bath City FC supporters raised enough to buy the club for £300,000 in 2016. The fan group included filmmaker Ken Loach as well as football superstar Eric Cantona.
Nevertheless, the board believes now is the right time to look for outside investment, according to current Chair,
David McDonagh.
He said: “This past season, with relegation, has shown just how hard that has become without outside investment, and we're lucky to have had a number of benefactors... without whom this club could not have survived."
What Next
As a result, and after a board vote, a deal in principle has been agreed. The deal is worth £6m and will see mobile entertainment entrepreneur Andrew Stalbow installed as CEO. Richard Rivlin will join as Vice Chairman, Abdallah Yafi as President and Ivan Hindshaw as Director. Tears for Fears co-founder, Curt Smith, will become an ambassador for the club.
Stalbow pointed to investment in Twerton Park, as well as providing support for the women’s team, and investing in the first team, as some of the aims of the investment group.
Although the board has recommended the deal be accepted, it now comes down to a final vote by shareholders, which will take place on 21 August. All directors have received FA clearance, although the deal would still need to achieve regulatory consent before it can be finalised.
