What is a ‘golden share’ in a football club & should fans have one?
When Tracey Crouch MP published her report[1] on the “fan led” review of football the author was taken by the referred intention to “develop proposals…to offer greater protection…through a ‘golden share’ for fans, giving veto powers over reserved items, to be held by a democratic legally constituted fan group.” (see page 4). This was followed by both Oliver Dowden MP visiting Brentford Football Club, and his successor as Secretary of State for Digital, Culture, Media and Sport, Nadine Dorries MP, referencing Brentford FC’s ‘Golden Share’. To the best of the author’s knowledge, Brentford FC is the only football club to date that has implemented a 'Golden Share’ in the way that Tracey Crouch describes.
As the lawyer who advised the Brentford Supporters’ Trust on the implementation of its ‘Golden Share’ (or BU Special Share as it is known), the author thought it would be worth reflecting on the key points for clubs and fans to consider in relation to such a share. This article therefore examines:
- What is a 'Golden Share'?
- Why should fans have a Golden Share?
- What are the main commercial and legal considerations on implementation?
To continue reading or watching login or register here
Already a member? Sign in
Get access to all of the expert analysis and commentary at LawInSport including articles, webinars, conference videos and podcast transcripts. Find out more here.
- Tags: Brentford | Corporate | Fan Ownership | Football | Golden Share | Governance | Insolvency | Leeds United | Regulation | United Kingdom
Related Articles
- Should fans play a greater role in the ownership of English & Welsh football clubs?
- Football club ownership in Germany – less romantic than you might think
- The potential of blockchain technology in the sports industry
- Doomed to Fail? An Analysis Of European Super League And The Complex Web Of Football Governance, Regulations & Laws
- Initial Recommendations From The Fan-Led Review Into English Football
Written by
Stuart Hatcher
Stuart is Head of the Forsters’ Corporate team and is able to advise across the full range of domestic and international corporate law issues, including M&A, venture capital, private equity and other shareholder investments, group reorganisations and the return of value to shareholders.
