Vanarama National League South club Bath City are now in the hands of the club’s loyal supporters.
Two years after launching their Big Bath City Bid to buy the club, the fans’ patience and hard work has finally been rewarded.
Supporters Society have become majority shareholders and a new board has been installed at Twerton Park.
Chairman Nick Blofeld said: “We’re delighted that after over two years of hard work, fund-raising and negotiation we’ve completed this refinancing and that the people of Bath and wider community now hold a majority stake in Bath City Football Club.
“With a firm financial footing and citywide engagement, we’re already seeing a burst of creative energy that is invigorating the club. The possibilities are huge for this football club at the heart of our community and we’re excited to get things moving.”
Paul Williams, Chairman of Football, added: “I’m really pleased to reach this stage of the process that gives us the stability to plan for success on the pitch, while new resources and finance enable us to build the business off the pitch and make it sustainable for the long run.
“One of the most tangible things fans can see is that we’ve approved an enhanced playing budget for next season that will enable Manager Gary Owers to plan and recruit for a serious tilt at promotion.”
Having raised over £350,000 in the autumn and following extensive legal process, the Society has bought £300,000 of new shares issued by the Club, lent a further £50,000 and opened a new line of credit for working capital to underwrite operations for the next three-five years.