Paul Casson said that he is willing to inject more than £1m into Skrill North club Barrow AFC over a two-year period….
….following any successful takeover bid.
The ‘minimum’ low seven-figure would be made up of an initial injection of around £250,000 which would be used to pay off some of the club’s long-term debt, including their Furness Building Society mortgage.
Significant five-figure monthly payments would also be paid to meet operational costs over the next two years. However, these cash investment figures could change pending further investigation of the club’s finances and subsequent negotiations with the board.
In order to invest such a substantial amount of money Casson told the North-West Evening Mail that he wants the club’s ownership structure to change from the current club membership model to a share capital structure to reflect his position as the sole owner.
Casson would create a general manager-type role (although this position was identified as a ‘director of football’ in an open letter to the board) and that person would serve as the ‘face of the club’ in the town. A manager would continue to look after team affairs. A chief executive-type role could also be created.
Casson’s long-time friend, Edinburgh-born Jamie Reid – who is 59 years old and says he has held managerial positions at companies including United Biscuits and now runs an interior design business Stewart Interiors with his partner on Merseyside – would be in line to take on a managerial role at Holker Street at least in the short term.
Casson would be the chairman of a new board of directors, but he would not be in charge of the day-to-day running of the club, as he is based in Dallas. The board of directors would also consist of, but not be limited to, two of Casson’s UK-based family members, Reid, two Barrow-based members and two current season-ticket holders. Casson stated that he is also open to the idea of a current director remaining on the board for the purposes of continuity.
Casson would review all existing contracts at the club. He would open a club shop in Dalton Road.