The next phase of fundraising for £50,000 for foundation work on a new seated stand, is now underway, and the figure raised is now past the halfway mark!
Here are the details:
Darlington FC Supporters Group (DFCSG) is looking to raise £193,000 by December 31st 2017 in order to help Darlington Football Club upgrade their Blackwell Meadows ground to enable progression to the next level.
The goal is to upgrade the Blackwell Meadows ground in Darlington to allow progression up the league pyramid. Blackwell Meadows is shared with the town’s rugby club. Darlington FC currently holds a 20 year license to play football at the venue. This builds on the fantastic work to date in bringing Darlington Football Club back home into a category “B” standard in December 2016.
The Community Share offer has 2 main purposes:
1) A complete overhaul of the pitch comprising drainage and surfacing works (£43,000 by 15th May 2017). ** TARGET REACHED 4th May 2017**
2) An additional 210 covered seats, raising the total covered seating capacity to 500 which will allow promotion from the National League North and satisfy the seating element of a Category A ground required to maintain the Club’s eligibility to compete in the National League. We will look to raise the seat funding in stages to allow work to progress throughout the season. (£150,000 by 31st December 2017). Further work to get to Category A will be required to be completed by 31st March after promotion – further details will follow in due course.
Seated stand stages as follows:
i) £50,000 for ground works and preparation of site including groundwork and relocation of floodlighting by 31st July 2017
ii) £50,000 for steel work and cladding by 30th September 2017
iii) £50,000 for purchase of seating deck by 31st December 2017
We are currently taking pledges which will be turned into Community Shares should we hit the target by the stated deadlines. No monies will be taken until the stage closes and is successful. If the target amount is hit the funds will be drawn down one week after the target is achieved. Once each stage is hit the next phase of the offer will begin. If a stage target is not hit pledges will not be automatically taken and all pledgees will be contacted with a revised plan which they can either choose to accept of reject.
The funds raised will then be loaned to Darlington Football Club in order to facilitate the upgrade of Blackwell Meadows. The Football Club will repay the loan and repayments will enable investors to withdraw their shares. The upgrade of facilities will unlock new revenue streams and increase the core revenue streams such that the initial loan amount can be fully repaid over a 20 year period.
In addition investors will receive interest, payable annually in shares, on their total shareholding should they wish to. This rate is set initially at 1.5% and will be reviewed annually by the DFCSG Board. If you wish to opt out of receiving interest on your shares which will benefit the Football Club, you can de-select the check box to waive interest when making your pledge.
The minimum investment is £100, but you can buy in £1 increments thereafter. For example, you cannot pledge £99 but you can pledge £101.
Shares are withdrawable after 5 years provided the DFCSG has the funds available to do so. On a set date each year an amount will be made available for investors wishing to withdraw. Should the total amount of withdrawals requested be in excess of the capital available, investors will be able to withdraw a pro-rata portion of their shareholding and will retain the remaining shares for withdrawal in a future year.
Investors can choose to withdraw a portion of their shares as long as the minimum shareholding of £100 is still held. Individual withdrawals are capped at £3,000 per year.
In order to purchase Community Shares you must be a member of DFCSG, you can sign up via Standing Order for only £2 per month, or if you prefer to pay up-front membership is currently £13 and runs until the end of August 2017. If you would like to join at the same time as submitting your pledge you can simply select the option at the end of the investment page and a representative will contact you ASAP to arrange how you would like to pay.
All Community Shareholders will receive a quarterly performance report on their investment.
In the HELP section above you will find several documents that should answer any questions you have about the offer, if you have any further questions please contact us using the Contact form above, or email us at [email protected]