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Page last updated at 21:09 GMT, Friday, 27 November 2009

Stenny switch to community status

Stenhousemuir

Stenhousemuir have become the first football club in Scotland to switch status to a Community Interest Company.

The move is aimed at strengthening ties with the community and fending off any possibility of a hostile takeover.

A club statement said the change would prevent "the club being taken over by people who did not have the best interests of the club at heart".

The Second Division outfit will continue to be run by its present board of directors.

The largest shareholding is held by the Supporters Trust (14%) but the club have agreed that no profits will be given to shareholders, and directors will not receive a salary.

The new CIC status will allow Stenny to apply for grants to provide community facilities, something that could not normally be done by an ordinary limited company.

A CIC is subject to normal company law, but it must additionally act for the good of the community, and has other restrictions that prevent its profits and assets being diverted away from its supporters and the community.

Once a company becomes a CIC it cannot return to its original status as a normal company; its only option is to become a full charity.



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