Filed: Saturday, 24th May 2003
By: Graeme Howlett
Supporters of West Ham United have been taking advantage of a special share scheme in order to purchase a stake in the club in preparation for the forthcoming EGM.
Outlets have been offering a single share priced at just £10 enabling supporters to own a part of West Ham, and perhaps more importantly giving them access to any future shareholders meetings - including next Thursday's Extraordinary General Meeting.
Fans have been signing up for the scheme in droves during recent days in order that they may have their say at the EGM, which was announced by under-fire chairman Terence Brown last month.
And Brown is set to face a grilling from supporters furious with the club's relegation and subsequent serious financial difficulties, in the meeting which is due to kick off at Upton Park around 11am.
The main purpose of the meeting is expected to be the change to a specific club rule which forbids West Ham's board from borrowing more than three times their current assets.
The club are thought to be approaching the limit (or even to already be in breach) of their borrowing capacity, and the move is being seen by some as an attempt to stave off possible administration - a situation that could occur should the banks decide to call in their debts, as they are entitled to do once the currently imposed limits are breached.
This scenario is unlikely however, yet the clubs decision to increase their debts has caused concern amongst many followers of the club - and it is those same supporters who are likely to be venting their anger at Brown and his fellow board members on Thursday morning.
Also on the agenda is the amendment to one particular rule which currently restricts director's renumeration to a maximum of £100k. The club propose to scrap the limit in another move which has further angered fans already bewildered at the extortionate salaries drawn by the sitting board members.
Don't forget to check into KUMB next Thursday for all big news from the EGM.
* If you would like further information on the single share scheme contact firstname.lastname@example.org
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