>>I think it was the proposal to sell the assets of the 1920 club to a new
company which has brought about this situation. I'm not sure if the Golden
share has to be transferred if the "company" merely changes ownership
(perhaps you need some sort of approval as opposed to a transfer) but I
suspect that this is of a different mangnitude. I really don't have
sufficient depth of knowledge to say definitely.<<
Surely a club and a company are not the same thing. You don't have to be a
company to run a club. Football League rules may require clubs to have Ltd
company status, but technically clubs exist outside of company law. So when
LUFC
(1920) Ltd went into receivership the receivers sold the assets to a new
business, LUFC (2007) Ltd. And the club was surely one of the assets. LUFC
(1920) Ltd will be quietly wound up, but the club has continued to exist
throught
the process.
The "golden share" is essentially a licence to operate the club in the
Football League. All the Football League can do is refuse to allow LUFC (club)
to
remain in the league - and its only criterion for doing so would be
non-payment of football debts. If football debts were not paid, LUFC (2007)
Ltd would
not be allowed to remain in the Football League and have to apply to join
another, lower, league. As per Accrington Stanley in 1962.
Clubs can be wound up if they want to seek carrying on their activities, but
only if the club members decide to close the club down. This would be
nothing to do with company law if the club is not a Ltd company.
As I understand it.
Mark
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