A Post where i show you do not need to drive a Bentley to massively help the cause of Fanownership
We often think of HNWI as being really money bags, Bentley driving, private jet taking people.
However when it comes to enabling people to invest in a CIC the barrier is somewhat different.
Put simply a CIC can raise money by membership fees e.g you £18.72 per month or by debt.
Borrowing money in order to pay it back using the membership fees coming in monthly.
This money can be borrowed on virtually any terms.
As an example when Portsmouth fans bought their club recently they also had a borrowing scheme for HNWI who could nominate a rate of interest on the debt to there equivalent of a CIC.
IIRC the maximum interest rate was 8% however the average rate at which HNWI fans were prepared to lend the money to the fans group was 2%.
A great example of Fans helping Fans for all to get what they are after. ..the salvation of their Club.
Under the rules that broadly exist for this sort of thing a HNWI does what you call self certification....basically a declaration that you can afford to loan the money.
You can read the specific definitions here
But summarised you need to either be earing more than 100 per year of have Assets of more than 250k excluding your house.
Any fan in this category is able to act as a HNWI and could make a loan to any CIC of any reasonable amount.
So if the great big HNWI are not stepping up how about just 20 folk loaning 50k each backed by 40000 fans paying in monthly.
You could own 5% of the club with all the rights of holding the board to account by the end of the week.
@rchrdtknsn
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