The ArgusAlbion life president in share spat (From The Argus)

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Albion life president in share spat

The Argus: Albion life president in share spat Albion life president in share spat

Albion bosses have dismissed claims by life president Dick Knight that they “blocked” the sale of 100,000 shares to fans.

Former chairman Mr Knight has accused the football club of “cynically” preventing supporters from having a voice at the club by refusing him the chance to sell fans his shares.

But Brighton and Hove Albion insisted it was following procedures drawn up when Mr Knight was chairman – giving existing shareholders first right of refusal.


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Last year Mr Knight announced plans to sell a stake to fans to ensure they had a voice at the club.

He said supporters could acquire the shares if they purchased his autobiography, Mad Man, with financial rules stipulating he could not give them away free.

Mr Knight said 262 fans had expressed an interest in buying the shares at £1 each.

But he said the club blocked the move and instead put forward an offer from an unnamed shareholder to buy his 100,000 shares for a “derisory” 1p each.

If an agreement cannot be reached Mr Knight can withdraw his offer to sell – or allow the club’s auditors to come to a ‘fair value’ price which will be legally binding.

In a letter to fans Mr Knight wrote: “I leave you to draw your own conclusions about the motives behind this derisory offer. The move is clearly designed to stop you and the other supporters obtaining shares in the club.

“I am saddened by this cynical use of a set of articles of association, which I helped to draft when I became chairman – and written to protect the club against predators – now being deployed against myself and genuine Albion supporters who simply would like the opportunity to have a voice at the club’s annual general meeting.”

He said the proposal posed no threat to the balance of power at the club and would give ordinary fans a chance to voice concerns.

A club spokesman said: “Any shareholder of the football club is entitled to sell their shares.

Dick is no exception. However, like any other shareholder wishing to sell shares, Dick has to follow the procedure set out in the club’s articles of association, a process familiar to shareholders of any company.

“The club has not attempted to block Dick’s attempt to sell his shares and would not block any shareholders from selling their shares. It is simply following the procedure set out in the club’s articles of association which were put in place during Dick’s tenure as chairman.”

Comments (4)

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1:02pm Fri 4 Apr 14

Phani Tikkala says...

Pre-emption rights…. standard under practically every set of Mem & Arts you'll ever see
Pre-emption rights…. standard under practically every set of Mem & Arts you'll ever see Phani Tikkala
  • Score: 1

1:35pm Fri 4 Apr 14

Fight_Back says...

A very carefully worded statement from the club there. Why is a current shareholder willing to buy the shares which will give them no more ownership than they already have ? Because the club don't want non-rich supporters being shareholders. So the club are lying - they ARE blocking ordinary fans from buying the shares buy insisting they get them on first refusal. If they really had supporters wants at the forefront of their thoughts they would reject first refusal and allow Mr Knight to sell them to supporters.

The events at the club in the last 12 months or so have highlighted that Tony Bloom isn't the type of benefactor many think he is.
A very carefully worded statement from the club there. Why is a current shareholder willing to buy the shares which will give them no more ownership than they already have ? Because the club don't want non-rich supporters being shareholders. So the club are lying - they ARE blocking ordinary fans from buying the shares buy insisting they get them on first refusal. If they really had supporters wants at the forefront of their thoughts they would reject first refusal and allow Mr Knight to sell them to supporters. The events at the club in the last 12 months or so have highlighted that Tony Bloom isn't the type of benefactor many think he is. Fight_Back
  • Score: -4

3:33pm Fri 4 Apr 14

funky feet says...

Sounds like Mr knight is a victim of his own sharp practice.
Sounds like Mr knight is a victim of his own sharp practice. funky feet
  • Score: 0

5:58pm Fri 4 Apr 14

Carlas mum says...

He made the rules when he was Chairman, can't change them to now to suit himself.
He made the rules when he was Chairman, can't change them to now to suit himself. Carlas mum
  • Score: 0

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