Interesting stuff😲
fans to rise up and seize control of their club according to David Low.
The Scottish champions have recovered from the Covid-19 pandemic and recorded a healthy pre-tax profit of £6.1m in their last annual results back in September. The 72-year-old has also, on the rare occasions that he has granted interviews, stressed that his involvement is an emotional not a financial one and stated he has no intentions of cashing in on his investment.
“The fans’ influence has waned. When McCann and I were they held over a 50 per cent stake. It is out of synch a little bit now. This is nothing to do with the stewardship of the club or how it is run. It is just the way of theLow continued: “Dermot Desmond is in a controlling position. I am not saying this will happen, but we could wake up tomorrow and find he has sold his shares and control.
Low’s discomfort led to him joining The Celtic Trust, an Industrial and Provident Society that was set up in 1999, and putting forward a proposal. “Because of the issues I had, I thought: ‘We need to have a campaign to reactivate all these dead and missing shares’. I thought the Celtic Trust would be a good vehicle for doing that. I suggested that we help fans get reattached to their shares and we did that.”
“The third strand of what the trust do is to get proxy votes. Effectively, they are saying to the 25,000 fan shareholders ‘together we have 25 per cent of the club, give us your proxy’. If they all did that, the fans would have 25 per cent of the club. But that won’t happen unless there is a crisis.”
“Celtic and Rangers are not too big. But the only way you can transform from a corporate structure to a fan-owned structure is with the cooperation of the controlling shareholder. They achieved that sympatico with Hearts. The fans only got to the position they are in because they had an owner in Ann Budge who worked in tandem with them.
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