Club statement: Change in company status

On Monday evening, Matlock Town FC held its Annual General Meeting for the 2023/24 season at the Proctor Cars Stadium, as well as an Extraordinary General Meeting for the 2024/25 season.

Due to rising costs both on and off the pitch, it has become increasingly difficult to remain liquid whilst being competitive in the Northern Premier League.

Therefore, included on the agenda was the motion to change the company’s status to Limited by Shares, to allow for future investment.

A vote was taken by season ticket holders for that change in status to take place. An investor was approved at this meeting, who has passed the Football Association’s Owners and Directors Test as well as thorough due diligence having been performed by the board.

The motion was passed by a substantial majority.

This change will allow Matlock Town FC to grow considerably on and off the pitch.

The current directors of the club have worked hard with the approved investor over the last few months to ensure there are covenants in place to ensure the future of the club and mitigate against any risks from external investment. The investor was keen to ensure that extra protections were in place to remove any doubt of a lack of future sustainability.

The aim of the club is to remain with the community at its heart and grow sustainably, with the ambition for promotion and progression through the league structure.

The changing nature of football investment and increasing player budgets has resulted in it becoming more and more difficult to compete at the current level, meaning the likelihood of relegation, and the severe financial effect that would have, would be almost inevitable in the near future.

Considerable investment has already been made into the first team in the form of donations, which has strengthened the first team and seen them climb the league table following an extremely difficult start to the season.

The changes to the club’s status will include shares held by a consortium of season ticket holders, to be decided upon over the forthcoming months.

The community and volunteers will continue to assist running the day-to-day operations.

We would like to thank all season ticket holders who took the time to attend on Monday night and took the opportunity to express their views and suggestions, playing an active part in securing the future of Matlock Town FC.