This section from the original proposal:
The GMFC Board as outlined above, would work in tandem with the MCT Board, the vision would be to have these two Boards operating virtually as one – indeed, the longer-term option may well be to have one larger Board.
This rings some particular alarm bells for me. If the two boards were to operate in tandem for a season and things ostensibly went well, that could be used as justification for formalising the arrangement by amalgamating the boards, marking a material change to the ownership/operational structure.
While the proposal and the FAQ have both made allusions to MCT shares being ‘safe’ in the sense GMFC cannot sell or transfer them, the specific question around the raising of new share issues is unanswered, and would seem an even more likely possibility under a newly amalgamated board where the owners are represented as a minority.
As presumably all supporters do, I really want an investor with the genuine intentions of supporting and continuing the fan ownership model and motivated to improve how that operates. I don’t want to appear to be dismissive, suspicious or overly pessimistic about the offer either. However, if the position of Dalrada, the GMFC board and the interim MCT board are legitimate, again, I believe they have to be understanding of fans’ hesitancy and need to do all they can to address that fully before expecting the proposal to be voted through. The chance to do so should really be welcomed as part of their stated drive towards transparency and good governance.