Football club’s majority shareholder puts holding up for sale

York City Football Club’s majority shareholder has put his holding up for sale.

Jason McGill is to sell his 75% share after the club’s supporters’ trust voted not to hand him its 25% holding.

McGill had wanted to take complete ownership in order to continue to financially support the club until it moves to a new stadium next year, BBC News reported.

His company, J M Packaging, has owned the majority of the club since 2006.

McGill told the trust his firm’s loans to the National League North club up to 2016, estimated at between £4m and £5m, were covered by the estimated value of the club’s existing Bootham Crescent ground, which would be sold after the move to the city’s Community Stadium in 2019.

In a statement he said: “I was immensely disappointed at the decision last night by a majority of 139 members of the York City Supporters’ Trust to decline my offer of financing the football club until the opening of the new Community Stadium – which clearly has a wide reaching impact upon the substantial loyal York City fan base.

“It is therefore with deep regret I consider there is no alternative other than to offer the interests of J M Packaging Limited in the football club for sale to someone who is able to reconcile the trust’s objective of operating on a breakeven financial position, whilst providing both the finances and aspiration necessary for any sporting entity to be successful.”