South of France based entrepreneur Michael Foley wants to join the board of Lincoln City and is prepared to put his money where his mouth, in order to do so. Lincoln City Mad applauds Mr Foley who is already a substantial investor in the club and not a man to give up easily. Just what we need at the club.
Mr Foley undertakes to initially meet the 150,000 shareholding threshold (£75,000 sterling) but would also be prepared to go beyond that, as well as hopefully introducing the club to further international investors. Mr Foley resides in Nice, the playground of the rich and famous on the French Riviera, the sort of peer group we need to gain contact with.
Those who know Mr Foley will know that he has both the financial means and the commercial gravitas to be a fantastic addition to Lincoln City board at a time when the existing board are unable, by their own admission, to fund the club to the level they feel it needs, from their own pockets.
To this end Mr Foley has gone on record and issued the following open challenge to the Board of LCFC:
1. I am prepared to invest the additional amount necessary over and above my existing shareholding to arrive at the £75,000 necessary to become a full Director of LCFC and to do so by end April 2011 subject to confirmation by the Board of LCFC of my appointment as a Full Director and acceptance of my terms (see below) which must be agreed in writing by end March 2011.
2. I am prepared to attend TWO Board meetings per year at my own expense and this for the first three years of Board membership. Any other attendance will be on the basis of expenses remunerated by the Club in accordance with the revised Articles of Association recently adopted.
3. I will endeavour to participate to the maximum in other Club Board meetings using 21st century technology and expect the Club to facilitate this.
4. I will expect to be involved in all strategic decisions made by the Club and require an acknowledgement by the Club that this will be the case and
a) being based overseas is not considered to be an impediment and
b) my international business experience and contacts are considered to be useful.
5. I also undertake to consider increasing my own stake in the Club beyond £75,000 and to investigate further investment opportunities I would expect that the search for overseas (i.e, non-UK) investment would be seconded to me.
Should I not hear from anyone in office at the Club by March 20, 2011 this offer will be withdrawn. In which case, you will all be able to draw your own conclusions.