Rocks for sale

Bognor Regis Town FC is set to be put up for sale. The Rocks are likely to become a limited company with shares available for anyone to buy.

The expected change in status from a full members' club will be the biggest behind-the-scenes alteration since the Rocks were founded 124 years ago.

The move will provide a large cash injection to enable the club to make progress on and off the pitch as it seeks to compete more evenly with its bigger rivals in the Blue Square South league.

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Longstanding club manager Jack Pearce said: 'There's no doubt we can't continue to play at our present level of football without changes.

'We are living on loans. You can't run any business that way.

'We need to put the club on a much more secure financial footing. One way to do that is to become a private limited company.'

Suggestions about a possible share issue have been made between the club and its supporters for several years.

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But the time for talking is about to end and the time for investing is about to begin.

The key date for the share issue to be approved is July 19. That is when the 40 full members who own the club and run it through a ten-strong management committee chaired by Dominic Reynolds hold their annual meeting.

The full members will be given the club's accounts for the past two years before being asked to scrap their ownership and replace it with shares available at a set price each.

Details of the exact number of shares to be issued and the cash injection the club hopes to receive will become known after the meeting.

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But the amount is likely to be into six figures to ensure the new ownership structure can make a real difference to the club.

If the members agree to the change, a share offer will be made in August. Details will be published in the Observer.

A prospectus will be issued to potential investors, in line with company law, and the club hopes that the new owners will be in place by early September.

Matters such as any limit on the number of shares which can be bought by an individual will be decided at the annual meeting.

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Rocks' press officer Roger Nash said: 'Becoming a limited company is the way most clubs are going and is something the FA are in favour of.

'We see the share issue as very much a positive matter that will improve the finances of the club and involve our supporters in owning it.

'It takes a lot of money to run a club at our level of football, just two levels below the Football League, and enabling people to buy shares in us will help us move forward.'

The Rocks, who have finished midtable in each of their three seasons at their present level, are up against much bigger rivals with bigger attendances, full-time players and larger playing squads.

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Bognor also need to develop their Nyewood Lane home with a new 500-seat stand estimated to cost some 700,000 or similar long-term project.

Lengthy talks have taken place with the ground's owners '“ four hospitals including St Richard's, Worthing and Brighton '“ and the National Playing Fields Association about the new stand. The ground's ownership will be unaffected by the share sale.

The share issue will complement the club's traditional fundraising methods such as the annual sponsorship draw on July 27 where companies pay 100 plus VAT for the chance to have their name on the team's shirts.

The club also prides itself on its community involvement and has an FA charter to prove it. This work is continuing with a new healthy eating scheme about to be launched with Chichester College to get away from the burger and chips image of football grub.

Stewarding, IT and basic skills courses are also held at the ground.