Page 6 - Deal Round Up June 2019

By February, more than 2,500 had signed up to the mobile app in the hope that they would be able
to own a football club and vote in its decisions. Through the app, fans voted that they would take
over a club in the Midlands rather than in the North West, and were even in discussions to takeover
Hednesford Town FC earlier this month.
However, at the last minute, Hednesford Town got cold feet and decided not to go ahead with
the takeover. Supporters Direct released a statement regarding the proposed takeover which
reminisced on the ultimately unsustainable takeover of Ebbsfleet United by MyFootballClub in 2008.
It compared OWNAFC to MyFootballClub and predicted a similar result for any club that agrees to
such a takeover experiment.
Since then, prospects for OWNAFC (and those of its founder and sole director, Mr Stuart Harvey)
have gone downhill very quickly and it has faced a lot of criticism from its invested customers.
Customers have said that they thought paying £49 meant that they would actually own a share in
the acquired football club and some are now demanding refunds. Since the unsuccessful takeover
of Hednesford Town, however, OWNAFC have said that the £49 was in fact only to access the app.
It has said that the shares would be on offer once a club had been bought.
OWNAFC’s brochure states that “each OWNA will be able to buy 1 share if they choose to, at the
nominal share value (subject to age restrictions)”. Customers have claimed that this only became
clear after they had paid £49. Clearly, there has been a lot of confusion over the exact nature of the
product being bought. Apparently, prior to a successful takeover, customers have bought no more
than a licence to use the mobile app! By comparison the MyFootballClub model (which did lead to
an initially successful takeover of Ebbsfleet) began initially by seeking expressions of interest and
did not take money from participants until the proposals were much clearer.
Customers claim that Mr Harvey also changed the terms and conditions on the website without
consultation, removing the reference to refunds for customers who became OWNAs before 6
January should no offer be made to a club before or on 1 March.

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