Arsenal's pioneering Fanshare scheme, lauded by the government as an example to other Premier League sides as a means of giving supporters a stake in their team, is set to close after the club withdrew its backing, reports The Guardian. The scheme was launched in August 2010 by the Arsenal Supporters' Trust with the vocal backing of the club's chief executive, Ivan Gazidis, as a vehicle for fans to buy part shares in Arsenal.
More than 1,800 members have invested almost £2m in the scheme, which gave fans the rights that came with share ownership, including the ability to attend the Arsenal annual meeting, pose questions on club finances and vote on policy.
But, as explained in a letter to members who have bought a total of 116 shares, it has struck two insurmountable issues that the majority owner, Stan Kroenke, has been unwilling to explore solutions to.
"The scheme has faced two major problems: a lack of liquidity in the share market and a shortfall in funding," it said.
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