York City Supporters' Trust today revealed details of how fans can buy a slice of the club's future.

Administrators running City's affairs have accepted a takeover bid by the Trust, who are raising cash to keep the club afloat.

Supporters now have the chance to own the club through the Trust's York City Loan Notes 2003 Issue - a system which has been used by other football clubs' Trusts.

Steve Beck, a City Trust representative said it was a chance for supporters and local businesses to become owners of the new York City FC.

He said: "In effect, local businesses and fans can make a contribution to the Trust in exchange for a Loan Note certificate. In turn, the Trust will invest the money for the specific purpose of the acquisition of shares in a new company.

"The new company is the legal entity that will make the acquisition of the business and assets of York City FC under an agreement with the administrator."

Subject to the approval of the creditors (the club has an estimated deficiency of £1.85m to businesses and individuals) and of the football authorities, the new company will then continue the business of York City FC.

While there are only a limited circumstances in which the Loan Note monies will be repaid, it is a mechanism that offers some terms to Noteholders.

To make a community-owned club a reality for City, the Trust needs £200,000 by Monday, March 17 and are seeking to turn existing pledges into cash (either as Loan Notes or donations) and is seeking new funds from people and businesses yet to contribute to the community effort.

Loan Notes will be issued in denominations of £100, so the minimum contribution is £100, then in multiples of £100.

A certificate will be issued to each contributor acknowledging their contribution to save City.

No interest will be paid and Loan Notes are non-transferable.

Noteholders will be repaid only in limited circumstance. In many respects, the contribution is akin to a donation.

In the event of a meeting of Noteholders at which a poll is held, Noteholders shall have one vote for each £100 Loan Note held.

The scheme has been recommended by Cobbets, the Trusts legal advisors, who also act for Trusts at a number of other clubs.

Supporters should send a cheque or postal order payable to 'Munby & Scott - Save City Account' and their address details to York City Supporters' Trust, c/o Bootham Crescent, York.

Fans who have already made payments to that account will be contacted by the Trust to see if they want to turn their donation into a Loan Note (in multiples of £100).

A Loan note will be returned to each contributor (together with a copy of the instrument, ie the legal document) within 28 days of receipt of the contribution.

Supporters can also obtain a Loan Note by filling in the form below.

Updated: 11:48 Thursday, March 06, 2003