YORK City Supporters' Trust will consider reducing its 85 per cent ownership of the club according to its Project Spirit report.

The review of the club's corporate governance framework, conducted by Trust board members Paul Rawnsley, Richard Snowball, Michael Shannon and Mike Grant, has been published today and stated the Trust's stance towards possible outside investment.

City managing director Jason McGill currently owns 15 per cent of the club after paying £50,000 for his shares.

Under company law, there would be a change in the level of control if the Trust's ownership was to fall below 75 per cent or, more significantly, 50 per cent.

The report states: "Whilst the Trust is not necessarily seeking to change the present 85 per cent ownership arrangements... it is recommended that the Trust board consider the hypothetical scenarios regarding possible future changes to its ownership stake and how such matters might be dealt with."

A process for selecting new club directors has also been formalised by the club, which added that McGill, as the club's 'B' shareholder, has the right to appoint two directors which he has not, as yet, exercised.

Other boardroom appointments are controlled by the Trust after recommendations by a club board appointments panel, which comprises of two representatives from the Trust and club boards.

The issue of parity between the number of club board members who are also Trust board members and the number who are non-Trust board members is also to be considered at all times but is not an absolute requirement.

Finally, a list of matters which cannot be approved by the club's directors without the prior authority of the Trust are to be drawn up.

They include the sale or lease of Bootham Crescent or the training ground, borrowings exceeding £200,000, the issue of new shares and commitments over any new stadium for the club.

Copies of the report are available from the club shop.

Updated: 10:49 Saturday, October 15, 2005