Club buying shares

[Lonsdaleclarets]

A relative has sadly passed away and was a share holder. Just been asked by his daughter if the club are still buying the shares … can anyone please help

[Chester Perry]

Commiserations to you and your family for your loss

the ALK/VSL offer to buy supporters shares ended in February of this year - of which only circa 45% of the shareolding was sold.

At the time of the offer (October 4th 2021) there was the promise of a share trading platform for the shares by the end of that month - it has still to go live

given the combination of the above it is likely that the major shareholders will make a further offer for shares at some point in the future - the pertinent question is when? and that is very difficult to estimate - it could be in the next six months or next six years.

[Lonsdaleclarets]

Thanks for your help with that … I will pass on your advice … thanks again

[Chester Perry]

I will add that it should be possible to sell shares if you can find a buyer - the old practice required the board to approve the sale - not always as straightforward as you would think, as on occasion the board would block the sale and then a board member would purchase them.

The question here is what price someone would buy them from your relative? - by advertising the fact you have shares for sale on here you may find someone willing to buy them - it would be interesting to see how the current board would deal with such a proposed transaction - they may operate in the way previous board members have or just waive the transaction through in a way similar to the idea of a trading platform.

[Culmclaret]

Kept mine primarily for sentimental reasons, plus a dollop of suspicion re the owners which turned out to be unjustified plus was struggling to work out how to spend £28k in the club shop

[whentheballmoves]

Kept mine primarily for sentimental reasons, plus a dollop of suspicion re the owners which turned out to be unjustified plus was struggling to work out how to spend £28k in the club shop

Sold my three, although it was a bit of a wrench at the time. It's made everything "free", or at least feel like it's free this season!

[NewClaret]

A relative has sadly passed away and was a share holder. Just been asked by his daughter if the club are still buying the shares … can anyone please help

I would contact the club & see if they will arrange purchase, although unlikely I’d imagine.

Failing that, ask if you can transfer & I will buy it off you

[Chester Perry]

Kept mine primarily for sentimental reasons, plus a dollop of suspicion re the owners which turned out to be unjustified plus was struggling to work out how to spend £28k in the club shop

it appears the club credit element prevented sales from a number of shareholders holding multiple shares (but not all) one wonders if they came to another arrangement (there were a few with 100 or more shares).

[Chester Perry]

I would contact the club & see if they will arrange purchase, although unlikely I’d imagine.

Failing that, ask if you can transfer & I will buy it off you

the OP suggests multiple shares rather than the one - it could be the person with 400

[NewClaret]

the OP suggests multiple shares rather than the one - it could be the person with 400

Well I won’t be buying 400

[Paul Waine]

A relative has sadly passed away and was a share holder. Just been asked by his daughter if the club are still buying the shares … can anyone please help

Hi Lonsdale, always sad when a relative passes away. My condolences to all the family.

Focus of all the other responses have concerned your question of whether the club/ALK are still buying shares. However, first thing to consider is who has inherited the shares from the shareholder on their death. Has the deceased left a will, or have they died intestate? Either the rules of intestacy or the terms of the will will determine who now owns the shares. Any other buyer, the club or anyone else, will only be able to buy the shares from whoever the new owner is once all the necessary formalities such as probate have been completed.

[NewClaret]

PW’s post just made me realise my responses may have looked insensitive, which wasn’t intentional.

I should’ve offered my commiserations and condolences to your family.

[boyyanno]

A relative has sadly passed away and was a share holder. Just been asked by his daughter if the club are still buying the shares … can anyone please help

Hi Lonsdale, sorry to hear about your news. If you do go down the route of selling these privately then I would be interested if you'd be in a position to advise how many and how much you wanted for them.

Good luck anyway.

[Lonsdaleclarets]

Thanks to all for your responses… I will forward the thread to my relative and let her make a decision after your advice … it’s much appreciated thankyou all

[dsr]

Hi Lonsdale, always sad when a relative passes away. My condolences to all the family.

Focus of all the other responses have concerned your question of whether the club/ALK are still buying shares. However, first thing to consider is who has inherited the shares from the shareholder on their death. Has the deceased left a will, or have they died intestate? Either the rules of intestacy or the terms of the will will determine who now owns the shares. Any other buyer, the club or anyone else, will only be able to buy the shares from whoever the new owner is once all the necessary formalities such as probate have been completed.

Not necessarily. The executor(s) can sell the shares on behalf of the estate if the executor deems that's the best thing to do. (This applies if the shares haven't been left as a specific legacy, but are part of the general estate.) Obviously the excecutor will take into account the wishes of the beneficiaries, as one or more of them may ask for part of their legacy to be paid as these shares rather than as cash.

[Ampth7]

Kept mine primarily for sentimental reasons, plus a dollop of suspicion re the owners which turned out to be unjustified plus was struggling to work out how to spend £28k in the club shop

Yep, kept mine also….. been in the family since 1960‘s so no way I’m selling them!!! Grandad would be turning in his grave if I did

[Paul Waine]

Not necessarily. The executor(s) can sell the shares on behalf of the estate if the executor deems that's the best thing to do. (This applies if the shares haven't been left as a specific legacy, but are part of the general estate.) Obviously the excecutor will take into account the wishes of the beneficiaries, as one or more of them may ask for part of their legacy to be paid as these shares rather than as cash.

The executor can only act in accordance with the will and will be acting on behalf of the beneficiary/ies. No one would buy the shares with full confidence that the executor is acting in accordance with the will without probate being granted.

Quote below from co-oplegalservices.co.uk

What happens if I don’t apply for probate?
If you don't apply for probate when it's needed, the deceased's assets can't be accessed or transferred to any of the beneficiaries.

Probate gives a named person the legal authority to deal with the assets. Without this authority, they can't do anything with the assets. This includes closing down bank accounts, selling or transferring property, transferring pensions and cashing in other investments. Essentially the assets will remain in limbo and the beneficiaries won’t be able to receive their inheritance.

Not obtaining probate when it’s needed can also cause problems for family and friends in the future. For example, someone who has lost their spouse may believe probate isn’t needed because everything was owned in joint names, but it later turns out that the house was actually owned in their spouse's sole name. When that person dies, the people administering their estate will have to deal with the probate on their late spouse's estate first. This could cause significant delays and increase the cost.

[dsr]

The executor can only act in accordance with the will and will be acting on behalf of the beneficiary/ies. No one would buy the shares with full confidence that the executor is acting in accordance with the will without probate being granted.

Quote below from co-oplegalservices.co.uk

What happens if I don’t apply for probate?
If you don't apply for probate when it's needed, the deceased's assets can't be accessed or transferred to any of the beneficiaries.

Probate gives a named person the legal authority to deal with the assets. Without this authority, they can't do anything with the assets. This includes closing down bank accounts, selling or transferring property, transferring pensions and cashing in other investments. Essentially the assets will remain in limbo and the beneficiaries won’t be able to receive their inheritance.

Not obtaining probate when it’s needed can also cause problems for family and friends in the future. For example, someone who has lost their spouse may believe probate isn’t needed because everything was owned in joint names, but it later turns out that the house was actually owned in their spouse's sole name. When that person dies, the people administering their estate will have to deal with the probate on their late spouse's estate first. This could cause significant delays and increase the cost.

Yes, that's right. I took it as read that probate must be obtained before the executor could sell any assets. I was trying to say that the executor can sell the shares before making any distributions to the beneficiaries.

[LlandennyClaret]

Apologies for hopping on this thread but I have an issue with my late fathers club share.
He passed away in November 20 and I've tried contacting several people, including the shareholder email address, at the club over the last 18 months or so about transferring the share into another name (we have had probate etc). No response at all.
Anyone have any suggestions?
Cheers

[MT03ALG]

A friend of mine had 53 shares worth £90,000.
He was paid out £45,000 by the club and had to spend the other £45,000 on the club.
So far £21,500 has been spent on 8 seats in the Trophy Room/Director's Box.

[Leisure]

Apologies for hopping on this thread but I have an issue with my late fathers club share.
He passed away in November 20 and I've tried contacting several people, including the shareholder email address, at the club over the last 18 months or so about transferring the share into another name (we have had probate etc). No response at all.
Anyone have any suggestions?
Cheers

Have you tried the Supporters Liaison Officer? SLO@burnleyfc.com

[LlandennyClaret]

Have you tried the Supporters Liaison Officer? SLO@burnleyfc.com

Hi Leisure, I have at some point over the last 18 months yes. Is that currently the best current point of contact?

[Leisure]

Hi Leisure, I have at some point over the last 18 months yes. Is that currently the best current point of contact?

If you've been unsuccessful with other avenues at the Club, I would say yes. His role is to assist supporters.

[LlandennyClaret]

If you've been unsuccessful with other avenues at the Club, I would say yes. His role is to assist supporters.

Thanks Leisure- just checked and I emailed the SLO in June of last year. Received an automated response but nothing after. Maybe a new person in place since then? I'll email them tomorrow. Cheers

[dsr]

Thanks Leisure- just checked and I emailed the SLO in June of last year. Received an automated response but nothing after. Maybe a new person in place since then? I'll email them tomorrow. Cheers

I'd try telephoning. Have an email ready to send, but if you can speak to someone who accepts that it's their job to help, then you're on the right lines and you know who to be persistent with.

[LlandennyClaret]

I'd try telephoning. Have an email ready to send, but if you can speak to someone who accepts that it's their job to help, then you're on the right lines and you know who to be persistent with.

Hi DSR, yes done that, Was given a name, emailed and then nothing... sort of gave up in the end but this post has prompted me to try again!
Right- off to Swansea now.
Cheers UTC

[Paul Waine]

Apologies for hopping on this thread but I have an issue with my late fathers club share.
He passed away in November 20 and I've tried contacting several people, including the shareholder email address, at the club over the last 18 months or so about transferring the share into another name (we have had probate etc). No response at all.
Anyone have any suggestions?
Cheers

Hi, I understand it's the Company Secretary's role to deal with shareholder records, including updating the register when shares pass from a deceased shareholder to another person. According to Companies House, the Secretary for Burnley FC Holdings Limited is Matthew Robert WILLIAMS, appointed 22 July 2016. Correspondence address: Burnley FC, Harry Potts Way, Burnley, Lancashire, BB10 4BX.

Good luck.

[MarbellaClaret]

Lonsdale please accept condolences for your relative and if it proves possible to sell privately at this moment in time as an existing shareholder I would be interested in making an offer please keep us informed.