AFC TELFORD UNITED say they may be forced to scrap the 20 per cent shareholding limit for investors with two interested parties being put off.
The Bucks' Supporters' Trust voted overwhelmingly in favour of ending supporter ownership in October to allow the club to attract external investment with finances stretched.
The National League North side issued 5,000 £100 ordinary shares for sale to and purchase by organisations or individuals, and applications closed on Tuesday.
The club had hoped to sell all of the shares, resulting in a £500,000 injection, but have revealed that 139 supporters have purchased shares with only 32 per cent of share offer taken up.
The Bucks say that they have had interest from foreign investors, with links to Telford, but that the 20 per cent limit for any one shareholder has caused problems in negotiations.
The Shropshire outfit are considering whether to put a motion to shareholders in the new year, requesting that the 20 per cent limit is scrapped.
In a statement, the Bucks said: “In total 139 supporters have purchased shares. The percentage uptake of the share offer was 32 per cent, no individual shareholder has taken the 20 per cent maximum of the authorised share capital.
“The board are disappointed that the share offer was only at this level and will be reviewing its actions in the new year.
“The board were in lengthy discussions with two substantial investors up to the closing date for the share offer. Both of those investors are based overseas, but with an upbringing and background from Telford.
“The club were satisfied that both of those parties wanted to invest in the club for the benefit of the football club. One of those investors withdrew because the club had put in a maximum shareholding of 20 per cent of the authorised share capital, the second party was concerned about being a major but minority shareholder.
“The board of the club considered that when the original proposal for the share offer was put to the Supporters Trust to sell its shares, that if the 20 per cent ownership clause had not been included in that proposal, that it was unlikely that the Trust members would approve the sale of the old shares back to the football club and the issue of new shares.
“The board of the football club still consider that there is a requirement and need to get the share offer fully subscribed to the authorised share capital of £500,000 and will be working to succeed with this objective early in the new year.”
