AFC Wimbledon, famously a fan-owned football club, have updated supporters on the results of a recent vote on the ownership model.
Formed in 2002 as a phoenix club, AFC Wimbledon has climbed the football pyramid while being owned by its supporters: The Dons Trust. Up until now, it has been written into The Dons Trust’s constitution that they must control more than 75% of the votes in the club. The idea is to maintain majority control to avoid a situation in which independent owners have too much power.
However, as with everything else in the country, the cost of running a football club has increased steadily over time. In the 2023/24 season, the average loss of an EFL League Two team was £2 million, and that will have only increased in recent years. Despite AFC Wimbledon being one of the EFL’s most sustainably run clubs, they are still feeling the pinch. The club’s financial report for the summer of 2024 stated that the stadium debt was up to £10 million, with £400,000 in interest payments per year.
This is where the change in ownership model comes in. This week, AFC Wimbledon fans and members of The Dons Trust have voted to sell equity in the club. This would bring the Trust’s ownership to 50.01% – the minimum equity the Trust can ever hold. The hope is that they will be able to attract outside investment to raise funds for debt repayment and to increase the playing budget.
The results of the vote were overwhelmingly in favour of selling equity, with 92% voting for. 90% also voted in favour of lifting the 15% maxiumum minority shareholding limit. Essentially, this was in place to limit the amount of control that any one party can have in the club. With this now lifted, AFC Wimbledon will be hoping to see some cash start to flow into the team. In a prime location in south-west London, coupled with a unique story, there should be investment interest in the near future.
The response from fans on social media seems to be positive. Many were concerned about the club’s financial direction, so at least this offers a chance to steady the ship. The Dons, seemingly safe this season in League One, will look to build on a successful first season back in the third tier. Fan ownership looks to still be a viable option for a professional football club, but the 50.01% decision by AFC Wimbledon is a sign that it’s becoming increasingly challenging in this day and age.