Third Division outfit Clyde have become the second senior Scottish side to become owned by the supporters, after Stirling Albion did so in July.
The Cumbernauld side ditched their Limited Company status at a General Meeting last night and returned to the community.
Clyde have been struggling financially for several years and came close to being closed down last year over money owed to the local authority, over rent arrears for Broadwood Stadium.
Chairman John Alexander believes that Thursday’s decision will safeguard the club’s future.
He said, “Football is a precarious business, we have agreed a new set of rules and that means that this club will never again risk its future on unsustainable dreams and debt. The revised articles state that the club cannot borrow to pay wages or salaries of employees and the club cannot be conducted for private gain. The ethos will be to promote a successful football club that will encourage and develop sporting opportunities and activities in the community.”
Clyde Supporters’ Trust have been working closely with the club to bring about the change.
Trust chairman Gordon Thomson said, “We believe our club will be safer and stronger in the hands of the many rather than the few. I hope others can follow our example.”
A meeting last night at Broadwood Stadium passed the changes that meant the club is now a fully democratic community interest company. This means every member of the club will have a say in the running of Clyde on a one-member, one-vote basis. The board will be elected and will meet every three months with a third of the board being replaced on a yearly basis. All minutes will be available to members, ensuring transparency in the running of the club.