Chairman Jason McGill had wanted the fans’ body to return the shares in return for a commitment from his company, JM Packaging, to continue funding the Minstermen until their scheduled move to a new stadium in 2019.
A special general meeting was held on Thursday night in the city to debate the ‘Golden Share’ proposal before a vote was taken among members. Of the 910 eligible to take part, 262 voted against the motion with 123 in favour.
McGill, who had warned members that a ‘no’ vote would lead to JM Packaging ceasing to cover the club’s future losses, responded by putting the National League North outfit up for sale.
He said: “I was immensely disappointed at the decision last night by a majority of 139 members of the York City Supporters’ Trust, to decline my offer of financing the Football Club until the opening of the new Community Stadium, which clearly has a wide reaching impact upon the substantial loyal York City fan base.
“It is therefore with deep regret I consider there is no alternative other than to offer the interests of J M Packaging Limited in the Football Club for sale to someone who is able to reconcile the Trust’s objective of operating on a break-even financial position, whilst providing both the finances and aspiration necessary for any sporting entity to be successful.”
McGill, a lifelong fan, has been involved with City since 2003 and been the majority shareholder for the past 12 years.