Falkirk Supporters' Society: All you need to know about fan ownership and an interview with co-founder Stuart Adam

That plea, issued by club director Kenny Jamieson, caused outrage within the support after it appeared to overlook the current cost-of-living crisis and the amount of backing the supporters have already given this season – with home attendances at an all-time high in League One.

“We understood these concerns and have communicated them to the club, and asked them to reflect,” Adam said of the club's communication. “It’s an exciting and worrying time to be a Bairn. Something special is happening on the park, as John McGlynn’s squad improves every week.

“But the recent board message told us that finances are stressed. Last season’s accounts will show a record seven-figure loss, wiping-out the cash cushion the club previously held.

“There’s no conveyor belt of Academy graduates to sell. The fifth anniversary since Peter Houston’s departure emphasised how long Falkirk has been in the doldrums.

"Each season worse than the last, a revolving door of instantly forgettable players and managers, plus COVID and an economic crisis have put our club in a precarious position. We need to get out of this death spiral.

“The club’s strategy is to halve that loss and build a competitive team, while attracting investment to plug the rest. Halving the loss itself is tough, but the flurry of new sponsors, busy hospitality and big crowds suggest they’re on the right track. It’s the the second half of the deficit, about £400,000 that needs to come from investment, that caused debate and concern last week.

“It’s a cruel irony: if the squad is poor, sponsorship and crowds will drop so we can’t close the first half of the loss. If we can’t stop the rot and get out of League One, we can’t access better prize money and crowds. And all this when families are facing rapidly increasing bills and prices. Fans are being asked to dig deep but, unlike when fans saved the club in 1998, we now get shares and a say.

“The society has grown rapidly since launching eleven months ago. Some 550 Bairns pay over £6000 each month by investing as little as a tenner a month, which FSS uses to buy shares. With its collective shareholding, FSS will soon become the club’s fourth largest shareholder.

“FSS wants a future for our club where as many fans as possible have a voice. It’s a democratic body - anyone can get involved. We elect two club directors mandated to protect fans’ interests, sitting alongside representatives of medium-sized shareholding Bairns (the patrons’ group) and larger shareholders.

“The target of 2500 members the board set is stretching, but it’s heartening to see more Bairns joining daily. Either way, FSS will continue to invest in the club and promote Falkirk fans’ interests.

“As well as FSS’s investment this season, larger shareholders, including Patrons, may decide invest more. Wealthier Falkirk fans might offer “soft loans”. Ultimately, the board could invite an external investor.

“Times are tough and Falkirk fans aren’t a cash-cow. But at the same time, we have an opportunity to rapidly accelerate fan ownership, so rank-and-file Bairns can protect their club from vultures and steer us back to a better future. And if it goes right on the park, we could one day look back and see this month as the turning point when Falkirk fans yet-again saved their club.”

All you need to know: Questions and answers with FFS spokesperson Stuart Adam.

Q: If the club sells to an investor, will the three-legged stool fail? A: There’s no reason why it should. Falkirk fans still own a large chunk of the club and are committed to continuing investing. FSS will keep going no matter what, even as a minor shareholder. The club’s constitution maintains at least one board position for fans.

Q: Need a sugar daddy as fans can’t write blank cheques? A: There isn’t a sugar daddy. We need to broaden the shoulders of how the club is funded, thus the balanced ownership, three legged stool model. But we ultimately want the club to be self sustaining. We’re in this journey and won’t give up just because it’s difficult.

Q: What if fans want to hold their own shares but can’t afford to be patrons? A: There’s no reason why they can’t. I’ve previously bought shares direct from the club as have hundreds of other Bairns. I think there are still a million shares that could be bought.

Q: Is the club vulnerable to Vultures? A: We know they’re out there and circling ever-closer as they smell weakness. Anyone with significant influence in our club needs to be fit and proper, and have the club’s best interests at heart. We’ve been burnt before with irresponsible owners. We don’t want front-men or fantasists at Falkirk. There are enough rumours of dirty money in Scottish clubs. The gates are locked to people like that, but open to well-meaning investors who want to build the club with the fans and community.

Q: Next director election? A: Anyone who is a member of FSS by noon on Sunday, October 23 will be eligible to stand for election or participate in voting. Nominations for the position will open from 24-28 October. Voting will take place from October 31 until November 4 with the successful candidate announced on November 7.

Q: Facts and figures? A: Currently around 550 members paying £6500 a month, growing daily. That’s invested in the club in return for shares at 40p each. We now own just shy of 300,000 shares, just over 7% of the club.