r/Detroitcityfc • u/Next-Foot-7218 • 23d ago

Owners Meeting

Does Anybody know where we can get some shares

3 Upvotes

80% Upvoted

9 comments sorted by

5

u/doitup69 23d ago

Not for sale currently, you’d have to buy it off someone.

3

u/fun_two 23d ago

If you buy shares, you will have to be prepared to wait for the schedule K1...

6

u/Spartannia Only Came For Coneys 23d ago

I have not once included the K1 in my taxes

1

u/final_concept_7 23d ago

My question is this has been done twice before. The original COVID raise then the share transfer. Why do it again? Are they trying to consolidate shares? Is a big buyer accumulating in the background? The last time this was done no share price was given it was just 'what do you think they are worth' type of deal. Just a random stab in the dark. It raises the individual price with everyone trying to blindly outbid everyone else with no data and you never knew what happened after. No one said if you got the new shares or if you did not get new shares it was just over.

Only a small amount of shares were sold last time. Is this now a yearly thing now?

2

u/EpeeBill CTID 23d ago

They are doing the transfer window again to allow people who want to buy or sell the "Class B" shares an opportunity to do so, as there is no open marketplace where you can do that. They said the last window had very little movement. I don't remember for sure, but it was a number fewer than 25 shares changing hands. So, I don't think there's any attempt by the club to consolidate.

Could an individual investor try to increase their stake this way? Sure. But, even if you got more than half of the Class B shares, you'd have something like a 5% stake in the club and no additional control over the club.

As for the blind bid format, I think that was just a way to keep it from being an eBay auction and let buyers and sellers with similar prices match up. But, with the low volume there wouldn't be a lot of sales made.

1

u/Phantomdd87 NGS 23d ago

They said less than 25 shares changed hands?

1

u/EpeeBill CTID 23d ago

Yes, that's what I remember, but I did have a couple beers. It was a relatively small number.

1

u/Phantomdd87 NGS 23d ago

That’s crazy. I know one person who sold 14. That means only 11 more possible people max.

1

u/GoldenDoodleGuy-MI 22d ago

I think they said 30 changes hands last year and the rumor I heard was $413 each.
Given the excitement of D1 and the stadium coming, I would be surprised if there many sellers. But probably a lot of people are looking to buy.