Carlisle United's Official Supporters' Club are poised to call an urgent members' meeting to canvas opinion on the United owners' shock request for them to raise more than £250,000 in six months' time.

United's leaders want to issue £1 million worth of new shares in the League Two club - whilst challenging CUOSC to provide enough cash to enable them to retain their current stake.

The Blues' hierarchy said their plan was designed to bring in new "investment", but also raised the prospect of owners Andrew Jenkins and John Nixon converting their loans into equity in United, rather than simply bringing new money into Brunton Park.

Jenkins, Nixon and Steven Pattison, shareholders in United's holding company, have yet to spell out to CUOSC - whose current stake of 25.37 per cent could be at risk of dilution - the detail of their proposal.

The identity of any potential investors has not been revealed, nor how much of Jenkins' and Nixon's loans may be converted. United's last accounts showed the club owed chairman Jenkins £980,000 and his firm Pioneer a further £800,750, with a £20,000 loan from director Nixon still outstanding.

The fans' group say their period of 20 days to "accept" the plan will not start until they have received official notification from the club owners.


Nigel Davidson Nigel Davidson, on behalf of the CUOSC board, said: "Until we receive anything in writing it's very difficult to make any judgement.

"We are hoping by the end of next week we will receive that letter.

"From there, the intention will be to hold a members' meeting and discuss the proposal in the same way we did with the Andrew Lapping deal last year."

CUOSC are believed to be taking legal advice on aspects of the plan, which was tabled four days after Jenkins, Nixon and Pattison were the subject of anti-board chants during Carlisle's last home game of the season against Oxford.

One key element could be an agreement lodged with Companies House last year following an extraordinary general meeting at United.

That document, an 'ordinary resolution' passed on March 30, 2015, says the holding company directors were "unconditionally" authorised to allocate up to £2.8 million of shares in the club.

CUOSC, whose representative Norman Steel attended that meeting, have always maintained that agreement only referred to their members' vote to dilute their stake under the Lapping investment proposal, which United subsequently dropped last summer.

There is, though, no mention of that condition in the resolution document. And in response to questions from The Cumberland News , United said: "The EGM resolution of March 2015 was never mentioned as being specific to any one proposal."

Asked whether the club could still issue the intended shares even if CUOSC don't "accept", a Blues spokesman added: "Further discussions are still to be had, but a course of action has been taken which has been advised as the right path to take."

It has not been clarified whether the mystery overseas "billionaire" investor, who apparently approached the club last May, has any part in the new plans, 353 days since that approach was announced by United.

Since then the Blues have turned down both the £1.26 million Lapping bid and a more recent £2 million offer involving CUOSC and a local business consortium fronted by Robin Brown and Graham Mossop.

They informed CUOSC on Tuesday that they would "not be pursuing" the latter as "it did not address a number of key issues."

This stance was described as "disappointing" by CUOSC, who said the proposal was still "very much available to be pursued".

United's statement said that, of 1,000,000 new shares, a minimum of 253,700 would be offered to CUOSC in £1 units, under the existing shareholder agreement, with the fans' group given 20 days to accept and six months to raise the money.

This would leave 746,300 shares available "for investment and equity conversion," while "more discussions" were intended over the existing 134 shares in CUFC Holdings, which sees Jenkins hold 50, Nixon and Pattison 25 each and CUOSC 34.

CUFC Holdings owns 93 per cent of Carlisle United AFC (1921) Ltd.