Accrington Stanley are aiming to raise up to £1million by offering fans the chance to own a share in the club.
The club is to release 9,999 shares over the next two years, which fans will be able to purchase at £100 each.
The shares, which will give voting rights to owners, are expected to make-up around 80 per cent of the equity of Stanley.
Chairman Ilyas Khan saved the club in November 2009, after tax troubles left the club subject to a winding up order.
He currently controls 43.5 per cent of shares, but has pledged that TW Indus, his company that owns the stake, will redistribute its shares to all shareholders on the register in two years' time.
Mr Khan said the share issue would allow the club to grow, potentially raise funds for a new ground and nurture even stronger links with fans.
He said: “Accrington is one of England’s best-loved and most historic footballing towns.
"It was one of the 12 founders of the football league in 1888 and has phenomenal support worldwide.
“To own a share in Stanley is to own a piece of real football history.
"Shareholders will be making a direct contribution to the future of Accrington Stanley.”
The first shares will be issued on Friday, October 21 at the club’s home game against Cheltenham Town.
An official press conference will take place in the Sports Bar before the match.
Brochures will be available from this Saturday and fans can pick one up from the Sports Bar or order online.
Shareholders will be given the opportunity to vote at future AGMs, with one vote on offer for every share they own.
There will be no restrictions on the amount of shares or percentage of the club that can be owned, apart from rules being in place to ensure nobody can acquire a majority stake.
Reds fan Stephen Lowe, 38, from Guide, welcomed the news and believes Mr Khan has “come good on his word” to move towards being a community-owned club.
“It would be brilliant to see in a year’s time 200 people at the AGM all with an active interest in the club’s future.
“If this ownership model succeeds then every shareholder would have a vested interest in bringing new ideas, sponsorship and innovation into the club.
“A share or two is certainly top of my Christmas list.”
Accrington Stanley have set a tentative aim of moving from the Crown Ground into a new stadium by the 2014-15 season.
They are considering the viability of a £6m stadium near Hyndburn Sports Centre in Church.
Yearly wage costs at Stanley are about £1.2million.
Around 45 per cent of these costs come from Football League payments while other income includes gate receipts, hospitality, sponsorship and retail sales.
They currently operate at a deficit of around £400,000 per year.
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