What do you need to run a sustainable EFL club? Luck, says Stevenage owner

• Phil Wallace hopes to raise £1.2m by selling 12% equity to fans • Funds would be used principally for transfers and wages, he says Running a sustainable Football League club is possible only if you are lucky, according to the Stevenage chairman, who is about to offer shares in his club to supporters. Phil Wallace has presided over the most successful period in Stevenage FC’s history since he bought the team in 1999. But with clubs in the Football League experiencing growing financial uncertainty – 52 of the 72 clubs reported losses in 2017-18 – Wallace says it is no longer enough simply to run your club well if you want to keep your head above water in the lower leagues. Continue reading...

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