The recommended proposal is simple:-
1. A new company would be set up to acquire World Snooker Limited for £1.
2. This company would have issued share capital of £500,000 (necessary to cover future losses while we build).
3. The shares in the new company would be allocated 51% to Matchroom Sport, a company controlled by me, 24% to other commercial partners and 25% to the Players who are voting members of the WPBSA at the time of acceptance of this proposal.
4. The Players 25% would be allocated on the basis of one point for each voting member, an additional point for players for each ranking event win or a Masters victory and a further additional point for any World Championship win i.e. two points.
The current bank balance of around £3 Million would be totally committed to increasing players’ event opportunities which would be used over the next three years to boost prize funds from £3.5m (2009/10) to a minimum of £4.5m. Thereafter prize money levels must increase annually as set out under Appendix C. Should either the prize money not increase as set out, or the license fee payable to the WPBSA not be paid over all commercial rights would revert back to the WPBSA.
1. A new company would be set up to acquire World Snooker Limited for £1.
2. This company would have issued share capital of £500,000 (necessary to cover future losses while we build).
3. The shares in the new company would be allocated 51% to Matchroom Sport, a company controlled by me, 24% to other commercial partners and 25% to the Players who are voting members of the WPBSA at the time of acceptance of this proposal.
4. The Players 25% would be allocated on the basis of one point for each voting member, an additional point for players for each ranking event win or a Masters victory and a further additional point for any World Championship win i.e. two points.
The current bank balance of around £3 Million would be totally committed to increasing players’ event opportunities which would be used over the next three years to boost prize funds from £3.5m (2009/10) to a minimum of £4.5m. Thereafter prize money levels must increase annually as set out under Appendix C. Should either the prize money not increase as set out, or the license fee payable to the WPBSA not be paid over all commercial rights would revert back to the WPBSA.
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