YORK City chairman Jason McGill could look to sell his 75 per cent shareholding in the club if there is a “No” vote at Thursday’s Supporters Trust special general meeting.

Trust members will be balloted at Millthorpe School next week to decide whether the fans’ body should hand over their 25 per cent stake in the Minstermen to McGill’s JM Packaging company under the Golden Share proposal.

McGill has also added that a “No” result will mean he would stop covering losses at Bootham Crescent, requiring the club to operate on a “break-even basis” unless additional funding is acquired either from the Trust or any potential new owner.

In the even of a “Yes” vote, though, McGill would continue to support the club financially until the move to the new stadium and would be “highly likely” to do so “in the short term” following relocation to Monks Cross.

As part of an online question-and-answer session, organised by the Trust that elicited 45 queries, McGill outlined the implications of “Yes” and “No” results from his perspective, saying: “A ‘Yes’ vote would, in effect, send a vote of confidence to me, indicating that, although things have in recent seasons been poor on the pitch, the Trust membership recognise the club is financially stable at present and appreciate the work undertaken in numerous other areas, such as investment in facilities, the academy, the Foundation and for helping to secure a new Stadium some 16 years after Douglas Craig, Barry Swallow and Coin Webb threatened to close the club down. This would give me the encouragement to commit further time, effort and finances to take the club into the new stadium.

“I am aware that funding is likely to be needed in the short term at the new stadium and, if the supporters indicate a willingness for me to continue my involvement with a ‘Yes’ vote, then it is highly likely that I would continue to provide short-term funding to allow the club to flourish in the new Stadium.

“A ‘No’ vote would tell me that the Trust membership does not agree with the direction and leadership of the club and that they consider changes are needed. I do not believe that in these circumstances JM Packaging should continue to fund the club and could potentially subsequently sell the 75 per cent shareholding if a willing purchaser was identified and who accepted the Trust’s 25 per cent shareholding, although the amount payable would include the share purchase together with monies owed at the time of sale.”

On the immediate consequences of a ‘No’ vote, with one season left to play at Bootham Crescent before the proposed move, McGill added: “The club would need to be operated on a break-even basis. Unless additional sources of funding could be identified, it is perhaps inevitable that this would require the club to make substantial cuts both on and off the field and would be unable to retain its Football League infrastructure.

“It is highly likely that the cuts required to the playing budget would result in the club only being able to operate on a part-time basis. Trust Members will, therefore, need to carefully consider, when reviewing their options, the immense difficulties associated with attempting to manage a club on a break-even basis.

“Cash flow requirements for any business inevitably arise at certain times of the year although the club will presumably not be in a position to obtain short-term funding to smooth out any anticipated peaks and troughs in this respect which will therefore necessitate extremely prudent budgeting. There will also inevitably be a major potential cash impact upon the club in connection with any strategic decisions that may be made by those responsible for the 2018-19 budgets in relation to any termination payments that will be necessary if maintaining the existing infrastructure is not possible.”