YORK City chairman Jason McGill has insisted that he will make no profit from being the sole director of the York Stadium Management Company.

The company has been set up with the intention of overseeing operations at the new Community Stadium at Monks Cross, which is due to be opened in time for the start of the 2019/20 football season and will also be the new home of York City Knights rugby league club.

McGill has moved to allay supporters’ fears that his JM Packaging company – the Minstermen’s 75 per cent owners – would benefit financially from the running of the new arena, confirming that any profit made would be ploughed back into the club.

The City chairman has also rubbished rumours that former manager and current chief executive Jackie McNamara is being lined up as a future owner of the club, whilst intimating that he will be £3million out of pocket after the sale of Bootham Crescent, with insufficient equity left in the ground to cover the seven-figure losses under his stewardship that he has covered since acquiring a majority shareholding from the Supporters Trust in 2006.

McGill’s comments were made during a meeting with East Riding Minstermen chairman and former Trust board member John Uttley.

Long-standing City fan Uttley – head of the supporters’ group that has 20 members - asked for a meeting with McGill after becoming concerned by the stand-off between the latter and the Trust.

McGill also revealed in the meeting that he wants to acquire the Trust’s 25 per cent shareholding in the club because it is “only fair and proper” with the supporters’ body unable to contribute £250,000 of the £1million he believes is necessary to fund the club until relocation from Bootham Crescent is completed.

With McGill’s permission, Uttley has passed on a series of quotes from the meeting held this week.

On the stadium management issue, McGill was reported as saying: “The company created to run the new stadium is a special purpose vehicle that is currently dormant. I need to safeguard the name and, whilst it may or may not be used, if it is used it will become a subsidiary of York City Football Club and any profit will be donated to the club.”

Uttley added that McGill reiterated his previous statement, made at a public forum in 2016, that he would not be at the club if ex-Scotland international McNamara left his post as chief executive.

The former Celtic captain’s appointment to that role attracted national attention following his role as manager in back-to-back relegations, with the Minstermen now plying their trade at National League North level.

But, on speculation that McNamara would one day succeed him as club chief, McGill declared: “Why would he want that? He is here to try and put the club back where we belong because, like me, he feels culpable.”

With Bootham Crescent valued at £4.5million in the last set of club accounts, McGill also relayed to Uttley that the club is contractually obliged to contribute £2million from the sale of Bootham Crescent to the City of York Council as the football club's contribution to construction costs at the new Community Stadium

McGill confirmed that the £2million Football Foundation grant that is being converted from the loan for the same amount that the club committed to in order to buy back the ground from previous chairman Douglas Craig and his fellow Bootham Crescent Holdings directors Barry Swallow and Colin Webb will need to derive from the sale of Bootham Crescent.

Craig, Swallow and Webb are still owed £125,000, which they will also receive after Bootham Crescent is sold, while Football Foundation loan interest of £370,000 will need to be met too.

Digesting those figures, Uttley added: “This will leave JMP £2million short before the £1million-plus that is needed to get us to the Community Stadium.”

On his motivation for taking 100 per cent control of the club, Uttley quoted McGill as declaring: “The shares have no monetary value.

“JMP are putting in £1million because the Trust cannot find £250,000 and it is only fair and proper that the entity putting in 100 per cent of the money receives 100 per cent of the shares.”

Uttley also claimed that in 2016 a meeting between McGill and the Trust board was held, in which the City chairman offered to give the latter’s 25 per cent shareholding back should the club never play a game in the new stadium.

The idea was described as a golden share agreement, with Uttley, who was then a Trust board member saying: “The majority of the Trust board refused to recommend supporting the proposal to their members which was disappointing in my opinion.”