AFC Telford United: Non-league Shropshire-based fan-owned club sell shares
Struggling non-league club AFC Telford United have begun selling shares.
Following consultation with supporters, the fan-owned 'phoenix' club have opted to change their ownership model to allow external investment.
No one person or organisation can purchase more than 20% of the shares.
The sales window is open for 21 days but already the National League North club have received interest from significant potential foreign investors, with talks ongoing.
The Lilywhites, who began life as Wellington Town, were renamed Telford United in 1969 to mark the growth of the Shropshire new town, and became a major force in non-league football.
They reached more FA Trophy finals than any other team, winning on three of their five visits to Wembley, and also reached the FA Cup fifth round in 1985.
After the old club was forced into liquidation in 2004, they then reformed as AFC Telford United, starting their 'new life' in Northern Premier League Division One.
They took seven seasons to earn the three promotions needed to return to the top flight of English non-league football.
But since winning promotion to the 'fifth division' for the first time in 2011 under Andy Sinton, and doing the same with Liam Watson in 2014, they have struggled to re-establish themselves.
They were relegated to National League North in 2013 and 2015 and are currently 16th in the table, having been just two points away from going back down to the seventh tier in April.