Matthew Benham has agreed in principle to extend his financial commitments to Brentford Football Club, and within the next few weeks the parties hope to sign a legal document to that effect.
With Matthew injecting money into the Club at a level beyond that required by his partnership with Bees United, he has agreed to provide funds to the Club in the event of his death, as well as ‘parachute’ payments under other circumstances. These financial commitments will help the Club to meet its additional obligations.
In this season and last, the Club’s playing budget has been higher than it has ever been. This means, however, it has been committing itself to player contracts for next season and beyond that it could not afford without Matthew’s help. By means of a Deed of Variation to his original agreement with Bees United, Matthew has offered to be the subject of an insurance policy paying out to the Club in the event of his death, and to provide additional funding that will cushion the financial blow should he decide to withdraw his support during his lifetime. While he is still a minority shareholder of the Club, he will provide enough money – on a sliding scale approved by the Club – for it to meet its obligations for the current and three further seasons.
David Merritt, chairman of Bees United and a Club director, expressed the Trust’s gratitude for Matthew’s ongoing financial support. “The original partnership was excellent for Brentford Football Club, and since then Matthew has invested significantly more than was originally envisaged,” he said. “These imminent documents will provide further contractual protection for the Club, which the Bees United board believes will put it into a better position than many, many other football clubs in terms of its future financial security.”