SHAKERS' directors now hold the majority shareholding of Bury FC.

That was the big news to come out of the club's annual general meeting, held at the Starkies Suite, Gigg Lane on Wednesday evening.

The 'Save Our Shakers Trust,' which has overseen the controlling interest of disgraced former Bury FC owner Hugh Eaves, handed over the shares after agreeing terms with the current board.

The Trust, chaired by Neville Neville and consisting of Peter Metcalfe, Oscar Goldstein and board member Ian Harrop as trustees, was formed to guide and help finance the club out of the difficult administration period two years ago.

In the course of events they took control of Eaves' shareholding, making a commitment that it would remain neutralised and wouldn't, unless absolutely necessary, be used at any shareholders meeting and even then only in support of the club's directors.

The current board will hold the shares under the same terms as the SOS Trust.

The directors are to continue running the club without a chairman, although director Roger Barlow did chair the meeting on the night.

Mr Barlow and fellow director Jim Lomas were re-elected to the board and the directors' financial report for the year ending May 31, 2003 was adopted.

Mr Barlow then reported on a hectic twelve months since the previous AGM.

He explained that the club has been operating well without a chairman and would carry on doing so until a suitable candidate emerged.

Explaining the decision to part company with previous manager Andy Preece, he said the club could not afford him and that his contract was unlikely to have been renewed in the summer.

Therefore, to make significant cost savings, his contract was terminated in December and Graham Barrow appointed.

As far as the board was concerned, there had been many benefits resulting from the change, notably the manager working more closely with the directors and supporting the aim of developing young talent through the youth system.

Mr Barlow added that the success of the Youth Development and Centre of Excellence sections was down to the hard work of associate director Ross Johnson, and it was the board's intention to build on the progress already made.

He also outlined the club's involvement in the local community and how they were working closely with Bury Metropolitan Council and Forever Bury, the supporters' trust.

But there was a note of caution with the news that a fall in income had not been totally compensated for by a reduction in expenditure.

The shortfall has been covered by an investment, capitalised in new shares from a 'true friend and supporter' of Bury FC.

The investor had asked for their identity not to be revealed and the board were happy to respect that request.

Financial problems look like occupying the board for some time to come, with the CVA agreement costing the club around £100,000 a year with an expected three years to run.

The big aim was to show a profit in the next financial year commencing June 1, 2004, while maintaining league status.

With that in mind more income is going to have to be generated both through the turnstiles and via commercial activity, with the proviso that expenditure must go hand in hand with income.

To meet those difficult objectives the club will clearly have to continue with the full backing of its supporters, the local authority and the community of the town.