Newcastle United Supporter Trust have voted to seek the end of the 1892 Pledge Scheme.
Members of the NUST had until 5pm on Friday, January 14 to vote whether to continue or end the scheme.
And the chairman of the trust Greg Tomlinson has communicated via Twitter that members have backed the decision by the board and guardians to bring it to an end.
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The scheme was set-up in order to generate funds to purchase shares of the football club, with £200,000 raised in the space of just a few months.
However, following the completion of the takeover last year, the Supporters Trust no longer deem it necessary to put it towards helping the club, as they now believe their long-term future is secured regardless of whether they are relegated to the Championship.
NUST will now start the process of identifying North East charities that could receive the funds and will engage with members on this in the coming weeks.
The fund was introduced back when Mike Ashley was still in charge of the club, but after donations had dried up following the takeover, they released the following statement.
"When the Trust launched the Scheme the football club was owned by Mike Ashley, in danger of being relegated and the future of the club was uncertain.
"In October 2021 the club was sold to a consortium led by Amanda Staveley and Mehrdad Ghodoussi. The Trust and its members have consistently supported our new owners, before and after the Takeover process was completed.
"The Trust has held informal conversations with the new owners who have provided support and advice to the Trust Board on the 1892 Pledge Scheme.
"The figure of £200,000 raised by Newcastle United fans is a mammoth sum in such a short period of time. The number of monthly pledges has understandably declined since the Takeover. In December 2021 1,400 people pledged just over £10,000 to the Scheme."
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