The Clyde Supporters' Trust formed during the 2003–04 season. Early that season some concerned fans met knowing that the chairman could not keep financing the Club indefinitely. The timing of the Trust's formation coincided with Clyde's failure to gain promotion, and the chairman sought to sell his majority shareholding. Following lengthy negotiations, a consortium of the Trust and traditional investors increased the majority shareholding for a nominal sum. The Clyde Development Consortium took control of funds gathered by fans and investors and used it to finance the Club through a CVA to clear the debts. In June 2005 the CVA was completed, and Clyde was mostly debt free.