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02 February 2006
(Cliciwch yma am y Gymraeg)
Historic Welsh-language newspaper plan reaches milestone
The project to establish the first ever daily newspaper in Welsh, Y BYD ('The World'), reached an important milestone this week by meeting its target of selling £300,000-worth of shares to individuals. Ned Thomas, Chair of the company behind the venture Dyddiol Cyf., said: "Reaching this target proves the extent of the confidence and enthusiasm that are invested in this pioneering project. Financially, we now have a strong position from which to enter into negotiations with other potential funders. At the same time, it means that we can ensure that control over the paper remains in Wales. It's a crucial step towards the creation of Y BYD."
According to Rebecca Williams, the company's Development Officer: "This is a milestone, not the end of the road. Further investments are welcome since each extra share bought by an individual strenghens the element of ownership and enables us to raise extra money from other sources."
All over Wales and beyond, more than 320 people have invested sums of between £500 and £5,000 in the venture. The £300,000 is important because it is the threshold for ensuring that control over the company remains in the hands of those who are committed to the core principles and best interests of the paper. Y BYD will be unique amongst newspapers in Wales due to its community-ownership structure, and this is a feature that is seen to be increasingly relevant against a background of questions that have been raised recently about ownership and plurality of the press in Wales.
Dyddiol Cyf. is now busily working on the next steps in the process, that is, raising the rest of the capital - in grants, sponsorship, and commercial and corporate investment. An element of public support will be crucial - almost all minority languages in Europe, other than Welsh, have a daily newspaper, and the vast majority of these receive some form of public funding.
