London, Feb 20 (Reuters) - Nigel Farage, a Eurosceptic politician, has relinquished formal control of his right-wing Reform UK party, currently leading in opinion polls, to democratize its structure and enhance its prospects in the upcoming British general election.
Since 2018, Farage has overseen Reform as the majority shareholder under a unique arrangement granting him significant control over a British political party.
According to filings with Companies House, reviewed by Reuters, Farage and Richard Tice, the deputy party leader, have surrendered their over 90% shareholding in Reform UK Party Limited. The party will now be overseen by a revamped entity named REFORM 2025 LTD, with governance shifted to its more than 200,000 members.
"We are pleased to announce that, as promised, Nigel Farage has handed over ownership of Reform UK to its members," remarked Zia Yusuf, the party's Chairman. He noted that Reform UK is now structured as a non-profit organization, with no shareholders.
Reform recently surpassed Britain's governing Labour Party in popularity, reflecting dissatisfaction with Prime Minister Keir Starmer's leadership seven months into his premiership.
Farage, pivotal in advocating for Brexit in 2016, leads a party focused on stricter immigration policies, opposing Britain's climate goals, and advocating for lower taxes.
Despite having only five members of Parliament out of 650, Reform secured the second position in roughly 100 constituencies in the previous election, benefitting from a rising anti-establishment sentiment across Europe.
With notable defections from the Conservative Party in recent weeks, Reform is striving to persuade voters that it is positioned to lead the next government in the forthcoming general election, mandated to take place by 2029.