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FINANCIAL HISTORY OF WWFC LTD (first published July 2004) Part 4 Summer 2002 until Summer 2004 It all comes down to this  September 2002 - Shock news as Chief Executive Simon Monkman is shown the door after just over six months at the Club. Club Chairman Ivor Beeks later claims "We would have been bust by Christmas" as he reveals over spending to the tune of £100,000 during the first quarter of the season. He adds "Unfortunately, we didn't get the right person" Read more here October 2002 - A loss of £455,000 is announced at the Club's AGM. During his speech on the financial report, Director Rod Tomlin states "I don't think the long term financial stability of this football club is intrinsicallly linked with constitutional change" Read more here October 2002 - A report in the national press that Wanderers' players have be asked to take pay cut is rubbished by Finacial Director Rod Tomlin. He comments "I hope it doesn't come to that but we could conceivably be looking at a voluntary pay cut. My worse case scenario is a 10% reduction in wages." He adds "I would be absolutely devasted if our loss matched that of the previous financial year." October 2002 - The club express concern that London Wasps may be partly to blame for the fall in attendances for Wanderers games at Adams Park. Financial Director Rod Tomlin is quoted in the matchday programme as saying "The trend has a big adverse effect on cash flow. What can we do, other than score goals, to increase the fan base at a time when Wasps arrival on the scene is leading to some evidence of divided loyalties?" The average League attendance at Adams Park for the 2002/3 season would finish at just below 6,000, a drop of 700 compared to the previous season and equivalent to around £100,000 of revenue. January 2003 - Striker Sean Devine is sold to Exeter City for a knock down fee of £10,000 with further payments up to a maximum total of £75,000. The Grecians subsequent relegation from the Football League and financial problens would mean that Wycombe would only see £30,000 extra. Read more here January 2003 - Shock news as main Club Sponsors Intergrity Software pull out of their deal with Wycombe after just 12 months due to a company restructure. The Bucks Free Press claims that the Club Chairman was unaware of a get-out clause in the contract while a Director of the sponsors expresses disappointment with progress on the Players Trust Fund, commenting "behind the scenes not enough was getting done". Read more here February 2003 - Wanderers manage to pull back some of the heavy losses made earlier in the season. After budgeting for a loss of around £175,000 the deficit had already reached over £500,000 after four months (June to October 2002). After ditching the Chief Executive and with the help of Financial Director Rod Tomlin, a small profit is made in the three months following. The Club estimated the loss for the season to be around £400,000. March 2003 - Andy Rammell, Paul McCarthy, Martyn Lee are all released by the Club as Lawrie Sanchez continues to slash the wage bill. Towards the end of the season it's also announced that goalkeeper Martin Taylor had decided to retire from the full-time game. Read more here March 2003 - The Football League impose a transfer embargo on Exeter City after Wanderers reported that the second £10,000 installment of Sean Devine's transfer fee had still to be paid. The Third Division club were due payment following Devine's 10th City appearance. The embargo was later lifted after City paid up but Wanderers would go on to chase the next £10,000 installment and lose out on a further £25,000 because The Grecians were relegated. May 2003 - The Club are finalising details of new shirt sponsorship deal and also a deal that would see a sponsor for Adams Park. It's understood at the time that the Adams Park name would be retained in the renaming. Meanwhile season ticket sales reach 2,200. June 2003 - Massive controversy after it's announced that the Adams Park name will be dropped as part of new sponsorship agreement. The decision causes a Boardroom split and invokes heated debates amongst supporters. Rod Tomlin comments "At the end of the day we know it will probably upset a number of people. Some will look at it as though we've sold our heritage down the river but I don't." Read more here July 2003 - The Club spend around £15,000 appealing against the decision to not allow rugby to be played at Adams Park under the orginal planning consent. In August 2003 The Legal Inquiry returns the verdict in favour of the Club and rugby can be played at the ground without further permission and without a legal binding to the Travel Plan. August 2003 - The Club leak news to the press that they are planning a scheme that would allow a suggested 30% stake of the Club to be sold off in return for a share holding. Wanderers Financial Director Rod Tomlin, speaking to the Bucks Free Press before any official press release had been issued or Club members informed, said "It has been discussed at board level, not for the coming season but the year after that." Read more here August 2003 - The Club issue a statement revealing that they had agreed a wage deferral scheme for both players and Club staff. It says "Over the last few months, Wycombe Wanderers has been preparing the ground to ensure that the Club can fulfil all its commitments during the coming season in a way that will ensure and protect financial stability in the longer term." Read more here September 2003 - Season ticket sales for the 2003/4 season settle down at around the 3,000 mark - approximately 500 down on the previous season. the downturn coincides with London Wasps reporting sales of over 3,500 - a 50% increase on their debut season at Adams Park. September 2003 - The Club announce a trading loss of £389,000 for the 2002/3 season. The figure is indicated by the Club as computing to a cash loss of around £50,000. Read more here September 2003 - Lawrie Sanchez is sacked as Wycombe Manager just over a year after being given an extended contract. The pay-off on his contract will eventually cost the club in excess of £100,000. Read more here October 2003 - John Gorman is appointed Caretaker Manager while the 2003 AGM takes place before the position is filled permanently. Director Alan Parry comments on the sacking of Lawrie Sanchez by saying "We got it right with O’Neill and we got it right with Gregory. Maybe we got it wrong with Lawrie Sanchez but two out of three is not bad is it?" Read more here November 2003 - Amid media frenzy Tony Adams is appointed as the new Wycombe Manager with John Gorman staying on as Assistant. Gorman quits less than two weeks later. Read more here December 2003 - Club Chairman Ivor Beeks claims in a letter to supporters "We are relaunching our Friends of Wycombe Wanderers New Player Trust Fund with the specific aim of attracting up to £150,000 in the form of donations short term to help give Tony a head start and ensure he has the means to bring in some new players." The relaunch never happens. Read more here January 2004 - Club members are invited to attend one of three meetings under the heading of 'Building for the future'. Meanwhile, Financial Director Rod Tomlin expanded on this topic via the Club Matchday programme, saying "The plan has to be to raise new free capital around the £1.5m mark in a way which will encourage endorsement from all our stakeholders." Read more here March 2004 - Stuart Roberts returns to Swansea City on a free transfer and Jermaine McSporran leaves for nothing to join Walsall. By the end of the season Darren Currie and Michael Simpson are also included in the freebie exits. April 2004 - Wanderers are relegated back to the basement division of the Football League after ten consecutive seasons in Division Two. In those ten seasons the total losses equate to around £3m with players wages for the same period totalling around £13m. Gate receipts add up to £10m compared to an aggregate turnover of approx. £32m. Total debts at the Club are now close to £4m compared to the book value of the Club of approx. £5.5m. May 2004 - The Club propoganda bandwagon goes into overdrive with administration threatened via the press but not justified with hard facts. A members meeting on the 18th May spells out some of the proposed changes for the first time. The majority of members give it the nod and the Board press on with their plans including legal costs estimated at £75,000 but later rising to £120,000. Read more here July 2004 - Members receive the final proposals for conversion to what is revealed for the first time as a Public Limited Company. The Board are now targeting a minimum of £750,000 new investment and say they have received indications of support totalling £600,000. Members interests and the long term future of the Club are said to be protected by a number of special rights attached to what would be called 'Founder Shares'. However, several concerns and queries remain unanswered but Board members say they don't want further debate and will press on with an EGM on 29th July 2004. Read more here 29th July 2004 - Wanderers members vote by a narrow margin to give formal approval for the reconstruction of the Club at an EGM. The voting saw 430 of the 498 members take part with 335 (78%) voting in favour and 94 (22%) against and one paper spoilt. The vote required a 75% majority for approval. This means this was the last ever meeting of Wycombe Wanderers Football Club members with the structure to be replaced by a PLC limited by share capital. The EndReturn to Part 1 1979 until May 1993 The non-League years Part 2 Summer 1993 until May 1999 The early years in the Football League Part 3 Summer 1999 until May 2002 Angling for a change Click here for all the latest from chairboys.co.uk |
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