Wycombe Wanderers - Company History

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(Letter sent to Wycombe Wanderers Football Club members - dated 6 July 1979)

Dear Member,

The Committee of the Club consider that the far reaching significance of the proposition contained on the order paper, putting forward an additional clause to the rules of the Club is of such importance to the future of the Club that I am instructed that this letter should be forwarded to all members so that you may fully understand and appreciate the position and therefore unanimously support the proposal.

The Club has reached a critical point in its history. Its financial resources are being eroded. This is due to falling income from the gates and mounting expenses which are beyond the control of the Club, such as rates, gas and electricity charges, wages etc. It will be seen that the Club only continues to exist due to huge donations from the Development Fund and obviously there is a limit to that source of revenue.

To continue at the level that the Club has been accustomed and at which the Town expects, it is urgently compelled to find substantial new sources of revenue. Without such new sources of revenue it will be impossible to continue to sign up players' contracts at the level expected to maintain an attractive team and impossible to continue to pay the staff needed to keep up the ground.

If both substantial new sources of revenue and a substantial capital sum are not found the Club faces a dramatic drop in standards to possibly second division level and this would be permanent.

The Club possesses but one asset - its ground. The Club's single chance of survival is its ground, as a potential source not only of new revenue but also of capital. Such new revenue could be generated by developing new facilities on the ground which could be profitably hired out to local residents, clubs and institutions. This has been successfully done by other clubs. But this depends on raising the initial capital necessary to develop such new facilities. Such capital could be raised, in theory, either by selling off a small portion of the ground or by raising a bank loan secured by a mortgage on the ground.

At present however neither a sale nor a mortgage are possible. This is because of the present terms upon which the Club Trustees hold the ground.

It is essential therefore that this situation is remedied. The Officers of the Club have been advised that it can indeed be remedied. In essence, this involves the formation of a company to run the Club, of which all the present members of the Club would be invited to become members, and should become members, and to which the trustees would transfer the ground. The result would be that the Club would possess a ground which would then be a viable financial asset which could be mortgaged, or a small portion sold.

To enable this to be done, it will be necessary to introduce a new Rule in the form of the proposed resolution contained on the order paper. This resolution to be carried requires a majority of at least two-thirds of the members present at the Annual General Meeting to be held on Thursday 19 July 1979. The effect of the new Rule will be to enable the Committee to procure the transfer of the ground from the trustees to the new company - the first and essential step towards ensuring the survival of the Club at the level required.

Your Committee therefore earnestly ask all members to express their concern for the future of the Club by attending and voting in favour of this crucial resolution.

Yours faithfully

J Goldsworthy - Hon. Secretary

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