FUTURE 'SAFE' NOT 'ANNIHILATED'
(Tuesday 28th May 2002) The Club are claiming that the two year deal with Wasps will "secure the future of the club". This bold statement issued via the Club's official website comes less than a month after scare stories released through the local media had suggested that the Club had been "annihilated" by the demise of ITV Digital deal. Commenting on the TV deal, Club Chairman Ivor Beeks was quoted via the Bucks Free Press and later on the Club's official website during April as saying "It has annihilated us, we look like being £366,000 light. This will mean we shall have to get the knife out to our present budget and make swathing changes all over the club. This is not a crisis and I am not being alarmist but the situation is serious. Fortunately, we are better off than a lot of clubs but the most important thing is to make sure we are still trading come 8 May next year". The statement didn't concur with the thoughts of the Club's Financial controller Charles Colton when speaking just a few days earlier at a fans forum. Colton said "The ITV Digital situation is not as serious for us as you might consider. We took a very large sum up front. Wanderers banked £445,000 from the ITV Digital and were due another £183,000 this August and the same amount again in August 2003. Legal experts are still confident that club's will receive some of their due monies but Colton added "Just how much we are going to get out of it is anyone's guess but it's not that critical to us thanks to the FA Cup money." Wanderers' financial team played safe by keeping back some of the £1m windfall from the 2000/1 FA Cup run. Colton explained that Lawrie Sanchez had spent a few hundred thousand pounds on player transfers while the infrastructure of the club had been improved to make it more 'income generating'. Colton refered to the improvements in the Vere Suite and the development of the new training ground in Booker which had been backed strongly by Lawrie Sanchez. Colton added "We've kept a few hundred thousand pounds for a rainy day which is what we are using now...It was certainly looked at carefully by the Board and I think they acted prudently with it." Those comments were made while the wheels were still in motion on The Wasps deal that will bring in an estimated £500,000 of revenue per season including the ground rent from the rugby club. However, it's unlikely to be a huge money maker over the initial two year period. Wanderers will have to bear half of the cost of the installation of the £500,000 'desso' pitch and undersoil heating plus the additional costs of implementing a legally binding 'Travel Plan'. The latter will run into initials fees and costs in excess of £20,000 and will be subject to close scrutiny from Wycombe District Council. WDC have said that they are willing to give the Club the 'benefit of the doubt' over the ongoing matchday chaos at Adams Park but will be insisting on regular meetings with the Club to discuss progress and laying down precise measures on the success of the plan. If the Club do not follow the plan to the letter then they will be subject to legal action and possible suspension of any groundsharing scheme. Click here to read all the latest Wycombe news |
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