|DIRECTORS PLAN SELL-OUT
(Friday 8th August 2003)
The Club have leaked news to the press that they are planning a scheme that would allow around 30% of the club to be sold off in return for a share stake. 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." Any such move would a change to Wycombe's constitution and would require 75% of members to approve via a General Meeting.
Wanderers are currently one of just a handful of Club's in the Football League that are Limited by Guarantee and the Board believe that the lack of an option to attract capital investment is holding the club back. Tomlin said "I happen to think it is the right way to go and I believe we will be making moves down that track in the next 12 months unless other options crop up."
Past proposals to changes the Club's constiution have been opposed by a signficant number of the Club members. The main fear has been that the club could fall into the wrong hands and that a short term investment would not safeguard the long term stability of the Club. This latest scheme looks to be designed to circumvent those issues by passing it off as a partial sell-out with perhaps a seperate company owning around 30% of the Club. Tomlin said: "We would limit the number of shares so that the club couldn't fall into the hands of one individual."
At present the Club have released no firm proposals detailing their plans but are taking legal advice on what route to take. Tomlin added "We are investigating the option. We are working on the mechanics of a proposal to put to our members but it is only in the embryonic stage at the moment."
However, the move to manipulate Wanderers set-up is sure to be met by further opposition by concerned members who have been baffled by a series of contridicting statements on the financial state of the club. The proposed changes also appear to go directly against almost every recomendation on how a lower league club should be run but Tomlin added "We have got to examine every opportunity of raising money from external sources. It's either that or we bubble along without a very ambitious plan and if we do that we are in danger of falling backwards and falling off the edge."
Guaranteed more to follow on this one
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