|ADMIN WARNING FOR WANDERERS
(Tuesday 26th February 2013)
Wycombe Wanderers Trust officials have warned the Club could go into administration unless £250,000 is raised as a matter of urgency and are proposing the sale of the Club's Training Ground on the Marlow Road to help resolve the situation.
In an email communication to Trust members on Monday 25th February, Chairman Trevor Stround said, "At the recent Trust AGM, I highlighted the precarious cash position state of the Football Club, and stated that we needed £250,000 very quickly, and a further £600,000 to follow up, to give us the necessary working capital to run the Club and avoid the possibility of Administration or having to consider selling the Football Club."
The statement went on to say that a consortium of life long Wycombe supporters, who wish to remain anonymous, have offered to buy the training ground for £350,000 and lease it (exclusively) back to the Football Club for an annual rent (since revealed as £30,000 per year), with a clause that allows the Football Club to buy the training ground back at an agreed figure (since revealed as the purchase price adjusted for inflation, plus 5%) once the financial situation improves. The Trust say they respect the consortium's request to remain anonymous and consider it to be a generous offer that would solve the immediate cash issues, and would buy the Club time to resolve the longer term cash position. The Trust have since confirmed that the consortium does not include former owner Steve Hayes and includes just one existing Trust member, none of which are Trust or Frank Adams Legacy Directors.
Wanderers purchased the Training Ground during the 2000/2001 season and it has undergone considerable improvements in order to make it one of the better training facilities in the lower divisions of the Football League.
However, the logistics of selling the Training Ground could be met with legal issues. The statement to Trust members explained that at the recent Trust AGM, a new structure was voted into existence which stated that a 75% majority of Legacy Members would need to be in favour of either Adams Park or the training ground being sold. This has left the Trust in a difficult situation, in as much as the legacy memberships have yet to be established and therefore it is impossible for them to vote. The statement claims thay the "financial needs are such that there is insufficient time to establish this and carry out the vote."
The statement continues, "The entire Trust Board approve of the sale and lease back of the training ground, and on that basis, we are proposing to move ahead, which raises the necessary money."
Members were asked via a survey linked to the email whether they agreed with the proposed Sale and Lease Back of the Training Ground or whether they were content for the Trust Directors to decide. A response to the survey was requested by midday on Wednesday 27th February 2013 with the next step for the Trust to arrange an Emergency General Meeting to discuss the situation and outline the plans for the Legacy Memberships.
The statement concludes, "I hope you will see this action as a better alternative that a 10 point reduction for going into Administration and probably losing control of the Football Club."
A Question and Answer document was also released by the Trust following the original communication to its Members and is available to read at http://www.wycombewandererstrust.com/
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