|TRAINING GROUND SALE VOTE
(Tuesday 9th April 2013)
Wycombe Wanderers Trust Members will vote on Wednesday 10th April 2013 whether they officially approve of the sale of Wanderers Training Ground for £350,000 to an anonymous consortium. The meeting comes after the news on Monday 25th March that Wanderers’ court hearing with the HMRC has been adjourned until Monday 13th May. An official statement following the outcome saw Wanderers Joint-Chairman Don Woodward say, “We have been and will continue to work with the HMRC to resolve the situation. We are grateful for their patience and understanding as the club work through their financial issues."
The Members meeting on 10th April will seek approval of the action of the directors of the Company in authorising and permitting the sale by the Company’s subsidiary Frank Adams Legacy Limited of its freehold interest in the Training Ground at Marlow Road, High Wycombe, Bucks, SL7 3DQ for £350,000.
The training ground will be leased back to the Club for a period of ten years at an annual rent of £30,000. There will be a buy back option period starting in 5 years time. The buy back price is the £350,000 purchase price, adjusted for inflation (RPI), plus £50,000 in the first year of the buy back period, £60,000 in the second year, £70,000 in the third year, £80,000 in the fourth year and £90,000 in the fifth year.
The terms of the sale have been ammended since the original proposal which had the buy back option adjusted for inflation, plus 5% rather than what now equates of up to 14% in the first year of the buy back period and up to 25% in the fifth year.
A statement from the Trust regarding the meeting said, "As well as the formal business of the meeting, concerning the sale and lease back of the Training Ground, the Directors will provide an update on the overall financial position and outline progress made since the AGM. There will also be an opportunity for questions and answers on financial and general topics."
Meanwhile, their has still been no comment from the Club on the possibilty of facing another Transfer Embargo due to the Football Club accounts for the year ending 30th June 2012 not being filed by the 31st March 2013 deadline. The Club were placed under a temporary embargo last season, with the accounts eventually being filed in July 2012. It's estimated that the Club made a trading loss of £1.5m during the 2011/12 season.
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