(Thursday 13th February 2014)
Wycombe Wanderers Trust Wycombe Wanderers Trust released a statement on the afternoon of Thursday 13th February 2014 announcing the potential of selling a 'controlling interest' in the Football Club to a company of investors who claim they are "committed to injecting funds into the Club to continue its development both on and off the field." The sale would have to be given approval by 75% of all 'Legacy Members' and further discussions will take place at a meeting arranged at Adams Park for Tuesday 18th February 2014 and ahead of the Trust AGM on Wednesday 26th February 2014.

The news of the sale plans comes less than two years after the Trust took over the Club from previous owner Steve Hayes. It also follows the announcement in November 2013 where the Trust confirmed plans to reorganise the share capital of the Club, with a hope to raise an extra £1.2m including £250,000 before the end of the current season.

The full statement read:

The Board of Wycombe Wanderers Trust Limited is pleased to announce that it has today signed non-binding Heads of Terms for the sale of a controlling interest in WWFC to a company of investors who are committed to injecting funds into the Club to continue its development both on and off the field.

The Heads of Terms are subject to contract and conditional upon a number of detailed matters but the Board, with the support of the Club directors, unanimously feels that this is a potentially exciting development for the Club and gives the Trust the opportunity to help the Club put the financial difficulties of recent years behind it.

The Heads of Terms represent only an agreement in principle and conclusion of the transaction is subject to a number of conditions, including the Trust and the buyers entering into a formal legal agreement. The agreement will also be subject to the buyers being satisfied with the results of their legal and financial due diligence investigations into the Club and its finances.

Since taking control of WWFC in June 2012, the Trust has strived to raise sufficient working capital, to secure the future development of the Football Club. Whilst constructing a share offer to raise the necessary working capital, the Trust Board has become involved in talks with a company of investors, none of whom has previously had any financial interest in the Football Club, with a view to their purchasing a controlling interest in the Football Club, together with a commitment to inject the necessary funds to continue the development of the Football Club both on and off the field. Discussions have continued with this company alongside preparation of the share offer, and Heads of Terms were signed earlier today.

It should be stressed that the proposed sale relates only to a controlling interest in the Football Club; consistent with the Trustís stated aim of safeguarding Wycombe Wanderers heritage. The freehold of Adams Park and all of the memorabilia would remain under the ownership of the Trust through its subsidiary Frank Adams Legacy Ltd. The Trust would also maintain a significant minority shareholding in the Club, together with at least one seat on the board and further rights which will reflect the Trustís position as the custodian of the Wycombe Wanderers heritage.

Under the rules of the Trust, the sale of a controlling interest in the Football Club is a ďhard rightĒ and therefore 75 % of all Legacy Members would need to vote in favour of a sale, and to start this process, it is proposed to hold a Trust Membersí Forum at 8pm on Tuesday 18th February 2014, in the Vere Suite, when details of the proposals will be presented, together with the opportunity for Members to ask questions. No further comment will be forthcoming until that meeting takes place, unless there is significant change in the meantime. The Trustís intention is that the company will either attend the Forum or provide the Trust with an outline of itsí plans for the Club which can then be shared with Trust Members.

The opportunity for Legacy Members to vote will commence as soon as is feasible after the Trust Membersí Forum. If everything goes according to plan, we hope the transaction will be completed, and the new owners in control, during March 2014.

The Trust Board believes the offer to be beneficial in securing the long term future of the Football Club, while the Trust will retain ownership of Adams Park, potentially free of all outstanding debt, if it so chooses.

You can read the full statement on the Wycombe Wanderers Trust website.
Click here to read all the latest Wycombe news

Chairboys on the Net - click here to reload from the top
Latest News
Archive Index
Also see
Chairboys on the Net
News Archive - 5 March 2013
Club comment on Winding up petition
Chairboys on the Net
News Archive - 4 March 2013
Winding up petition served by HMRC
Chairboys on the Net
News Archive - Feb 2013
Administration warning by Trust
Chairboys on the Net
News Archive - May 2012
Trust take over Club
Chairboys on the Net
News Archive - August 2000
Move to new training ground planned
Special Feature
Financial History of WWFC Ltd

Visit The Gas Room FANS
Leave your own stories and comments via

© Chairboys on the Net 2014 - - all rights reserved.
Chairboys on the Net All there is to say and know about Wycombe Wanderers on the Internet