|TRUST EXPLAIN SALE PROCESS
(Tuesday 18th February 2014)
Close to 300 Trust members attended a hastily arranged meeting at Adams Park on Tuesday 18th February 2014 to hear the plans for a proposed sale of the Football Club. However, the indentity of the consortium lined up to purchase a 75% stake in Wycombe Wanderers Football Club will have to wait until the Trust AGM on Wednesday 26th February 2014.
Trust Chairman Trevor Stroud explained that a non-disclosure agreement (NDA) with the group of investors prevented such information being revealed at this stage, although it was said that they are UK based that is a 'solid and well funded organisation'. It was also also confirmed that none of the people within the organisation had been involved with Wycombe Wanderers before, although it was hinted that some had a background in football and had also been unsuccessful in buying other Football Clubs in recent times. The sum they are offering was said to be enough to allow the Trust to be debt free, if so chosen. The Trust were also keen to stress that the ownership of the Football Ground would remain with the subsidiary company 'Frank Adams Legacy Limited' (FALL), along with the Club memorabilia. Meanwhile, the Trust would retain 25% of shares and at least one place on the Football Club Board. The use of Adams Park would be on a lease basis from 'FALL' with the lease period set at around a minimum of 50 years.
Football Club Chairman Don Woodward also stressed the importance of the vote that will need to get the approval of at least 75% of the 'Legacy Members' of the Trust. He said it was important to 'seperate romance from reality' and that if the deal didn't go ahead then an 'on-going financial commitment from members' would be required.
Gary Heath, Trust Board member and Chairman of FALL, explained a potential plan to raise £5m of five years by asking members for a cash injection. This had affectively become the 'Plan B' option following the approach from the potenital investors during January 2014. Heath explained that a similar plan to raise funds under the previous PLC setup had raised £1.26m but the vast majority of this had come from existing Board Directors and the Trust. The remaining £115,600 had been raised by 82 fans donating on average £1,400 each. The extremes of the new plan had 4,000 fans donating £6.25 a month over five years, or 80 fans donating £312.50 a month - both figures following a tax relief deduction.
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