Further to the statement made by the Club on the Kop Development, the Trust Board would like to provide an update on the good progress that has been made between the Club and the Trust regarding the Racecourse Lease.
Our advisors have been working on draft resolutions and an information pack to be shared with members ahead of a Special General Meeting (SGM) of the Trust which is proposed to be convened. The draft resolutions have been reviewed by the legal advisors of the Football Supporters’ Association, who specialise in Community Benefit Societies (the Act that the Trust is incorporated under). The draft resolutions and the information pack have today been shared with the Club for their comment.
The Club’s advisors have provided the draft land covenants, supported by King’s Counsel advice, and the proposed undertakings to be given to the Trust to ensure that the Racecourse Cae Ras can only be used as the home of Wrexham AFC until 2115. This document has been reviewed by our own legal and property advisors, and their comments have today been returned to the Club on behalf of the Trust.
Once the resolutions and information pack are finalised, the Board will convene an SGM in person and on-line to seek approval of members for the Board to conclude the collapse of the current leasehold structure with the replacement land covenant. A vote will then take place after the conclusion of the SGM with 75% of members voting required for the resolution to pass. The resolution will also include amendments to the Society Rules that will require 75% of members to make any future changes to the covenant. The notice of SGM will be sent to all paid up members of the Trust at that point and only these members will be eligible to participate in the SGM. You can maintain your membership via our portal to ensure you are eligible to vote.