|Members' Briefing #25|
The Board of the Wrexham Supporters Trust is delighted that its members gave it a mandate to proceed with its bid for Wrexham FC at Glyndwr University last night.
At a packed William Aston Hall, Board members outlined the background to the current proposal, the lengthy negotiations that had taken place with the owners and the forecasted budget for the Club this season. The Board also emphasized that they had to conclude negotiations with the owners, complete due diligence and meet the FA and BSP requirements.
Members heard that the Board had budgeted for a loss of £730,000 but had taken a number of steps to minimize the financial risks. This includes an external due diligence review and the development of an operational plan to increase income and reduce overheads. The Board also issued a plea to fans to back its ‘Red or Dead’ campaign to raise £300,000 this season from donations and / or community shares.
The Board is currently waiting for some outstanding information from the Club, including the latest management accounts and the terms of the £250,000 bond lodged with the Football Conference. Once we receive this information, our professional advisors should take approximately one week to complete due diligence, subject to further clarifications.
The football authorities also require confirmation that both football and non-football creditors have been paid in full or that plans have been agreed to transfer responsibility for paying non-football creditors to the new company, Wrexham Association Football Club. We are currently in the process of agreeing a Sale and Purchase Agreement (SPA) with the owners to meet this requirement.
At this stage we do not wish to place a timescale on completion of the deal as much still depends on other parties. However, last night’s mandate is a significant step forward towards the goal of community ownership of Wrexham Football Club. In the meantime we ask fans to get behind our ‘Red or Dead’ campaign to raise £300,000 as this will be crucial to the continued long term survival of Wrexham AFC; further details will be made available on our website very soon.
Chairman, Richard Owen said:“The Board of Wrexham Supporters’ Trust is delighted with the unanimous support that it received from its members to proceed with its bid for Wrexham Football Club. We now need all Wrexham fans to pull together to secure the future of the Club and to transform it into a true community organisation that we can all be part of and proud of.”
The Board of Wrexham Supporters’ Trust would like give its heartfelt thanks to its members for their longstanding and continued support for its bid to acquire Wrexham Football Club..
Mae Bwrdd Ymddiriedolaeth Cefnogwyr Wrecsam yn falch dros ben fod yr aelodau wedi dweud wrtho am fwrw ymlaen â’i gais i brynu Clwb Pêl-droed Wrecsam ym Mhrifysgol Glyndŵr neithiwr.
Roedd Neuadd William Aston dan ei sang wrth i aelodau’r bwrdd amlinellu’r cefndir i’r cynnig cyfredol, y trafodaethau maith a gynhaliwyd gyda’r perchnogion a’r gyllideb a ragwelir ar gyfer y Clwb y tymor hwn. Pwysleisiodd y Bwrdd hefyd fod rhaid iddynt gwblhau’r trafodaethau gyda’r perchnogion, cwblhau’r diwydrwydd dyledus ac ateb gofynion y Gymdeithas Bêl-droed a’r BSP.
Clywodd yr aelodau fod y Bwrdd wedi cyllidebu ar gyfer colled o £730,000 ond ei fod wedi cymryd nifer o gamau i leihau’r peryglon ariannol. Mae hyn yn cynnwys adolygiad diwydrwydd dyledus allanol a datblygu cynllun gweithredol i gynyddu incwm a lleihau gorbenion. Apeliodd y Bwrdd hefyd ar i gefnogwyr gefnogi ei ymgyrch ‘Red or Dead’ i godi £300,000 y tymor hwn drwy roddion a / neu gyfranddaliadau cymunedol.