Wrexham Supporters Trust will today launch its bid to acquire Wrexham FC in a proposed partnership with private investors and individual supporters and outline plans to transfer its assets into community ownership with support from the public sector and football and rugby governing bodies.
In a leaflet to be distributed to fans at todays final match of the season against Tamworth, the WST outline ambitious plans to acquire a majority shareholding in Wrexham FC (2006) Ltd, the legal entity which owns Wrexham Football Club, the Racecourse and Colliers Park.
WST is encouraging private investors to invest in a joint bid to attract additional skills and experience. Once the acquisition is complete, the WST plans to conduct a share issue to enable supporters to subscribe in shares via the Trust to raise up to the estimated £1m it believes is needed to return the club to financial sustainability.
The Trust recognises that the immediate pressure is to resolve the HMRCs winding up petition which will be heard in the High Court in London on May 11th and plans to present a business case to Wrexham FC owners Geoff Moss and Ian Roberts within the next week to address both the short and long-term needs of the club.
Based upon the experiences of the 20 football clubs which survived winding up petitions last year, it is anticipated that this plan could be sufficient to enable Wrexham FC (2006) Ltd to ask the High Court for an adjournment whilst the Trust completes its due diligence exercise and finalises its investment case.
Chairman of Wrexham Supporters Trust, Richard Owen said:
Board members of the Wrexham Supporters Trust will be outside the Racecourse today asking fans to indicate how much money they might be prepared to invest in a future share issue should the Trust be able to raise the investment required to acquire Wrexham FC (2006) Ltd and to fend off the winding up petition.
Once the acquisition is complete Wrexham Supporters Trust proposes to transfer and asset lock the Racecourse and Colliers Park within a new legal entity such as a Community Interest Company (CIC) to protect them from future commercial development which may not be in the best interests of Wrexham FC