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Update for WST Members and Supporters regarding proposed takeover of Wrexham FC

wstlogosmallOn the 13th July, in local press, the owners released into the public domain their 2 options for the transfer of ownership of Wrexham FC and its assets. They have subsequently decided their preferred option is for the ownership of the assets to be transferred to Glyndwr University with a sale of the football club to the WST.
 
Following this decision talks have continued between the owners and representatives of the Trust Board regards the sale of only the Football Club to the WST. The discussions have been held in a positive atmosphere with both sides declaring an ambition to secure the future of the football club as it prepares for the season ahead. We can reveal that we are close to agreeing an outline plan in principle for the transfer of ownership of Wrexham FC. However the timeline is wholly dependent upon decisions by the other parties and the reduction of the Club's current liabilities to a manageable level. Separate to these core negotiations there are additional requests from the current directors of Wrexham FC which will need to be resolved before a definitive position can emerge.
 
The dependencies, outside of the control of the WST, include a decision by Glyndwr University to acquire the Racecourse and Colliers Park and a decision by the Rugby Football League regarding their own repayment schedule for their charge over the Racecourse Ground. We share the frustrations of all Wrexham fans in the extended timeline for the transfer of ownership however, due to the circumstances, this is a complex situation and one that must be dealt with properly.

 
Glyndwr University
A decision to acquire the Racecourse and Colliers Park by Glyndwr is yet to be finalised and, as reported in our press release of the 13th July, the situation with Glyndwr is that talks are still at an early stage.  We are yet to agree the terms of a lease or other arrangement to ensure security of tenure at the Racecourse and as a result our cash flow risk will remain uncertain until this is resolved. Further talks are planned for week commencing 25th July to make progress on this issue, however the University has indicated that it wishes to see Wrexham Football Club continuing it's longstanding connection with the ground. Our belief is that Glyndwr is moving as quickly as their governance will allow.
 
Rugby Football League
It is a matter of public record that the rugby football league have a substantial charge secured against the Racecourse Ground. A repayment schedule will need to be agreed between the owners and the Rugby Football League in order to allow any WST takeover to materialise.
 
Until such a time as these decisions are made and the terms agreed, WST regrets that it is unable to place any potential deal to its members via an SGM that could be supported by the Board.
 
Racecourse and Colliers Park
The Board deeply regrets that the negotiations and the current outline plan do not include the transfer of assets to fan ownership.  It had sought to deliver such a conclusion but this has not emerged as the preferred option of the current owners.
 
Trust Meetings and Communication
The Board can only call an SGM when it has a clear proposal to take to the membership to vote on. This can only emerge when the other factors that are being played out become clear. The trust is not in a position to force the pace at all and key decisions that will allow the Trust to move to a proposal have to first be taken by others. 
 
We remain bound by obligations placed on us in negotiations, but we continue to try to provide updates on the situation as frequently as circumstances permit. The WST must reiterate its ultimate goal of a sustainable and long term future for Wrexham Football Club at the Racecourse ground, and will do everything in its power to achieve this aim.
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