Following the AGM in February 2015, some members were asking for clarification on what are the separate responsibilities and duties of the Trust and of the Football Club.
A small group from the Trust Board then put together the following which we hope will be useful:
The Basic Structure
Wycombe Wanderers Trust took over Wycombe Wanderers Football Club on 29th June 2012 from Steve Hayes.
Wycombe Wanderers Trust owns Wycombe Wanderers FC Ltd (the trading entity) and Frank Adams Legacy Limited as separate entities.
- Wycombe Wanderers Trust Board is made up of the following directors:
Lisa Bowker [email protected]
Alan Cecil [email protected]
David Cook [email protected]
John Derben [email protected]
John Jewell [email protected]
Tony Hector [email protected]
Nigel Kingston [email protected]
Peter Lerner [email protected]
Bob Massie [email protected]
David Roberton [email protected]
David Smith [email protected]
Trevor Stroud [email protected]
- Ownership of Adams Park (professionally assessed at £7million) is held within Frank Adams Legacy Limited (“FALL”). There is a separate FALL Board.
- Most major debts of the Trust sit under FALL, secured by charges on Adams Park. All our debts now have agreed repayment schedules.
- Wycombe Wanderers Trust relies on rental income from WWFC (the trading entity) to gradually pay down its creditors and loans via FALL (which include the Chairboys Funders interest).
- No takeover or change in ownership of the Club that would result in the Trust’s shareholding being less than 50% +1 can proceed without 75% approval from the Legacy Members.
- Legacy Members are members who are in their fourth (at least) consecutive year of holding a season ticket. Legacy membership is retained in future years as long as season ticket holding continues. There are over 800 Legacy Members at present.
- A uniquely structured members club; one of only four fan owned clubs in the Football League.
- Wycombe Wanderers Trust became a Community Benefit Society during 2014 as this allows us to raise capital by selling shares to our members (see under Functions, below).
- Our full registered name is Wycombe Wanderers Supporters Group Limited. We had to adopt this name as part of the process of registering as a society, but we have kept Wycombe Wanderers Trust as our day to day trading name for everyone’s convenience.
Wycombe Wanderers Trust does not run the football club.
- Wycombe Wanderers Football Club controls all income from footballing matters and the use of Adams Park on matchdays and non-matchdays.
- Wycombe Wanderers Football Club’s operations are managed by Trevor Stroud (WWFC Chairman) , Michael Davies (General Manager) and the other employees.
- Only the Wycombe Wanderers Trust Board can appoint and remove individuals to and from the WWFC club board (WWFC’s Club Board is made up of Ivor Beeks, Trevor Stroud and David Cook).
Since Wycombe Wanderers Trust, and its Board, does not run the football club, the Trust’s job is to create an environment which will help WWFC to succeed.
This is done in a number of ways:
- Providing governance over its subsidiary companies – WWFC and FALL – and also support WWSET– our Community Trust which has charity status.
- Providing support to WWFC, for example volunteer forces to reduce costs; aiding and assisting WWFC’s employees through “WWFC PALS” as and when required.
- Undertaking other fundraising initiatives, for example sale of matchday badges and voluntary Trust member initiatives – to raise income.
- Communicating with members via emails, members meetings and visibility. Trust board directors will be held to account by Trust members and a third of the Wycombe Wanderers Trust Board directors retire by rotation at each AGM.
- Seeking to grow and expand our membership and therefore widen the fan ownership base in the community, particularly the younger and the future generation of supporters.
- Ensure members are consulted about and vote on the designated key issues affecting the football club (listed in the Trust Rules on the Wycombe Wanderers Trust website).
- Raising funds via the Share Scheme – to secure the working capital to allow Wycombe Wanderers Football Club to move towards breakeven (or a small profit) and allow the football club to pay its rent as scheduled to pay down remaining debts/ loans.