As we approach the Festive period, I thought I would give you a brief update on where we are with the agreement with Rob Couhig.
The Legal agreement and the new lease between WWFC and FALL are agreed, subject to some very minor issues and it is planned to complete the deal on 10th January 2020.
This means that the Coventry and Ipswich games will almost certainly be the final two games under Trust control and the end of an era. It is great that we will start the new decade at the top of League 1, our highest ever league position and a perfect position to hand over control.
The Trust will retain 25% of WWFC after the deal is completed and the role of the Trust will change from ownership and control, to minority shareholder, supporting the new owners and raising funds to be able provide 25% of any funds needed going forward, to avoid dilution of our shareholding. Or in other words: – Protect the Quarter.
We have also been informed by Rob, that Mark Palmer will not be involved with his team on a day to day basis, to allow him to pursue other opportunities in the Football world. He will still be involved with WWFC in the background, and I would like to thank Mark for his hard work on behalf of Wycombe Wanderers over the last 6 months. An update of the new structure will be published post completion.
At a recent Trust Board meeting, it was agreed that due to potential conflicts of interest, the Trust Chairman should not sit on the Football Club. To ensure continuity during the change of ownership period, David Cook and myself will stay on the Football Club board and therefore as a result, I will stand down as Trust Chairman as soon as the deal is completed. The Trust Board held an election last week, and it was decided that Nigel Kingston will take over as Chairman, with Peter Lerner as his Vice Chair. I consider Nigel a worthy successor and wish him and Peter every success and pledge him my full support.
I hope you and your families have a very happy Christmas and let’s keep our fingers crossed for a continuation of our good form in 2020.