The Trust delivers “secure financial future” with new deal
The Wycombe Wanderers Trust and Rob Couhig have signed a new deal which is aimed at providing financial security for both the Club and the Trust. This is the culmination of the process that we began in the autumn of last year and presented to members in November. The key elements of the deal are as presented at that time and are listed below.
- Trust shareholding reduces to 10% and Feliciana’s increases to 90%
- Feliciana has subscribed for voting shares which will takes its holding up to 90%. These have been paid for by £600,000 of existing loans being converted into equity in the Club.
- Feliciana will meet all working capital needs and operating losses of the Club.
- Trust will not be called on to make cash calls in the future.
- Feliciana will fund capital expenditure to cover new pitch, the constuction of the access road and all preliminary costs associated with this and preliminary costs associated with the stadium expansion plans
- Future expansion plans include revamp of the car park, reconstruction of the home terrace, the Origin stand and refurbishment of the Frank Adams stand. The funding of these costs will be via grants and/or borrowings and the Trust and Feliciana will work jointly to procure these.
- Trust will retain two directors on the Club board.
- Enshrined rights share continues as now.
- Adams Park continues to be 100% owned by the Trust through FALL. A new 50 year lease has been signed, which will guarantee the Trust income long term and ensure the Blues can play footbal at Adams Park for the next 50 years.
- The outstanding Trust loan to the Club of £100k will be repaid and then donated back to the Club to be spent on agreed projects that will deliver benefits to the fans.
This new financial structure ensures the sustainability of the Club and of the Trust for the future.
The negotiations have been lengthy, but the objective has been to achieve an agreement in the best interests of the Club and the fans and I believe we have got exactly that.
A new pitch will not be installed this summer due to the deal only just being signed on Saturday. However it will be scraped and restitched where necessary to bring it into good condition for 23/24 season. A new pitch will then be installed in at the end of that season.
Although the deal is signed, there is a small tidying up exercise still to be finished relating to the ownership of the Ordinary shares and full details of this will come soon.
The press release that we issued on Saturday can be read by clicking this link.
If you have any queries on the above please let us know.
Email our Chairman at [email protected] or use our https://wycombewandererstrust.com/home-2020/contact-us option