12.30pm UPDATE: Fans' takeover at risk, says WFC

Reporter:

Staff reporter

WREXHAM FC's directors today issued a fresh statement on the sale of the club, casting doubt on the deal with Wrexham Supporters Trust.

The statement takes issue with what it terms "a draft copy of a revised Sale Purchase Agreement", describing changes in the document as "totally unreasonable and unacceptable".

And it says the directors will be seeking a "non-refundable deposit" from the Trust, to be received by 5pm on Monday, if talks are to continue.

The Trust has yet to comment on statement.

The full text issued by the club follows below.

 

"AFTER over four months of negotiations and missed deadlines by the WST Board, the current owners, as willing sellers yesterday received a draft copy of a revised Sale Purchase Agreement, within which appears that some of the pre agreed points have changed, with some changes appearing to be totally unreasonable and unacceptable.

We have tried to arrange a face-to-face meeting over the last 10 days, however for whatever reason the WST Board have been unable to meet this request, therefore there will obviously be a further delay in the takeover and we are certain that these delays have influenced Dean Saunders in his decision to leave his role of manager of the football, as his position had become an unmanageable one.

Over the last two months, all of the information requested by the WST Board has been provided, some of which within hours of being requested.

After the injection of the promised half a million pounds from the current owners, the club is in a much healthier financial position. The PAYE is up to date. The difference between creditors and debtors is only £10k. However, the cash flow of the business is still poor, which is why the continued delays will cause an even greater financial strain on the business.

It goes without saying that is this bid had been anything other than a fan-based takeover it would have been dismissed as unacceptable some time ago.

It is the intention of the current directors to request a non-refundable deposit by 5pm on Monday, 26 September, 2011, to allow negotiations to continue however, should this not be realised then there will be no alternative but to open further discussions with other interested parties.

We hope that the fans will appreciate the need for this and understand the desire to get the deal completed for the long term future of the football club."

See full story in the Leader

Leave your comment

Share your opinions on

Characters left: 1500

Most Read