Wrexham FC Sale Talks Hit Stumbling Block
Sale talks between the Wrexham Supporters Trust (WST) and Wrexham FC club owners Geoff Moss and Ian Roberts are understood to have hit a stumbling block this evening.
In a statement released tonight the Trust said that “an immediate cashflow vacuum” was the cause for the stall in negotiations.
A spokesperson for the WST said:
“Following the development of a detailed financial forecast, the WST has been locked in talks to acquire the Club and its assets as a going concern.”
“However, the Club’s debts, high cost base and reduced income present an incredibly challenging hurdle to a successful transfer of ownership.”
“Whilst it has been reported that Colliers Park could be gifted as part of an arrangement to take over the club, unfortunately the scale of the financial problem facing the club for the full season ahead remains significant.”
Earlier in the week we revealed how a potential spanner had been thrown in the works by Glyndwr University’s decision to make a sole bid for the Racecourse Ground.
In their statement the Trust sought to clarify their position with regards to the Glyndwr bid, they said:
“Talks with Glyndwr are still at an early stage and the Trust has no certainty over the terms of a potential lease, so the full cash-flow risk in this option is uncertain.”
It is believed that the WST’s initial goal was for Glyndwr to become part owners of the ground in a community interest company, along with themselves and an unknown third party.
They said that their latest proposal would have secured the historic debt of Wrexham FC to Wrexham Village and met the shortfall in operational commitments for the football season 2011/12 which is close to £1million.
Now the future for the club seems uncertain with the Trust unable to meet the club’s short term funding gap, along with the uncertainty of the cost of any potential lease to Glyndwr.
However the WST reiterated their commitment to saving the club and said: “We will continue to talk to all parties with the best interests of Wrexham FC at heart to find a solution to ensure the continuation of Blue Square Premier football in the town.”
A full copy of the statement can be found here.
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