WST Reveal £130k Sting In Takeover Tail
Tonight Wrexham Football Club fans were left reeling after it was revealed that the recent co-owner of the club Ian Roberts is still owed in the region of £130,000 . The Wrexham Supporters Trust have agreed to pay him £3000 a month until June to clear this debt.
This deal however has a clause which triggers early repayments if Wrexham FC do well in the FA Cup, which they have.
Further revelations revealed the true cost of purchasing the ‘club for a quid’ , as it seems for that pound coin the WST have taken on debts in the region of £180k plus a loss making club. Overheads and wages were reported at running at 131% of income. Further liabilities include corporation tax due, which Geoff Moss is covering, and money due to Nev Dickens has apparently been written off.
Wrexham fans earlier this year rallied round to raise a bond with the Football Conference, which apparently has helped ‘build bridges’. This is planned to be repaid to accountants company Mclintocks via an escrow account, and they will pay it back to supporters, but a date for that is yet to be confirmed as the conference meets this time next week to confirm. Further goodwill was generated as the league requires accounts on a quarterly basis, but the new Wrexham FC is offering them monthly for goodwill.
The football club has trade creditors of £50,000, and are owed £15,000 by trade creditors.
A ‘Red or Dead’ branded ‘community share issue’ is due shortly, however the figure of £250 a share is creating debate. Tonight a Supporters Direct representative indicated there could be movement downwards in that figure.
With roughly 150 fans there this evening, over £1000 was taken in sales of merchandise such as new scarves hats etc.
The WST detailed how the previous ownership and method of business affects the club today, in terms of banks not wanting to work with them, and HMRC wanting VAT monthly due to past history.
Positive news emerged in terms of new rules next year from the Conference will ensure no loans can be put into clubs, rather just gifts.
Glyndwr University have been confirmed as shirt sponsor, which will likely help with the rent bill.
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