Send your news, photos and videos by texting bucksfreepress to 80360 or email
Trust payments staved off Wanderers' admin threat
WYCOMBE Wanderers would have gone into administration without £600,000 being put into the club by its Trust, it was revealed last night.
The club's Trust had to stump up the cash during its drawn-out takeover from previous owner Steve Hayes to pay a number of important bills.
So precarious was the club's financial position, an appointment with administrators had even been booked for the day the takeover was finally signed and completed.
Had the deal not been completed in time Wanderers were very likely to have gone into administration - which would have left the club with the prospect of starting this season on minus ten points.
Details of the Wycombe Wanderers Trust's summer takeover were made public for the first time at the inaugural members' meeting at Adams Park on Wednesday.
The club's joint chairman Don Woodward told supporters that between April and June the Trust had to put £600,000 into the club to stop it from falling into administration.
A total of £5.9million in loans were acquired from Hayes by the Trust, with the majority of this being written off.
But the deal was only able to go ahead after the Trust managed to find £1.2million to pay an outstanding overdraft within three days, with further funds being needed to satisfy HMRC.
Supporters were also told Hayes is owed £2million - but this will not be paid back until January 2014, in yearly interest free installments of £110,000.
However if the club receives extra transfer income - for example from sell-on clauses if former player Matt Phillips leaves Blackpool - this will be used to pay off the debt to Hayes earlier than planned.
Another debt - from a grant of £937,000 from the Football League - will not need to be paid back for as long as Wanderers are playing at Adams Park.
Woodward added there were discrepencies in a number of contracts, with there being a difference of "tens and tens and tens of thousands" between what the Trust thought they were worth and what Hayes had valued them at.
Wanderers' deficit is currently £300,000, compared to the £4.5million it had been under Hayes.
Woodward said the Trust is looking for the club to wipe out this deficit and break even from next season, but this will result in budget cuts - including to the amount made available to the manager.
He added a further £400,000 is still owed to Wanderers by tenants Wasps.
Meanwhile, Frank Adams' granddaughter has helped pay off a large chunk of an outstanding legal bill of £125,000.
The Wycombe Wanderers Trust asked fans for help stumping up the cash needed to pay off a bill accrued during the takeover process in the summer.
Around half of that sum was found within three days by supporters and all but £5,000 of the bill has now been paid.
That's thanks largely to a donation from Karen Adams, the granddaughter of Frank Adams - the benefactor who bequeathed Wanderers' previous Loakes Park ground to the club.