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Wanderers Trust announce sale plan
THE Wycombe Wanderers Trust has tonight announced it has agreed in principle to sell a controlling interest in the club to a company.
The as-yet unnamed company has said it will give Wanderers a much-needed financial boost to help the club both on and off the field.
Non-binding heads of terms for the sale of a controlling interest to the company were signed today.
It is an agreement in principle that must be supported by at least 75 per cent of the members of the Frank Adams Legacy Ltd, a subsidiary of the Wycombe Wanderers Trust.
Full details of the proposals are to be announced at a Trust members' forum in the Vere Suite at 8pm on Tuesday, February 18.
The Trust's intention is that the company will either attend the forum or provide the Trust with an outline of its plans for the club, which can then be shared with Trust members.
In a statement the Trust said tonight: "The heads of terms are subject to contract and conditional upon a number of detailed matters but the board, with the support of the club directors, unanimously feel that this is a potentially exciting development for the club and gives the Trust the opportunity to help the club put the financial difficulties of recent years behind it.
"The heads of terms represent only an agreement in principle and conclusion of the transaction is subject to a number of conditions, including the Trust and the buyers entering into a formal legal agreement. The agreement will also be subject to the buyers being satisfied with the results of their legal and financial due diligence investigations into the club and its finances.
"It should be stressed that the proposed sale relates only to a controlling interest in the football club, consistent with the Trust's stated aim of safeguarding Wycombe Wanderers’ heritage.
"The freehold of Adams Park and all of the memorabilia would remain under the ownership of the Trust through its subsidiary Frank Adams Legacy Limited. The Trust would also maintain a significant minority shareholding in the club, together with at least one seat on the board and further rights which will reflect the Trust’s position as the custodian of the Wycombe Wanderers heritage."
The statement added: "Since taking control of Wycombe Wanderers in June 2012, the Trust has strived to raise sufficient working capital to secure the future development of the football club.
"Whilst constructing a share offer to raise the necessary working capital, the Trust Board has become involved in talks with a company, none of whom has previously had any financial interest in the football club, with a view to their purchasing a controlling interest in the football club, together with a commitment to inject the necessary funds to continue the development of the football club both on and off the field. Discussions have continued with this company alongside preparation of the share offer, and heads of terms were signed earlier today."
The Trust will retain ownership of Adams Park, with members hoping the new owners would be able to assume control next month.