Back Hayes or he will stop funding club (From Bucks Free Press)

Back Hayes or he will stop funding club

8:50am Friday 19th June 2009

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WANDERERS fans are facing the biggest decision in the club’s history – hand over their club to multi-millionaire Steve Hayes or his funding will dry up.

The Blues MD, who has lent the club more than £7m, wants full control and says if he doesn’t get it the funding stops now.

Hayes bankrolled Wanderers’ first promotion in 15 years last season and now wants to build on that success.

But under the club’s rule book he is only allowed to own 25 per cent of Wycombe’s shares.

He is now offering to write off much of his £7m loan in return for acquiring the remainder of the shares.

Hayes, who according to FourFourTwo’s Football Rich List is worth £100m, has become increasingly frustrated that the club’s set-up is holding him back from taking the club forward.

The 48-year-old, who already owns tenants Wasps Rugby Football Club, is pushing for a change in the club’s rules so that he can own both clubs.

Chairman Ivor Beeks and director Brian Kane are both backing his takeover plan.

They are prepared to hand in their 25 per cent stakes and the future of the deal now hinges soley on the club’s other Trust members who hold the other significant shareholding along with some other shareholders.

Without their say-so no deal can go through regardless of Kane or Beeks’ backing.

For it to happen, the Trust would need to vote for a change in the articles of memorandum and agree to let go of the current clause which prohibits any one individual from holding more than a quarter of the club’s shares.

Hayes presented his plan to the 16-man Supporters Trust board after they failed to come up with any proposals of their own after they initially voiced their concerns at the club’s financial plight two years ago.

They then put the ball back in Hayes’ court, asking him for his solutions and this proposal is the result of that.

They are now considering his proposals – which include ‘a number of improved benefits to the Supporters Trust in return – and all shareholders will be asked to vote on his offer at a general meeting next month.

Before then they will be invited to a presentation at Adams Park on Wednesday, June 24 where they will be given the opportunity to hear the proposals first hand.

It is understood that these behind the scenes discussions are the reason for the delay in signing any players this summer.

Hayes said: “I have always made it clear that decisions had to be made about my financial input at the end of season 2008-09. Under the existing circumstances, I cannot continue making money available as I have in the past. I believe that my proposal is the only solution for moving the club forward.”

It is not known what the future holds for the club if the Supporters Trust votes against the plan.

Hayes has not made it clear whether he will walk away from the club or demand back the money he has given in loan notes if he doesn’t get the fans’ support.

But with the last set of accounts revealing a £7.2m deficit and a further loss of around £1m predicted this year, one scenario could be that the club is forced into administration and hit with a ten-point deduction.

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