STEVE Hayes has told Wanderers fans there is a way out of their £7.2m debt – give him ownership of the club.

The MD says he would be willing to convert his loans into shares in return for control of the League Two club.

The multi-millionaire, who owns a 25 per cent stake in the club, is also its biggest creditor with a further £5.85m invested in the form of loans.

Wanderers last week reported losses of £1.66m for the year ending June 30, 2008, and their total debt now outstrips their assets of £6.28m.

But Hayes says there is a way out.

He told the Free Press this week he would be willing to convert his loans into shares in return for ownership of the club if the supporters let him.

He said: “If they converted my debt into shares I would do it.

“I have suggested to the Supporters Trust that they need to move things forward and they are dragging their feet.

“I feel a bit untrusted. They are very happy to see new players come in but what they are saying is thank you very much but we don’t trust you any more than to give you more than 25 per cent.

“I’m controlling the club in every way possible but I’m not the owner. I’m the managing director.

“People didn’t trust me when I came in and some still don’t trust me now but I’m not sure that I have done anything to make people think that I’m in it to make money.”

At the moment he is restricted to owning just 25 per cent of Blues’ shares by the club’s constitution which prohibits any individual from owning more than that Wanderers would have to vote to change their constitution to allow Hayes to convert his loans into shares.

Ian Mather, one of the supporters directors on the board, thinks that might prove unpopular with some fans.

He said: “The trust and board would need to see a proposal for that conversion and consider any restrictions. The prime concern for any change has to be the long-term protection of the club.

“We would have to consider the long-term protection of the club because a good number of clubs have come unstuck when they’ve been under sole ownership.

“No-one is questioning Steve Hayes and his intentions but the only thing that is guaranteed in life is that none of us are going to be here forever and we have to guarantee the club’s protection beyond Steve Hayes.”