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Statement regarding Don Woodward Article

A statement from Wycombe Wanderers Trust regarding the Don Woodward article.

At the request of Francis Glenister, a former Chairman of the Trust, Don Woodward was correctly co-opted on to the Trust Board at its meeting on the 11th May. This was clearly well before the meeting with Steve Hayes on the 2nd June, when the dramatic proposals for a change in the ownership of the Club were first announced.

As has been reported before, the Board of the Trust spent many hours during June and July discussing the proposals made by Steve Hayes and the Club. The Trust Board were not happy with the initial proposals and identified that without Brian Kane and Ivor Beeks backing, they would not succeed. When the Chairman of the Football Club openly backed the plans and stated the only other option would be administration, and following internal discussions, outside advice was then sought from both Supporters Direct and a highly respected law firm. The Trust found it had no alternative but to try and secure the best possible deal for the supporters of Wycombe Wanderers Football Club.

The legal costs incurred by the Trust were significant, but thanks to personal contacts by one of the Trust Directors the fees were kept to a minimum, whilst another Trust member generously covered these costs. Following these internal and external discussions the Board of the Trust needed to have further discussions and clarification on a number of points and this involved meetings with both Steve Hayes and his legal advisors.

Don Woodward took an active part in these discussions on behalf of the Trust Board. Following the members meeting on the 6th July when ownership of the Club was given to Steve Hayes, Don Woodward spoke to Talk Sport. This interview seems to have formed the basis for an article in “The Business Magazine“ dated 9th July which was placed on the Gasroom last Thursday. Neither the Trust Board nor Don Woodward were previously aware of this article.

The content of the 6th July interview given by Don, and the subsequent published article were discussed at the Trust Board meeting held on the 18th January 2010. Don Woodward expressed his regret that the interview and subsequent articles seemed to indicate that the “ saving of WWFC was due to the efforts of one man when in reality it was due to the Trust Board actively supported by outside advice paid for by the generosity of unnamed individuals….”.

The Trust Board acknowledged Don’s explanations and wished him well in his continuing activities on behalf of the Trust on the Board of the Football Club. As per the constitution Don will continue to be one of the two Trust Directors on the WWFC Board until the next Trust AGM, when both he and David McGee will offer themselves up for re-election.

posted in breaking-news | 20.01.2010. 11:48 | 1 comment

Frequently Asked Questions

Wycombe Wanderers Trust Frequently Asked Questions

1. Who Owns Wycombe Wanderers Football Club?

Wycombe Wanderers Football Club Ltd

2. Who Owns Wycombe Wanderers Football Club Ltd? (WWFC Ltd)

For all practical purposes Steve Hayes; who owns all 100,000 Voting Shares in WWFC Ltd. The voting shares control the club. If the Board of Wycombe Wanderers Football Club Ltd chose to vote against any Steve Hayes proposal he could call a poll of the voting shares and he would win 100,000 to nil.

3. Are there any other shareholders?

Yes there are two other classes of share. Ordinary Shares: There are 3,999,500 of these (not all of which have been issued), which do not have a vote and are owned by a large number of shareholders including Steve Hayes, Ivor Beeks, Brian Kane, Derek Vere and Wycombe Wanderers Trust itself. They only become useful if the club was ever sold for a significant price at which point the Ordinary shareholders could share in the bounty. Founders Shares of which there are 500. These are either held by the original 500 Founder shareholders or by the WWT which receives them as Founders either die or cease to have a season ticket. Currently the Trust owns 153 shares itself, Trust members own another 194 leaving the last 153 with Founders who are not Trust members. The Trust and its members own 69% of the founders shares between them.

4. Is there any point to the Founder Shares?

Yes. Most of the “Enshrined Rights” still exist and the Founder Shares come into play if WWFC Ltd., wish to:

a. Take of any action to change the nature of the Company’s business from that of the operation of a professional football club together with related commercial activities;

b. Convene a meeting to consider the passing of any resolution to vary in any respect the rights attaching to the Founder Shares;

c. Take of any steps to voluntarily wind up or dissolve the Company;

d. Take any steps to relocate the business and playing activities of the football club outside a radius of 5 miles from the Football Ground.

5. Who appoints the Board Members?

The simple answer is the Board of WWFC Ltd. In reality; Steve Hayes can use his voting shares to get the Board he wants.

6. The Trust appoint 2 directors to the Board, does SH have a veto on whom?

The Board of WWFC Ltd does

7. Who owns the Ground?

It is an asset of Wycombe Wanderers Football Club Ltd. They can use it to fund another stadium without reference to the Founder Shareholders as long as the new ground is within 5 miles of Adams Park as above. They cannot sell it unless they either have “a permanent interest in or the right to use a stadium of an equivalent standard in the High Wycombe area”

8. What happens to WWFC if Wasps move within the Wycombe Area, do we move with Wasps or will we stay at Adams Park

If the new Wasps stadium was within 5 miles of Adams Park and if WWFC Ltd had “a permanent interest in or the right to use it”; WWFC Ltd could make that decision without reference to anyone. Alternatively WWFC Ltd could wave its tenant a tearful goodbye and remain at Adams Park. All this very much depends on who owns the voting shares of WWFC Ltd at the time.

9. What happens to WWFC if Wasps move outside the Wycombe Area?

Unless the Founders agree we would not move with them. There would be financial implications not least the loss of income from Wasps as tenants but some costs would go too. In essence the club return to its pre Wasps financial structure.

10. What happens if Steve Hayes stops funding the club?

On the presumption that there is not a new owner or that SH does not find an additional funder to help; the club would have to break even. To achieve that it would have to cut down particularly on players wages and that is likely to precipitate a downward journey in the leagues. The club cannot be put into voluntary liquidation or dissolved without the Founders permission.

11. What might happen if the Club was put into liquidation

The Liquidator would be appointed by WWFC Ltd’s creditors. As it is likely that Steve Hayes would be the most significant creditor he would hold sway over which liquidator was selected. The liquidator would need to seek a new purchaser and in the absence of a better offer; Steve Hayes could buy back his club. This process is known as a “Pre-Pack” and was the more unpleasant option offered in the summer. Should Mr Hayes not wish to repurchase the club the Trust would receive £1.5m from him to start a new club.

posted in frequentl | 19.01.2010. 23:13 | Write a comment

Don Woodward

Don is 47 and has been a fan for over 10 years. He is a regular attender with his family who are all growing up fans. Impressed by the style and ground football that has been consistent, Don felt this was a great example for his boys.

An FA qualified coach Don works with several local clubs in junior football , that’s just an excuse to keep kicking a ball. Barred by his parents from following a playing career in football Don qualified as an Accountant and now works in Mentoring and business development having held top level Commercial Industry roles .

Don had to love football – growing up as one of 4 boys and when opening his bedroom curtains in his family home all he could see were twin towers. Attending school in Wembley Don watched his brothers team captained by Glyn Creaser ! They even had the same kit as WWFC.

Now with the Trust Board Don will help the development in this new era and bring his sporting and business backgrounds together for the benefit of the club and supporters.

Please forgive him for being Scottish and don’t ask him to play in goal – presumably for the same reasons.

posted in trust-appointed-club-directors | 19.01.2010. 22:42 | Write a comment

Review of the Annual Accounts of Wycombe Wanderers Football Club Ltd

Review of the Annual Accounts of Wycombe Wanderers Football Club Limited (Formerly Wycombe Wanderers Football Club plc)

The Report and Financial Statements issued relates to the year ended 30 June 2009, and was signed off by the Directors on the 20th October 2009. In reviewing the accounts the Trust have taken into account the decision made on the 6th July 2009 to alter the structure of the Company, which affected the voting rights and the capitalisation of the Company.

Share Capital and Reserves

As a result of the decision to amend the voting rights by creating a block of £100,000 voting shares and to change the called up share capital of £1,260,900 to non voting shares.

The Shareholders deficit changed from the 30 June position of a deficit of £4,594,851 ( 2008- £3,901,320) to a deficit of just £1,594,851. You will recall that this is something the Trust lobbied for and has achieved.

This deficit is covered by Directors Loans, currently £3,976,097 and the Financial notes explain that these loans are interest free and have no fixed terms for repayment and that they are ranked as unsecured creditors of the company. This is also in line with the agreement we negotiated to ensure the club remained solvent and had the ongoing funding commitment from Mr Hayes.

Chairman’s Report

The chairman’s report highlights the reduction of the annual trading loss from the 2008 loss of £1,665K to the 2009 sum of £ 694k. This dramatic reduction did not indicate any reduction in staff, the administration staff numbers remain constant. The breakdown of Turnover shows that overall the increase was just 2.3%, although this does show an increase of 8% in gate receipts, the reduction in Food and Beverage was down on the remarkable increase of the previous year. Commercial activities failed to grow and the initial success of the team on the field produced broadcasting revenue which covered the deficit from the other revenue streams. From a reading of the accounts it is not possible to establish a trend in the control of expenditure on specific areas of operation, although the Chairman’s report highlights the following: Costs within the Football department were slightly lower than previous despite significant promotional bonuses that were paid following automatic promotion. Administration costs fell by 5% as the focus remained on controlling costs. Staff costs increased by £463,720. This includes Directors remuneration for qualifying services of £49,070. It is assumed that this relates to the departure of the CEO.

The Future

To summarise the trading result for the year was far better than anticipated following the 2008 results. However the reduction was provided by factors which will most likely not repeat to the same extent in 2010. Broadcasting revenue £ 213,134 probably less than £100,000 Disposal of Players £902,102 these are one offs Gate Receipts £27,362, Likely to be less In addition there will be increased cost on the Administration side with the appointment of Mr P Harrison, as well as the anticipated contribution by WWFC Ltd to the proposed New Stadium feasibility study. The removal of Mr Peter Taylor and the appointment of Mr Gary Waddock is another financial cost not applicable in 2009 but we are seeing the benefits currently !

The published results for 2009 do not provide any indication that the company plans to operate in the future within its revenue, and therefore it will continue to require additional funding from its new controlling owner . The drive for a new Stadium had appeared to be the only initiative, but with the arrival of the new CEO and our renewed involvement at Board level we are actively working with the Club Board to see what can be done to enhance income and reduce costs. The club has to move towards being self financing and run at the very least at break-even , we will be working with the FD to see what timescale this can sensibly be achieved within. Within the Notes to the accounts there is a comment on related party transactions which indicate that the Company provided goods and services to London Wasps Holdings Ltd of £677,200. There is no equivalent indication of the cost of the services provided. The financial performance of both WWFC and the Wasps remains weak. The long term uncertainty of continual funding for both Clubs and the intention to finance a new Stadium are questions that share/stakeholders need to receive clearer assurances. These accounts do not provide the answers but give a starting point from which to work.

The Trust will be extremely active in influencing change in activity and reporting – the new era of openness will be good for the club as a whole.

posted in news | 27.11.2009. 10:19 | 1 comment

Members Meeting

There will be an informal members meeting in the Hypnos Lounge at Adams Park, on Tuesday 15th December at 7.30 p.m.

Your Trust board will all be in attendance, and it will give members the opportunity to discuss, the developments of the last 5 months and the future plans of the trust.

All members are welcome, the bar will be open and light seasonal refreshments will be provided.

posted in news | 17.11.2009. 09:55 | Write a comment

Meeting with Huddersfield Trust

David Roberton & Nick Langford had a successful meeting with representatives of the Huddersfield Trust before our game at the Galpharm Stadium.

Below is a follow up e mail received from them.

I’d just like to say all credit to your team and supporters.

I was very impressed how your players kept going right to the end, trying to play a game of football rather than just shutting up shop and playing the 90 minutes out.

Your supporters were in good voice and humour and even joined in the Mexican wave.

Good luck between now and when we play again,

Neil

posted in news | 15.11.2009. 21:09 | Write a comment

Trust Board Directors Announced

Wycombe Wanderers Trust are delighted to confirm that David McGee and Don Woodward will serve as the Trusts nominated Club Board Directors, assuming their positions immediately and serving until the Trust AGM in spring 2010.

David Roberton, Trust Chairman comments, "both Dave and Don are strong minded individuals who will not only represent the Trust and supporters at WWFC Board level but are equally very capable of making a meaningful contribution to the future development of our football club."

David McGee & Don Woodward will be joined by other Trust Directors in the Vere Suite prior to and after the Brighton game on Saturday and will be delighted to discuss and answer questions from members and supporters.

Speaking on the process leading up to this announcement David Roberton continued, "David and Don were formally accepted onto the Board of Wycombe Wanderers Football Club during the Club’s October board meeting, with the formal paperwork being completed prior to the game on Saturday. The Trust would like to wish David & Don the very best in the future and offer them our full support in a difficult and demanding role".

For further information relating to the forth coming Members Meeting and details on other issues and events please check the web site www.wycombewandererstrust.com.

Trevor Stroud
Wycombe Wanderers Trust Limited

posted in news | 03.11.2009. 19:33 | 2 comments

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