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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.

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