www.CHAIRBOYS.co.uk - Wycombe Wanderers - News item from Chairboys on the Net

NO AGM FOR SHAREHOLDERS
(Friday 12th November 2010)
Accounts

Wycombe Wanderers Football Club do not plan to hold an Annual General Meeting for the first time in its 120 year plus history, while campaigners have launched a 'Black and White' campaign asking for more facts on the 'Community Stadium' proposals.

Shareholders of the Private company, formed as a result of the summer 2009 takeover, were informed in a letter dated 1st November 2010 but where they were also invited to an informal meeting to be held at Adams Park on Thursday 25th November 2010. The letter stated, "Although there is no longer a legal requirement for a formal AGM of the Company, The Board of Directors are anxious to share information on the progress of plans and initiatives, to provide an update on the financial picture and to allow an opportunity for any questions Shareholders may wish to raise.

The Agenda for the meeting also includes a 'Review of the business' by new Chief Executive Chris Thomas and 'An Update on The New Stadium Project' by Steve Hayes. An 'Update on the Playing side of the Company' is also promised by Gary Waddock, while the scheduled two hour meeting will conclude with a 'Question and Answer Session for the Panel'.

The revelation that no formal AGM will take place comes at a time where the Club is being heavily criticised for its lack of transparency in the financial projections for the new stadium proposals. With no formal AGM, shareholders will not been given the previous visibilty of the annual accounts and therefore no opportunity to place specifically related questions to the Football Club Board.

The Trust, who have two representatives on the Board of the Football Club, are expected to be represented at the meeting on 25th November but caused a stir earlier in the month when they issued issued a statement opposing the proposals in their current form. The Trust were planning an open meeting on the 11th November to discuss the stadium proposals but cancelled the meeting after Wycombe Sports Development opted out of attending, prefering to use the 25th November meeting as the opportunity to convince shareholders of their desire to move to Booker. In a statement on the WSDL website, Director Mike Brooks said " At this meeting they will discuss the current and projected finances of the Club as well as give a more detailed presentation about our vision for a new stadium at Booker." He went on to add, "In around eight weeks time Wycombe District Council will announce the results from their public consultation and whether to proceed with Booker. At this point WSDL will be able to share more detailed plans and costings of our vision. WSDL will therefore not be attending the meeting that has been arranged by the Trust on the 11th November." The statement came in the same week that WSDL appointed another London Wasps Director to their Board - Wasps Executive Chairman Mark Rigby joining fellow Wasps Directors Mike Brooks and Steve Hayes at the satellite company with aspirations to manage the new stadium.

Meanwhile, protest groups and comments against the proposals continue to evolve. A notbackingbooker.com has been launched by those against 'the destruction of Wycombe Air Park'. They were planning a protest before Wasps' game at Adams Park on Sunday 14th November but have postponed this, "in order to gather further support from other local groups opposed to the planned stadium at Booker."

The notobooker.com website also continues to thrive with stories added about the leaflet campaing ahead of Wanderers home game with Lincoln City on Saturday 30th October and a recent poll carried out by the Bucks Free Press website.

More Wanderers supporters have also instigated a 'Black & White' campaign, saying they have adopted the original black and white colours of the club's predecessor, North Town Wanderers. The capaigners are now urging fans to wear a black and white scarf because "We need all of the facts in black and white." In a press release sent out last week, the campaigners stated:

We need to know whether Wycombe Wanderers Football Club will:

Continue in Steve Hayes' ownership after any move to a new Community Stadium
Own any part of a new Community Stadium
Pay rent in a new Community Stadium
Replace income lost from tenants London Wasps
Still receive all income from advertising, sponsorship, hospitality, conferencing and catering in a new Community Stadium
Keep receipts from the sale of Adams Park and the training ground
Be able to repay its debts currently standing at circa £6m
Significantly reduce the current annual losses of circa £1m
Receive income from related non-footballing activities at new Community Stadium and associated Sports Village

The statement concluded, "Without this information we are not able to make an informed decision, are not able to judge whether the Club can be sustainable in a new Community Stadium and seriously doubt that moving would be in the best interests of the Club."

Responding to statement, Steve Hayes, joint Wanderers and Wasps owner and Director of WSDL said, "I understand these questions which to a large degree reflect the discussions we are having the Supporters’ Trust as well. I would just ask for some understanding for now about the early state of the process we are in and I would refer you to the statement we issued in response to the Trust, where I stated publicly that the WWFC financial position would be improved as a result and that a move to a new community stadium a Booker would support the Club’s aspirations to be a Championship team."

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