TRUST SAY NO TO STADIUM PROJECT
(Thursday 28th October 2010)
The main pursuers of the 'Community Stadium' project have been dealt a blow after the Board of Wycombe Wanderers Trust issued a statement opposing the proposals in their current form. The Trust, who have two representatives on the Board of the Football Club, have also said they will arrange a meeting for 'formal approval of this decision by WWT membership'.
The Trust Board's opposition to the proposals centre around the lack of control and benefits for WWFC at the new stadium plus concerns over the financial projections, management and auditing. The Trust say that the proposals give Wycombe Sports Development Limited (the company formed by Steve Hayes and Mike Brooks) too much control. The Trust say, "Wycombe Wanderers should be a major beneficiary should the
Booker Plan progress. Under the current proposals and in [The Trusts] more recent
discussions with WSDL, no comfort has been received that this would be the case."
The Trust also say they have little confidence in the financial management of both clubs, adding, "The clubs’ trading histories are less than satisfactory and are under the same management as WSDL.". As previously reported on COTN, the Trust met with representatives from WSDL on Thursday 21st October where the continued to press for more detail on the financial benefits for Wycombe Wanderers. They have since seen a single spreadsheet which the Trust say "purports to show a benefit to WWFC of moving to Booker." However, the Trust say they have yet to see any third party audit or confirmation of these figures.
The Trust went on to say they were planning a meeting to be held on Thursday 11th November, where representatives from WDSL, Wycombe District Council, and the Trust Board will make presentations, followed by a Question and Answer session. However, since the Trust statement, WSDL have said they won't be attending and the meeting has subsequently been cancelled (see statement).
Wycombe Wanderers Trust statement in full
Wycombe Wanderers Trust’s primary objective, in all matters, is to safeguard the
interests of Wycombe Wanderers Football Club, nothing more, nothing less.
Accordingly, the decision taken by the Board of WWT not to support the Wycombe
Community Stadium & Sports Project in the structure proposed by Wycombe
Sports Development Limited (WSDL) has been taken in that light. Meetings are
being arranged for formal approval of this decision by WWT membership.
WWT is extremely proud of the fact that Wycombe District Council has the desire
to back the development of facilities within Wycombe, encouraged by the depth of
that investment and impressed with the forethought and planning behind the use of
council assets for the benefit of the wider community and the football club. We
applaud the way WDC is now working with the Club and the Trust to resolve a
number of long standing issues.
The development of a 17,500 seater stadium at Booker is of limited benefit to
WWFC in terms of capacity, although the case for ease of access and better
facilities has been well made. The benefits of the overall plan to the community are
obvious and the additional seating will be valuable to London Wasps at a number
of their games. From the WWFC perspective however, as long as the design can
ensure an atmosphere for a 4,000 – 6,000 footballing crowd and as long as there
are demonstrable long term financial benefits for WWFC, we do not have any
planning objections to the move, in principle.
However, at the present time, WWT finds itself in the position of being unable to
support the project in its’ current form for two main reasons:
Control and Beneficiaries
The control of the project currently resides in a small new shell company WSDL
with two individual shareholders. WSDL will manage the entire plan and the
residual benefits derived from the council’s enabling contribution. Those
shareholders will decide what benefits will be enjoyed by the component clubs and
other developments on the site. We cannot endorse the WSDL lead in this plan in
its present form.
WWT understands that WDC also wants to see a robust financial and
management structure in place. In particular both Wanderers and Wasps must
have clear funding lines so both clubs can benefit from the non-stadium income
the WSDL development creates.
WWFC are, and have been for over a century, the long standing footballing asset
in the Wycombe area. WWFC is the local element in the plans and the trigger for
enabling development. As such WWFC should be a major beneficiary should the
Booker Plan progress. Under the current proposals and in WWT’s more recent
discussions with WSDL, no comfort has been received that this would be the case.
The current position is that WWFC owns Adams Park and has Wasps as a tenant.
This puts WWFC in a position of strength. Under the Booker proposal WDC will
build the fabric of the stadium and then WWFC would be asked to sell its Freehold
Asset, Adams Park and reinvest the entire proceeds in Leasehold fit-out costs for
the benefit of both clubs whilst having no ownership of this residual investment.
Financial Projections, Management and Auditing
The financial management of both Clubs does not give WWT confidence for the
future. It must be pointed out that the clubs’ trading histories are less than
satisfactory and are under the same management as WSDL.
WWFC, in particular, has a history of financial projections which have proven
massively over optimistic. In this process, WWT has received a single spreadsheet
which purports to show a benefit to WWFC of moving to Booker. WWT has not
seen any third party audit or confirmation of these figures.
WWT has yet to be convinced that the current structure and management of
WSDL is capable of delivering a stable business that can cope not only with the
running of the clubs but also of a complicated and enhanced multi faceted facility.
That does not mean that WSDL cannot be strengthened to ensure the long term
robustness that we all seek.
WWT will continue to work with WDC, WWFC and WSDL to seek an outcome that
protects both the short and long term interests of WWFC and, to this end, is
arranging a meeting, open to all supporters, on 11th November, at Adams Park at
1930.
WWT shares in the desire for on field success linked to a financially stable future.
Full statement also available at www.wycombewandererstrust.com
Also see statement regarding cancellation of 11th November meeting.
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