Progress towards understanding Wrexham FCs financial position
As we reported last week, progress has been slower than anticipated and we will not complete the due diligence exercise by the Special General Meeting (SGM) this coming Monday as we had originally hoped.
Due diligence: We can confirm that we have had a positive meeting with our professional advisors BDO LLP at their offices in Birmingham this week. BDO outlined that they have completed a review of the management accounts in order to prepare forecasts for next season. We are still waiting for the forecast to the end of this season in order to complete this stage of the due diligence and we hope to be in receipt of this shortly. This will then allow BDO to commence Stage 2 that will enable the Board to develop a profit and loss account, balance sheet and cash flow forecast for next season for members to consider alongside any bid that is proposed.
Discussions with key stakeholders
The key news this week is that we had a positive telephone discussion with Geoff Moss and have been invited to present some suggestions for discussion.
Wrexham Village: Following the meeting with BDO we received a positive phone call from Geoff Moss who proposed some potential options on possible ways forward. We have developed a high-level discussion document to frame this meeting and to facilitate more detailed discussions about the future of Wrexham FC, the Racecourse and Colliers Park. We would like to reassure our members that any proposals would be subject to Board and Member approval but believe that this is a positive step forward in our negotiations.
Update on discussions with potential partners
We have two updates following our briefing last week in relation to Stephanie Booth and Steve Cleeve and no further updates on the Ward Consortium.
Stephanie Booth: Our position has not changed following our Members Briefing 6 last week. The Board is very disappointed that Mrs Booth continues to publicly imply that we leaked an email between her and Geoff Moss, so we have passed this matter onto our solicitors to deal with and will be making no further comment at present. Following a telephone conversation on Thursday, April 14th we have made some progress towards implementing a mutual NDA with Stephanie Booth and are in the process of redrafting the NDA to sign. We propose to resume discussions once this is in place and once a resolution is achieved in relation to the alleged 'leak'.
Steve Cleeve: We regret to inform members that we were unable to meet with Mr Cleeve as planned this week. We agreed to meet Mr Cleeve in Birmingham on Thursday, April 14th at 5pm but unfortunately he was unable to make this time and asked to meet earlier that day. Our representatives had planned their diaries around an early evening meeting but had work commitments during the day so were unable to change those plans at the last minute. We have had correspondence with Mr Cleeve and have provisionally agreed to meet on Thursday, April 21st subject to the family and work commitments of Board members.
Ashley Ward: We have had no further contact from the Ward Consortium and have nothing to update following our briefing last week.
Fundraising, Merchandise and Events
Members of the WST fundraising team will be outside the Turf selling merchandise and signing up new members from 1.30pm on Saturday before the game with Kettering. Please pop along for a chat and to ask us any questions in regard of this briefing.
WST Merchandise: We have a wide range of exclusive WST merchandise available, which we sell outside the Turf on match days. Items that we have for sale include the Our Club, Our Ground range of car stickers (£1), Red Hoodies (£25), T-shirts (£10), mugs (£5) and car kits (£5), Wrexham FC T-shirts (£10), The Turf mugs (£5), Oh Fluffy Sheep Mugs (£5) and WST baseball hats (£8).
Buckley Reds Football Forecast: The Buckley & District Reds is running its usual Football Forecast for the weekend of 28th April to 1st May. However, they have agreed that any profit from this competition will this time be donated to the Supporters Trust. Please feel free to download the form from here and print some off for family and friends to enter. It costs just £1 a go and can be returned, without a stamp, to 'Freepost WST'. Many thanks to the Buckley Reds for this generous gesture.
Special General Meeting (SGM)
Members should have received an invitation to our SGM this coming Monday, which will be followed by a members meeting when we will provide an update on the current situation. If you have not, for any reason, received an invitation then please show your membership card at the door for entry.
Special General Meeting: The SGM will take place at Wrexham Lager Club on Monday and starts at 7:30pm. If you are unable to attend, it is not too late to vote on the two resolutions proposed by following this link. We will be holding a members meeting immediately after the SGM to update our members on the current position and to invite questions of the Boards current discussions with stakeholders and potential partners.
Supporters Direct News
The main news this week is that the WST has been invited to the launch of two keynote Supporters' Direct reports at the Houses of Parliament on May 11th.
Facebook: Supporters Directs new Fans Page on Facebook will replace Supporters Direct current Group Page. Just visit the new page here and click like to access more articles, videos, photos and debates than ever before. This page also aims to be more interactive, so its an opportunity to share thoughts and experiences with members of other supporters trusts. In particular, there are regular updates about the Football Governance Inquiry.
Fans Weekend: The SD Fans' Weekend which includes the SD Annual Conference and SD Cup will take place in Chester, on Friday 15th and Saturday 16th July 2011. The Conference will be held at The Queen Hotel on the Friday and the SD Cup will form part of a Fans' Day held on the Saturday at the Exacta Stadium, home of Chester FC. Tickets are £37 for members of Supporters Trusts and £42 for non-member. Click here for further details.Football Governance Inquiry: Supporters Direct is launching two reports to coincide with the conclusion of the government's inquiry into football governance which is due to report very soon - Developing Public Policy to Encourage Community Ownership in Football and Developing Football Regulation to Encourage Greater Supporter Involvement and Community Ownership. Wrexham Supporters' Trust is proud to have been invited to this event following our submission to the Football Governance Inquiry. All Trusts have also been asked to invite their local MPs to the event, so we will be contacting all MPs representing north Wales as Wrexham FC represents the whole region