| Wrexham Supporters Trust and Wrexham AFC have completed the collapse of the Racecourse Ground headlease and underlease. The Club owns the freehold of the Racecourse, with the freehold previously being subject to a lease to WST Assets Ltd until 2115, which in turn sub-leased it back to the Club until 2042. The collapse of the leases has now been completed, with legally robust covenants in place until 2115 to protect the playing of football at the Racecourse. Wrexham AFC has paid WST £187,000—an amount equivalent to that contributed by fans to save the Football Club in 2011. We have also received the first annual payment of £1,000, which enables us to meet our statutory reporting requirements. Wrexham Supporters Trust would like to thank Wrexham AFC for its support, co-operation and efforts in completing the transactions. Discussions have been ongoing for three and a half years, which was necessary to ensure these agreements were adapted as the stadium funding arrangements were finalised and the robustness of the covenants was legally stress-tested. In addition, we required authorisation from the Financial Conduct Authority to ensure we were acting lawfully in completing the collapse of the leases. The WST Board will meet in the next couple of weeks to finalise plans for the distribution and investment of the monies received. We would also like to highlight the work of our Secretary, Mark Williams, and our Chair, Barry Jones, and thank our solicitors, Winston Taylor, particularly Andrew Edge, for his work over the years. |
