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bearing

Bad news

http://www.redpassion.co.uk/forums/showthread.php?p=823107

Really gutted for you Jones, hope your lot get through this.
Jones the Steamed

1 point off securing a definite play off place and unsure if we'll be allowed to play in the damn things, casts a massive shadow over the on field success.

If you can spare the time to read a letter sent by a veteran of the Hamilton era where he was constructive in saving the club you'll get a potted summary of the financial shenanigans that have embroiled us recently.  

With the letter being published in the public domain I'd be very surprised if there is any recourse to legal action from our lovely multi millionaire owners.

Quote:
I have just sent this to HMRC.

Re Wrexham FC (2006)

Dear Mr Norrell,

I am writing to you on the above subject in the hope that I can help in some way to resolve the current situation.

As a Wrexham supporter of many years standing I have followed the slow decline of my club with a growing frustration and anger. This is shared by many thousands of my fellow supporters who can see our improved performance on the pitch matched by a jaw dropping incompetence off it.

We have observed a proud institution reduced to a circus side show by owners who have sought to utilise its assets to support their other business interests.

My only motivation in writing to you is to try and rescue my club from the machinations of these characters and of course help HMRC to recoup the monies owed to it by my club.

You may, or may not, be aware of the following brief narrative. If not I hope that you will be in a position to investigate this matter.

Wrexham FC is the oldest football club in Wales and plays its football at the oldest international stadium in the world, The Racecourse.

Through various accidents of history the club has come to be owned by a holding company called Wrexham Village Ltd. The majority shareholders are Geoff Moss and Ian Roberts.

The directors of Wrexham Village (Moss and Roberts) are also the directors of Wrexham FC (2006).

In December 2009 Wrexham Village acquired another company, the Celtic Crusaders, a rugby league franchise based in South Wales. The Crusaders franchise was moved north and subsequently played its matches at the Racecourse Stadium, the home of Wrexham FC.

The directors of the Crusaders were the same gentlemen who direct the affairs of Wrexham Village and also Wrexham FC. The Crusaders being owned within the same ownership structure as Wrexham FC.

At the time of the acquisition it was mooted by the owners that the Crusaders would pay a contribution to the football club for the use of its facilities.

In November 2010 the Crusaders entered administration.

The Crusaders financial difficulties were alleged to have been caused by hidden debts on acquisition.

The Crusaders were subsequently bought out of administration in January with the bulk of the creditors receiving nothing.

The new owners of the Crusaders were Messrs Moss and Roberts. This time the club would be owned outside the Wrexham Village structure.

The administrators report states that HMRC was owed £445k by the Crusaders and I assume that this amount was lost to the revenue.

It may interest you to know that the Rugby League was owed £701k and in a side deal the new owners of the Crusaders agreed to repay this amount to the Rugby League. The money was secured on the assets of Wrexham FC (2006). It is difficult to see any benefit in this transaction to Wrexham FC (2006).

To the uninitiated it may appear that the Rugby League assumed a position of preferential creditor in the above dealings. This view may be reinforced by the fact that the administrators, O Hara & Co, have worked on several Rugby related insolvencies and I believe they are currently assisting the creditors of Wakefield Trinity.

Of course I am not particularly au fait with the intricacies of insolvency law and could not comment on this.

Given that HMRC has lost so much money to Messrs Moss and Roberts I find it understandable that you are apparently unwilling to demand anything less than payment in full.

I would like to return to the Crusaders administration report as I believe it may help you to find the monies owed to you by our resident defaulters.

The report states as follows.

“there is an informal agreement in place in respect of the company’s occupation.”

This relates to the Crusaders occupation at the Racecourse. At a fans forum in January 2010 Mr Roberts was asked how much money the Crusaders was paying for the use of facilities.

He stated that:

“We are all ****ing in the same pot”

I am sure you will agree that this is a proposition that would be very difficult to quantify.

Wrexham FC (2006) did not appear on the Crusaders list of creditors which struck me as rather odd. Payment (or non ) of rent is often a cause of companies reaching for the sanctuary of administration.

A glance at the Crusaders expenses during the administration period also reveals that no rent was paid to Wrexham FC by the administrators.

The assumption would have to be that the Crusaders were not paying a market rent for the use of the Racecourse Stadium.

Of course this could be verified by a study of the latest accounts from Wrexham FC (2006), Celtic Crusaders and Wrexham Village. Sadly we will have to wait for this information as none of the aforementioned have filed accounts for the period under review.

A market rent for use of a stadium can vary from stadium to stadium. However I have yet to find any clubs that grant use of their facilities for less than £250k per annum.

This is a huge sum of money for any business to write off.

It could be argued that the directors of Wrexham FC (2006) were in breach of their fiduciary duties to the creditors, employees and shareholders of Wrexham FC (2006) by failing to charge the Crusaders a fair market rent.

I am sure that this is not the case and that the Directors of Wrexham FC (2006) would be happy to put this matter to rest by providing full disclosure of the relationship between the two clubs.

I note today that the directors of Wrexham FC (2006) claim to have loaned a sum of £1.8m to the football club. This claim is a cause of some confusion to me as I cannot understand why directors of a business should choose to loan it money from their own pockets when at the same time they are passing up legitimate income opportunities elsewhere.

You may suggest that by following this course of action they would be creating an obligation on the business which could be met by removing its assets at some point.

However I do not believe this to be the case as, once again, the directors of Wrexham FC (2006) would be in breach of their fiduciary duties.

I must add that since exiting administration the Directors of the Crusaders have announced that a deal has been agreed with the Directors of Wrexham FC (2006) for the use of the football clubs facilities. I have no knowledge of the detail of this agreement.

Wrexham FC (2006) must be the most badly run business in the UK. The directors of the company, both multi millionaires, are currently shaking the begging bowl around North Wales in an attempt to deflect their responsibilities for paying their debts to yourselves.

The supporters of the football club are desperate to see it succeed. We want our club to trade with integrity and pay its way. We are appalled at the shambles created by the clubs directors.

These characters are currently blackmailing the supporters with a “your club will die” approach if we do not cough up to clear up their mess.

I hope that the information in this e mail will in some way help HMRC to recoup the monies owed and also shine a light on the activities of the bandits who currently guide the affairs of something we all hold dear.

Yours Etc,
bearing

Blimey Jones, sounds as bad as our lot.
Jones the Steamed

I can imagine Messrs Moss and Roberts involuntarily passing a stool or two when they read that, doubt it will save us but a few sleepless nights for the bandits and the professionals who assisted the Cuckoos would be nice.

Tamworth at home tomorrow, difficult to get motivated with all this shite going on.  If we do get wound up I expect a fire sale and the bandits re buying the ground for a cut price, something well below the value they are requesting at the moment.

Looks like a precedent has been set regarding a reformed club being allowed in to the English pyramid system with the FAW allowing Merthyr to join due to their long history in the English system.

Our problem would be having a home to base ourselves as the thieves would undoubtedly charge rent that a phoenix club would not be able to afford, fucking depressing scenario but not beyond the realms of being realised in the near future.
Late Doors

Jeez that was not pretty reading, will give it another go tomorrow to try and get under it but thoughts are with the fans right now, it must be a bit harrowing for them.
Jones the Steamed

WST

There were developments late last night when the Wrexham Supporters Trust (WST) announced that they would be striking out with a bid with private investors and individual supporters.  The details are pasted below.

The WST is the only option as far as I can see, hope the timescales involved allow us to participate in the Conference play offs so that even if we don't get promotion we can move on.

Cracking game today, only downside was that we conceded 2 goals to a team that were unworthy of sneaking a chance at goal let alone score.  Quite happy at the moment but you never know what the next hour will bring to upset your equilibrium as a Wrexham fan at the present.

Here's the WST announcement.

Quote:
One million reasons to back Wrexham Supporters’ Trust bid to acquire Wrexham FC  
WRITTEN BY WREXHAMITE | 24 APRIL 2011
 Hear this article
Wrexham Supporters’ Trust will today launch its bid to acquire Wrexham FC in a proposed partnership with private investors and individual supporters and outline plans to transfer its assets into community ownership with support from the public sector and football and rugby governing bodies.

In a leaflet to be distributed to fans at today’s final match of the season against Tamworth, the WST outline ambitious plans to acquire a majority shareholding in Wrexham FC (2006) Ltd, the legal entity which owns Wrexham Football Club, the Racecourse and Collier’s Park.

WST is encouraging private investors to invest in a joint bid to attract additional skills and experience. Once the acquisition is complete, the WST plans to conduct a share issue to enable supporters to subscribe in shares via the Trust to raise up to the estimated £1m it believes is needed to return the club to financial sustainability.

The Trust recognises that the immediate pressure is to resolve the HMRC’s winding up petition which will be heard in the High Court in London on May 11th and plans to present a business case to Wrexham FC owners Geoff Moss and Ian Roberts within the next week to address both the short and long-term needs of the club.

Based upon the experiences of the 20 football clubs which survived winding up petitions last year, it is anticipated that this plan could be sufficient to enable Wrexham FC (2006) Ltd to ask the High Court for an adjournment whilst the Trust completes its due diligence exercise and finalises its investment case.

Chairman of Wrexham Supporters’ Trust, Richard Owen said:

“It is now or never for local businesses and supporters to dig deep to save Wrexham Football Club. Please email shares@wst.org.uk with an indication of what you might be prepared to invest in Wrexham FC either as an individual or as a business. All details will be held in the strictest confidence”.

Board members of the Wrexham Supporters’ Trust will be outside the Racecourse today asking fans to indicate how much money they might be prepared to invest in a future share issue should the Trust be able to raise the investment required to acquire Wrexham FC (2006) Ltd and to fend off the winding up petition.

Once the acquisition is complete Wrexham Supporters’ Trust proposes to transfer and asset lock the Racecourse and Colliers Park within a new legal entity such as a Community Interest Company (CIC) to protect them from future commercial development which may not be in the best interests of Wrexham FC
bearing

A glimmer of hope Jones, here's wishing it every success.
Jones the Steamed

Wrexham tax bill paid in full.


http://www.bbc.co.uk/news/uk-wales-north-east-wales-13230043
bearing

Good news Jones, here's hoping the fans can buy the club now.
sheeps

MOT Jones.
Jones the Steamed

sheeps wrote:
MOT Jones.


??????
Grind

Marching On Together. It's a Leeds thing.

Glad to hear you're in better shape.
Plastic Man

Jones the Steamed wrote:
sheeps wrote:
MOT Jones.


??????


He thought you were traffic OB pulling him up on his paperwork on his scooter...

"Now Dai bach man... but you do realise that this tax, MOT and insurance business has to be done every year...?"
sheeps

Jones the Steamed wrote:
sheeps wrote:
MOT Jones.


??????


Marching on together as Grind says.

Football supporters united.

Never thought I would take an interest in Wrexham, checking out results etc.

Or PNE or Fulham or Dundee*











* United.

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