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Wrexham - asset-stripping wankers - Help!

Proper Tidy

Proper Tidy

Arsed
Today's Wrexham Leader carries an article with the headline 'Chairman's plan to lease out Racecourse Ground to both clubs' which goes on to say that Wrexham FC and Crusaders RL will have to share the cost of
running the Racecourse Ground which is £300,000 a year.

Except the Racecourse is owned by the club - we've long known that the dodgy fucks who own us were attempting to asset-strip the club (after racking up the debt to make us 'unsustainable') of its assets, but now we're entering the end game.

This follows the same owners swapping ownership of Crusaders between themselves following administration to dodge their debts. The owners are multi-millionaires by the way.

We've been through all this before at Wrexham and it just seems to be a constant battle. These cunts cannot win.

Please sign this petition:

http://www.petitiononline.com/wxm2011/petition.html

And send an email of protest to:

lucasi@parliament.uk (local MP) lesley.griffiths@wales.gov.uk (local AM) aled.roberts@wrexham.gov.uk (council leader)

Draft email:

Today's Leader carries an article with the headline 'Chairman's plan
to lease out Racecourse Ground to both clubs' which goes on to says
that Wrexham FC and Crusaders RL will have to share the cost of
running the Racecourse Ground which is £300,000 a year.

As you know, Wrexham Football Club (2006) Ltd. owns the Racecourse
Ground so how are Messrs. Moss and Roberts allowed to transfer the
ownership of the Racecourse Ground to a new holding company?

According to Wrexham FC's last set of published accounts, the football
club is losing around £30,000 per week and it is now being asked to
pay £3,000 per week to play at it's own ground. I can now see one of
two things happening.

Wrexham FC gets further into debt, goes into administration, gets
thrown out of the Conference Premier and has no ground to play at
which means the end of Wrexham FC as we know it.

The other scenario is that Wrexham FC can't afford to pay the terms of
the lease to play at the Racecourse Ground and end up being evicted
and having to find another ground to rent and play at.

Neither of these scenarios can EVER be allowed to happen, please can
you do everything in your power to stop this from happening. We have
fought to stop this happening in the past and we will fight to stop it
happening again if needs be.
Click to expand...
 
Good luck PT, from Cardiff. Sounds a fucking nightmare mate, I stupidly (well, unknowingly) assumed you were in the clear these days. Want you back in the league mate, not shafted by cunts like this

Yours in Welsh football
 
Fucking hell, not again. How on earth are the problems of Crusaders (who the RL bent over backwards for to let back in, of course) anything to do with Wrexham FC? Surely Moss and Roberts (or whatever company they created to resurrect Crusaders) are on the hook for the RL side, not the football club? Do Moss and Roberts really think that anyone will believe that getting a club which loses £30k a week, to pay £3k a week more to play at its own ground will solve anything at all?

Anyway, if the petition doesnt have the desired effect, lets all hope the same group of people who dealt with Hamilton extend similar greetings to Moss and Roberts.
 
agricola said:
Anyway, if the petition doesnt have the desired effect, lets all hope the same group of people who dealt with Hamilton extend similar greetings to Moss and Roberts.
Click to expand...

They will. WST will work away professionally as they always do, and I suspect the Dismal Jimmies will be making a return soon.

Placid - cheers fella.

Long live Dismal Jimmy

 
From today's Guardian:

Wrexham FC is up for sale without the enticement for potential buyers of either a home ground or valuable development property it owned until recently. The Welsh club's owner, Geoff Moss, who made millions from the sale of his Elegant Resorts firm to Thomas Cook in 2008, had injected £4.9m in (at times interest‑bearing) loans in the three years after taking Wrexham out of administration in 2006. In late 2008 Wrexham's wage bill was £1.99m, financed on just £1.895m of turnover; there were also £1.186m of unspecified "administrative expenses" on top. The club repaid Moss £5m of his loans in June 2009 when he bought a tract of its land for £6m, where he is building student digs. Ian Roberts, a Wrexham director since March 2009, told Digger that an independent market valuation of the land was not taken. The club, minus its development land, is now for sale, the £1m land-sale profit spent.

According to the going-concern clause in the club's audited accounts, Moss and Roberts pledged to meet its cashflow needs for "at least 12 months" from last August. But less than five months later Moss has announced he will separate the Racecourse Ground from the club. It will reside with the Wrexham Village parent company he and Roberts own.

"Geoff has never received any money back," said Roberts, explaining that buyers in negotiations want only the club's intangible assets – the player registrations (and associated wage costs) – not its property. So we must assume that prospective new owners would be happy to pay Moss and Roberts £150,000 a year in utility and maintenance costs for use of a stadium they will not own.
Click to expand...

http://www.guardian.co.uk/football/2011/jan/11/geoff-moss-wrexham-sale

It gets murkier and murkier. How much money has Moss taken out of the club?
 
Precisely. Moss & Wrexham Village have, imo, intentionally ran up debts (to themselves, at a rate of return) which both generates an income for them and provides justification for later asset-stripping. Exactly the same MO as Hamilton, but slicker. You'll notice the article points out that no valuation was done of the land sale for £6 million. The total revenue from the development of that land is up to £60 million so you can perhaps see why they were keen to avoid valuations...
 
Exceptionally dodgy, though the RFL being the possible beneficiary does provide an odd sort of boost - at least if the loan falls through the ground goes to them (who can then be pressured), and not to some property development / venture capitalist type firm.
 
agricola said:
Exceptionally dodgy, though the RFL being the possible beneficiary does provide an odd sort of boost - at least if the loan falls through the ground goes to them (who can then be pressured), and not to some property development / venture capitalist type firm.
Click to expand...

More likely to lead to assets being sold off to satisfy the loan, no?
 
The FA and Football League are ultimately to blame for these owners wrecking clubs and the communities that create them. Since the football
associations are run by the money men and their cohorts themselves they dont care. You cant expect the tories to give a fuck either, but football needs new rules and structures imposing on it, ownership limits, veto rights for members/supporters.money has long since killed the spirit of the game, and until , new rules are defined, then football, will continue to be a joke, and all clubs are at risk from these vultures.
 
Supporter representation on every board, and no supporters reps appointed by the fucking owners/landlords but elected by and accountable to the trust with strict term limits and right to recall. Municipally owned stadia wouldn't be a bad fucking idea either.

Accountability and community influence, in short, and as many fans-owned clubs as we can get.
 
Proper Tidy said:
More likely to lead to assets being sold off to satisfy the loan, no?
Click to expand...

Perhaps, but what else is there to sell off? In any case the RFL can at least be badgered, pressured or otherwise interfered with by the fans, the local council and (though this is very unlikely to happen) by the various FAs - it is a lot better than the ground potentially being in the hands of a bank, developers or the next group of spivs who will try and exploit the club. In fact one wonders whether the Welsh FA should look to take the ground over if the RFL end up with it, certainly they need representation north of Cardiff and there are very strong practical, geographical, financial, moral and historical reasons why they should (or rather must) do so.

Of course it would be best if the ground stays with the club, though of course at the moment that leaves it with Moss and Roberts and will (if they are removed) leave it at the risk of similar behaviour further down the line.
 
Proper Tidy said:
The ground
Click to expand...

Well yes, but if that is security on the RFL loan can they legally sell it?

In any case, the Wrexham story was (astonishingly) even on Sky Sports News earlier this evening, albeit it was presented as an example of unfairness given how Crusaders were able to get a loan off them whereas Wakefield werent, even though neither Wakefield nor Crusaders own their own ground.
 
It's essentially securitisation - loading the club (Wrexham FC 2006 Ltd) with more and more debt. Of course we're already in hock up to our eyeballs to Moss anyway, but it all provides further justification for 'selling' the ground (to Moss, natch) to settle the debts. Plus allows WV/Moss to play off the two clubs on each other, thereby weakening interventions from the council, Welsh assembly, etc.

Although given that the board of Wrexham FC 2006 Ltd have agreed to a charge on the ground for a loan to an entirely different trading entity and which offers no benefits to Wrexham FC 2006 Ltd, it does seem to open up a challenge to the board on the grounds of not acting in the best interests of the company - which incidentally is what brought Hamilton down...
 
Latest goings on:

http://www.dailypost.co.uk/news/nor...-quits-as-wrexham-fc-director-55578-27989374/

One director, Atkinson, quits as director of the club - but remains director of Wexham Village. Not that it makes any odds cos none of the club directors are acting in the club's best interests anyway.

This follows the resignation of another director, Paul Retout, who is up in court on theft and fraud charges soon...

Oh, and the Cru cash cow we were promised...

http://www.dailypost.co.uk/news/nor...s-crusaders-owed-more-than-2m-55578-28003786/

THE Crusaders owed more than £2,053,000 to 148 companies, agencies and authorities, a new document has revealed.

Yesterday the extent of the rugby league club’s debts at the time they went into administration last year were laid bare in a creditors list from administrators O’Hara and Co.

And it was not just South Walian companies left short, with about 10 local financiers involved, including Wrexham council
Click to expand...

Rotten.
 
Right behind you mate .... always had a soft spot for Wrexham what with Denis Smith & Mickey Thomas links with my team !! Good Luck !
 
Fuck.

From BBC Non League:

Wrexham sold, moss retains stadium.. Thoughts

then:

Statement expected from #Wrexham later our sources say.. we have yet again requested an interview with the board or at least a memeber of

Posted up 13 mins ago.

At odd with Deanos comments post-game on Sat: "I would have known if the club was sold".


I have closed other threads as alot were speculation on Friday night / Saturday, so to keep the 'timeline' cleaner please post updates on this thread.
Click to expand...

http://www.redpassion.co.uk/forums/wrexham/70542-club-sold-without-ground-offical.html

We have now officially been asset-stripped.

Fuck.
 
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