Post by Macmoish on Jan 11, 2011 7:41:47 GMT
Hmmmmmm
Guardian/Digger - Matt Scott
Wrexham up for sale but their ground is not included
• Owner Geoff Moss loaned club £4.9m over three years
• Racecourse Ground switched from club to parent company
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
www.guardian.co.uk/football/2011/jan/11/geoff-moss-wrexham-sale
Guardian/Digger - Matt Scott
Wrexham up for sale but their ground is not included
• Owner Geoff Moss loaned club £4.9m over three years
• Racecourse Ground switched from club to parent company
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
www.guardian.co.uk/football/2011/jan/11/geoff-moss-wrexham-sale