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Dickens consortium nears takeover of Welsh Wrexham
England - 11 July, 2006
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Wales' Wrexham hopes to be out of administration and into Neville Dickens' hands by the end of next week.
Officials are confident the Football League will ratify a proposed takeover bid in London Thursday, and the consortium led by local businessman Dickens will take control.
"It's been a long process, but safeguarding the best interests of the club has been paramount to all," said a statement on the Wrexham website.
Wrexham went into administration in December 2004 with debts of GBP 4 million, and were docked 10 league points.
Creditors accepted the Dickens consortium rescue plan in May to receive about 28p for every pound owed.
Under Football League rules, Wrexham had until 3 June to come out of administration or be expelled from the league. On 6 June, the Football League Board voted to accept the takeover bid and said the plan had met the 18-month deadline.
Officials are confident the Football League will ratify a proposed takeover bid in London Thursday, and the consortium led by local businessman Dickens will take control.
"It's been a long process, but safeguarding the best interests of the club has been paramount to all," said a statement on the Wrexham website.
Wrexham went into administration in December 2004 with debts of GBP 4 million, and were docked 10 league points.
Creditors accepted the Dickens consortium rescue plan in May to receive about 28p for every pound owed.
Under Football League rules, Wrexham had until 3 June to come out of administration or be expelled from the league. On 6 June, the Football League Board voted to accept the takeover bid and said the plan had met the 18-month deadline.
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