Wrexham takeover nears completion

Welsh club Wrexham now has a different outlook after a GBP 3.25 million takeover of the club.
 
Creditors signed off on a deal to net 28p for every pound owed.
The deal was put together by millionaire Neville Dickens and a local consortium.
 
In a separate meeting, shareholders, which included previous owner Alex Hamilton, voted for the takeover.
 
Hamilton, who owns 78 percent of shares, voted by proxy for Wrexham car dealer Dickens and his consortium to take over the club.
 
The club owes more than GBP 5.4 million, but lottery fund Sportlot and the Football Foundation are unlikely to demand repayment of GBP 1 million apiece, provided football continues.
 
Wrexham had debts of more than GBP 4 million at the end of 2004, and were relegated from League One a few months later as the first club to receive a10-point penalty.
 
The club has until June 3 to finalise the deal or it could be expelled from the league because it has been in administration for more than 18 months.
 
"We still need Football League consent to extend the 18-month period," said Steve Williams, of administrators Begbies Traynor. "But I think we have overcome absolutely every hurdle possible. In terms of an outcome, we couldn't better this. We're extremely confident the sale will conclude."
 
Dickens has vowed to push all future profits back into the club and has submitted a planning application to develop the club's stadium. The plans include a new stand, along with private apartments and student accommodation.

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