Wrexham debts are over £ 5m

Despite a successful on-field campaign where the club won promotion, the League One club made a loss of more than 500,000 in the year ending May 2003. The results show that £ 1m is owed to the Inland Revenue in tax and National Insurance contributions but indicates that the club was in the process of trying to negotiate a deal to pay the outstanding amounts over a long-term period. The financial statements confirm current chairman Alex Hamilton lent the club more than £220,000 during the year with directors putting up nearly £90,000. Despite a reduction in the number of employees, the club’s annual wage bill rose by more than £20,000 to £1.5m. Hamilton is on record as saying the club might be forced to sell its ground and move to a new stadium in order to pay off reported debts of £5m, and is believed to have discussed such plans at a meeting with the local council. Managing director John Reames called the club’s finances ‘critical’ and advocated a move away from the stadium. However, Wrexham supporters trust opposes relocation. The supporters trust has identified a solution that will keep the club at the Racecourse Ground and provide the funding for the redevelopment of one stand. The plan, which was presented by property developer and trust board member Charles Wardle, includes replacing the kop terrace and building 140 luxury flats. Hamilton has not dismissed the idea. Meanwhile, the club income £160,000 in gate receipts on the visit of the Premier League club for a friendly match. The 14,000 crowed proved to be the biggest payday in the Welsh club’s recent history.

Source: euFootball.BIZ © Copyright 2006 - All rights reserved.