Accounts now published for the year ending june 2010 state that wycombe wanderers made a loss of 1.7 million and operating costs were up to a record 6.8 million,well done steve hayes for yet more incompetence in running and ruining our club.we cant go on much longer like this and it makes it very clear we cannot trust this man any more,and these figures make the building of the hayesdrome in booker look even more of a joke.go now and takes those pests with you
How did we get from a club back in the 90's that managed to wipe its own arse financially, be relatively successful and make fairly significant signings. To now a club that signs nearly all its players on free transfers, loses ã1.7m per annum and has the added financial support of a rugby team? Oh, but i forgot we have really friendly backroom staff and great stewards. We also have swipe card entry and have won the family club of the year.....hmmm do i sense someone has their priorities wrong here???
frightening losses for your club,and as you say it cant go on,our accounts havent been issued yet,but bet the figures are frightening as well,somebody is going to fold shortly,surely?We had losses of one and a half million in our bsp promotion season,we just happened to have a lottery winner supporter and director who had won 15 million pay our debts,we were very fortunate and grateful,we would probably of gone if not for him,none of our clubs can go on like this,the answer i am not sure of though
I'm sure moving to the new 20,000 seater (PUT SPONSOR'S NAME HERE) Stadium and perhaps a name change to London Wanderers will solve all of these little financial blips. Sign up now for one of those lovely Hayes Park apartments just off Hillbottom Road to avoid disappointment.
Quite simply, a league 2 club should not be in this kind of debt and paying rent on a 20,000 seater stadium will do nothing to improve it. Answers please, Mr Hayes.
i presume the proceeds from the sale of adams park will go towards the new stadium or will hayes have it and do a runner leaving us in the lurch
I think that is what the Black and White campaign want to know Rocky. I for one would not mind particularly a new stadium if Hayes was footing the bill and it would belong to WWFC. If one were a cynic, one might think that once the council cough up for the White Elephant, he sells Adams Park for development and trousers many millions. Then loses interest in sport. Until we see the figures no-one is quite sure...
I see he's taking us in the right direction. What a disgrace. I'm tempted to draft his good bye speech and see how it compares. I can almost read his reasoning for leaving. So sincere...not. I will be very surprised if he stays once he's got his money from the sale of Adams Park. Could be a long wait though. Hopefully the Council will tie him up (figuratively of course, although I'm sure literally that would be quite popular). Just the boost we need for the run in. I had to delete the final line before posting but you can imagine the gist.
i dont really know what else to say about steve hayes,as slasher says we were better off in the oneill days and had about five per cent of the backroom staff we have now.as i have said before i am proud of our non league history and if we have to take administration and relegation to non league to get rid of hayes and his cronies i would take that anyday as long as it meant we could survive.HAYES GET OUT OF OUR CLUB AND TAKE THOSE EGG CHASING PARASITES WITH YOU.
If Hayes was a true fan then his investment wouldn't be in the form of loan notes, it would be gifted to the club. But, as we know, he is a businessman and only wrote part of the debt off in return for total control of the club. The sad thing is that any normal business would be at least trying to cut their cloth accordingly in the face of such losses. It is obvious that he has let the club accrue debt in order that WWFC has now become beholden to him and his cash. He has a grand plan, which i'm not sure he is sharing with us in totality. Add London Wasps in to the mix and this leads to even further uncertainty. If Wasps become successful again and a profit making club, then what happens to lowly Wycombe Wanderers? So many questions and so few answers from Hayes. The future for the club is definitely uncertain and a cause for concern for all fans.
the latest statement by hayes spin doctor and local muppet claims we are exagerating facts and figures ,just who does leslie clarke think she is talking to,we are not stupid we know whats going on and she had better watch out when the elections come around because the crap she is coming out with may well cost her her job.its not us fans hiding the truth.
Wasps have still not filed accounts for the 2009/10 saeson that were due end of March this year so its difficult to see what Hayes is actually doing. I guess he is actually keeping the money he should be paying Wycombe in the Wasps accounts. Hayes bought 2.9 million UKP of shares to let the club repay the old loans to the previous shareholders. If anything happens to the club he loses this money as the bank has first call on the assets, then his loans. As I said before Wasps should be contributing about 2 million a year to the running costs of Adams Park. Currently they are providing about a third of that amount. If they had paid this for the last three years we would still be showing a small profit. I don't think that the owners of one business can run that business down to benifit another business they own so I need to check the lageal aspect of his actions.
OK more info:- Wasps are technically insolvent according to their 2009 filed accounts. Whats interesting is that their 'cost of sales' exceeds their 'sales'. Presumably someone is invoicing for management charges or something similar as I cannot see how you can run a business where your sales are less than the cost to make those sales. Directors pay at Wasps went up from 135k pa to 236k pa. Salaries went up from 4.9m to 5.7million with the addtion of one player and one man. Admin exps were 1.9m in 2007/8 and 2.2m 2008/9. Wycombe accounts the loss already stated with running costs 0f 6.8m of which staff (players and support) running at 4.2m. From a technical point of view I don't know why they are depreciating the land and buildings when I think they should revalue them and improve the balance sheet.
Great to have you on board New-wycombe. Re the Fraud Squad. My wife was an Audit Manager and investigated a number of frauds (including initial detection) and worked closely with the police in different countries and with the Fraud Squad, resulting in court hearings and every one successful (even outside UK). Do you think we should put her on the case?
morning ron,i think it would take the fraud squad an eternity to sort out this mess,especially where the bungs to the council are going
I have checked and directors can be liable for all debts of the club if they continue to run while insolvent. However if shareholders/dirctors give guarentees to underwrite any debt then the company continues. What we apper to have here is one company (Wycombe) being gradually stripped by another company that has the same directors/shareholders. Actually illegal. Looking at Wasps accounts and taking their turnover of 7.7million, this works out at income average per game of 200k approx. They have approx sixteen to eighteen games at Adams Park so on a 'sharing' basis this would give Wycombe 1.6 to 1.8m pa. I think that we need to ask the directors why they are undercharging Wasps??? I think we also need to ask for a breakdown of the 'runnung costs' to make sure we are not paying 'management charges'.
What is perplexing for me is that we make these losses now , but Hayes et al seem to think that by moving to a bigger stadium (harder to run, increased costs) somehow the debt figures will reduce. Doesn't add up to me. How much will it cost to build the stadium? How can they prove that the better access will pull in more fans? It's hypothetical, there's no statistical evidence that a new stadium would be financially beneficial to WW and until there is we should not move stadiums. We would also lose the rent from Wasps (800k in the accounts figures) - surely it's time to knock this project on the head, I can't see this ''business plan'' proving anything beneficial in the long term. I'll be happy to be proved wrong but I can't see it!
Forgot to add, it seems that those running the club from the top are wasting so much money contributing to the debt. Think about it, just one example - electronic turnstiles at other grounds don't require a sit-in turnstile operator yet ours does... c.20 turnstiles at A.P, each one paid ã20 odd? It all adds up - how much is wasted per match / week / season / year?!?!?!
