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Last Updated: Tuesday, 1 August 2006, 11:35 GMT 12:35 UK
Cash loan delays Wrexham FC deal
Aerial photo of the Racecourse - photo: Ted Blair
The plans involve redeveloping the Kop end of the stadium
A loan from property millionaire Steve Morgan is one of the main "hiccups" delaying the sale of Wrexham FC.

Mr Morgan plans to lend money to Wrexham, but that could prevent him one day becoming a director of Liverpool FC, where he is a shareholder.

Neville Dickens, the man leading the takeover, said he was expecting a call from the Premier League which he hoped would resolve the problem on Tuesday.

The troubled club has been in administration since December 2004.

Mr Morgan, who launched building firm Redrow, was not available for comment on Tuesday, but it is thought his loan was crucial to the deal.

Premier League spokesman Dan Johnson said: "We have rules disqualifying a person acting as a director at one club if he has power to influence another club."

This has to be resolved by Friday - we are ready to go but there are still stumbling blocks to overcome
Dave Acland

Mr Morgan is now chairman of Harrow Estates, the development company which is the preferred candidate to develop part of the Racecourse ground.

The plans involve a new stand, along with private apartments and student accommodation.

Wrexham FC and its administrators have been trying to finalise a deal to bring the club out of administration since May, when the club approved a take-over by the consortium led by car dealer Mr Dickens.

"Be patient"

Dave Acland, from administrators Begbies Traynor, said there were "hiccups," but added they were still ready to complete the deal by the start of the season on Saturday.

He added: "This has to be resolved by Friday. We are ready to go but there are still stumbling blocks to overcome.

"Political pressure is being exerted to try and speed things up."

Ian Lucas, MP for Wrexham said he had been in talks to try to ensure the deal is done by Friday.

He added: "I don't think the issues are insurmountable. They are procedural issues that can be resolved.

"There is a real desire amongst everyone involved to get this sorted out. People have got to be patient."




SEE ALSO
Council loan to help Wrexham FC
21 Jun 06 |  North East Wales
Wrexham FC takeover gets go-ahead
30 May 06 |  North East Wales
Smith backing new Wrexham buyer
30 Apr 06 |  Wrexham
Ex-soccer club directors' inquiry
21 Apr 06 |  North East Wales
Wrexham FC revamp plan revealed
12 Apr 06 |  North East Wales

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