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Page last updated at 16:23 GMT, Friday, 19 June 2009 17:23 UK

Wycombe facing shareholding vote

Wycombe Wanderers

Wycombe managing director Steve Hayes has offered to write off a portion of the club's debt, in return for becoming majority shareholder.

But if the plan is not backed by existing shareholders, he says it is likely his funding will end.

Hayes told the club website: "I have always made it clear that decisions had to be made about my financial input at the end of the 2008/09 season.

"Under existing circumstances, I cannot continue making money available."

He added: "I believe my proposal is the only solution for moving the club forward."

Hayes - who also owns London Wasps rugby club, who share Adams Park with Wycombe - owns just under 25 per cent of shares in Wanderers at present, and has made loans worth around £7m to the club.

The club's constitution forbids any individual from holding more than 25 per cent of shares, but Hayes is asking for this restriction to be lifted so he can take control of the club's debt.

He has met with the Supporters Trust, and all shareholders will be asked to vote on his offer at a general meeting early next month.

Chairman and substantial shareholder Ivor Beeks said: "I've worked with Steve Hayes for the past five years and I've been impressed by his devotion to taking the club forward.

"He has an excellent understanding of our history and traditions and there are ambitious plans in place for the future. I am excited by those plans and I have no hesitation in offering my full support to Steve's proposals."

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see also
Ashton departs Wycombe and Wasps
29 May 09 |  Wycombe
Wycombe chief takes over at Wasps
03 Dec 08 |  London Wasps
Wycombe chief joins Wasps board
24 Aug 07 |  London Wasps

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