Wrexham Football Club's historic Racecourse ground has been illegally taken into the ownership of its chairman, a BBC Wales investigation reveals.
As the future of one of Wales' oldest football teams hangs in the balance, Week In Week Out investigates how the debt-stricken Wrexham club's chief asset was transferred from the club to a company owned by controversial chairman, Alex Hamilton. Documents relating to the transaction reveal that the ground was transferred for nothing to a company owned by Mr Hamilton.
The club has debts of more than £2.5m, including £880,000 owing to the Inland Revenue, and has been given notice to quit the Racecourse by Mr Hamilton - a Cheshire businessman who owns 78 per cent of the club's shares and now has control of both the freehold and leasehold of the ground.
At a meeting tomorrow (Wednesday) Mr Hamilton, a former solicitor turned property developer, plans to sack his fellow directors.
Wrexham AFC's managing director, John Reames, speaks out on tonight's programme and accuses his boss of asset-stripping. Mr Reames tells the programme: "He is not a football person. He bought Wrexham as a property deal. He wanted to make money out of some kind of property deal at Wrexham. My problem with him, is that I don't think he is concerned whether he leaves a football club behind him, and that has become a major problem between us."
Described as the Millennium Stadium of North Wales, the Racecourse has been home to Wrexham football club for more than 130 years. It's estimated that if planning permission were granted for housing or retail development, the ground could be worth at least £10m. Transferred from previous owners, the Wolverhampton and Dudley Brewery, to Wrexham AFC for £300,000 in June 2002, it was then transferred yet again - on the same day - to Damens Limited, a company owned by Alex Hamilton, for nothing.
Corporate lawyer Anne Spanton says the transfer was illegal and could be open to challenge by shareholders. She tells the programme: "I've been practising law for in excess of 21 years and I've never seen a transaction like that. A major value asset cannot suddenly be worthless."
The programme also looks at the legality of another land transfer involving Mr Hamilton, and highlights supporters' frustration and anger at Alex Hamilton, and their hopes of rescuing the club from possible liquidation.
Lindsay Jones, of Wrexham Supporters' Trust, says: "I'm sure the Inland Revenue would be very interested in the fact that Mr Hamilton's moving assets out of the club when the club actually owes the Inland Revenue close to about £1m."
He adds, "I hope they don't find out."
8 янв 2011
