Wakefield chairman plays down money worries

Wakefield chairman Andrew Glover has re-assured fans over the club’s finances, following recent speculation.

The Wildcats were hit earlier this year by the collapse of main sponsor Eric France, who owed the club £240,000, and the club was served a winding-up petition earlier this week.

But Glover, via the club’s official website, has clarified the club’s position.

He said: “We’ve always said we’ll be transparent in what we do and in business cash is king and obviously when it’s good the company will do well, and when it’s bad, the company will struggle.  Our cash flow has taken a couple of massive hits this season, firstly with our main club sponsor going bust owing us £240,000 and our biggest revenue generating fixture of the season against Leeds Rhinos being postponed due to the snow.

“Another large impact we have had on our cash is a legal battle we have had with one of our suppliers. We are nearly at the end of it and hopefully have reached a point of compromise. This has cost us a lot in both time and money and has been a real drain on cash resources.

“The legalities attached to this have created further complications with certain creditors and as such HMRC will advertise a winding up petition on the 11th July. This debt will be repaid before any action and we had hoped they would accept our payment terms without advertising the information.  It’s been a particularly tough six months but we’re getting there.

“There have also been a number of CCJ’s against the company. Some of these are through disagreements with suppliers and others are through straightforward mistakes on our behalf.  There have been nine in total, of which eight are now settled and cleared. We are still waiting for the final paperwork to come through for the last one, and then it will be cleared off.

“We have evaluated our operation and made changes to our account and financial control. 

“The plus side is that we are getting to the good months and have battled through the tough ones, and with our plans for the future we are confident that we can pull it around and keep the wheels on the track.

Glover, owner of local business West Yorkshire Windows, bought Wakefield out of administration in February 2011.

Meanwhile, the Wildcats have commissioned a company called Stadimax to assist with the development of the club’s proposed new stadium.

Be the first to comment

Leave a Reply

Your email address will not be published.