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MEMBERS MEETING 31 st OCTOBER 2012

MEMBERS MEETING 31 st OCTOBER 2012. Agenda. Welcome & Introductions TS Update on Trust and Structures TS Update on Football Club DW Update on Playing Squad DR Update on Operational Issues MC Break (15 minutes)

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MEMBERS MEETING 31 st OCTOBER 2012

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  1. MEMBERS MEETING31st OCTOBER 2012

  2. Agenda Welcome & Introductions TS Update on Trust and Structures TS Update on Football Club DW Update on Playing Squad DR Update on Operational Issues MC Break (15 minutes) Future Plans TS Q & A ALL

  3. Current Situation MEMBERSHIP APPROXIMATELY 850 FOCUS ON COMMUNICATION & VISIBILITY LEGAL BILL OUTSTANDING NOW £5K CLEAR LINES OF RESPONSIBILITY ESTABLISHED COMPANY STRUCTURES WORKING REPORTING STRUCTURES ESTABLISHED

  4. CURRENT STRUCTURES

  5. POST TAKEOVER STRUCTURE DON WOODWARD (JOINT CHAIRMAN) IVOR BEEKS (JOINT CHAIRMAN) MATT CLARKE JOHN DERBAN (OWWSA) BRIAN KANE DAVID ROBERTON

  6. CURRENT STRUCTURE DON WOODWARD (JOINT CHAIRMAN) IVOR BEEKS (JOINT CHAIRMAN) MATT CLARKE JOHN DERBAN (OWWSA) BRIAN KANE DAVID ROBERTON

  7. STRUCTURE FROM 1/01/2013 DON WOODWARD (CHAIRMAN) IVOR BEEKS MATT CLARKE JOHN DERBAN (OWWSA) BRIAN KANE DAVID ROBERTON

  8. CURRENT STRUCTURE GARRY HEATH (CHAIRMAN) KEITH BLAGBROUGH ALAN CECIL TIM GOODE REG RUNDLE

  9. CURRENT STRUCTURE TRUST EXEC TREVOR STROUD (CHAIRMAN) COLIN TREACHER (CO SECRETARY) DAVID COOK (COMMUNICATIONS) DON WOODWARD DAVID ROBERTON MATT CLARKE GARRY HEATH KEITH BLAGBROUGH ALAN CECIL TIM GOODE REG RUNDLE

  10. MEETING SCHEDULE TRUST BOARD:- WEEK TWO TRUST EXEC:- WEEK ONE/ THREE GROUP EXEC :-WEEK FOUR FOOTBALL CLUB:- MONTHLY FRANK ADAMS:- MONTHLY

  11. THE TRUST ROLE Agree priorities and monitor performance of the two subsidiaries Co-ordinate input from supporters in support of the Club Provide operational support as and when needed Co-ordinate feedback from supporters Liaise with Club re specific issues Drive fundraising efforts e.g. Spend & Raise

  12. TRUST ACTIVITIES Developing relationships with Ex-Players Association OWWSA WWISC BFP

  13. TRUST ACTIVITIES Driving the 125th anniversary Wimbledon game! MON evening Museum memorabilia exhibition End of season legends game

  14. TRUST ACTIVITIES Continuing the traditional Trust role ideas@wwfc.com suggestion feedback discussions with Club

  15. DON WOODWARD

  16. THE DEAL DETAILS 29th JUNE 2012 Trust Bought £ 5.9m Loans from S Hayes Trust had put in £ 600k from April to June Directors introduced some funds (FUNDING slide) Trust bought 100,000 ordinary voting shares 100% Ivor Beeks gifted Trust 315,100 non voting shares Steve Hayes gifted Trust 315,100 non voting shares

  17. THE PROCESS DETAILS 29th JUNE 2012 Trust then owned WWFC and created FALL (Legacy) WWFC transferred AP & TG to FALL FALL Took on Loan to S HAYES ( £ 2m) FALL took on Kane family loan FALL assumed Football League £937,000 grant Balance of FALL lent by TRUST

  18. THE PROCESS CONT’D DETAILS 29th JUNE 2012 Trust then loaned balance of acquired loans back to WWFC WWFC wrote off those loans WWFC then wrote back the negative goodwill WWFC balance improved to approx £ 300k deficit

  19. THE FUNDING Details 29th June 2012 Directors put in some temporary funds to :- Pay June payroll balance Pay HMRC Help pay off bank overdraft Catch up oldest creditors

  20. JULYTHE ROAD TO TURNAROUND Year to June 2012 trading loss was £ 1.5m Redundancies required Squad cost shaved C Of Excellence closure in process Review of all activities undertaken Discussions with all key partners

  21. JULY-SEPTEMBER Downsizing mainly completed but took longer due to previous process delays (Inc Wasps) so July and August payroll higher than planned. First Matches run with new staff – lots of visiting away fans Huge disappointment – Contracts are not what we were told in a number of areas , neglect of previous Management evident

  22. JULY-SEPTEMBER Prep & Revision of current year budget , amended as detail emerges June Audit , Change banks, apply Club ethos Get a grip of the Debtors , Creditors and cash-flow - (Discuss Wasps)

  23. BUDGET Original plan was for £400k loss Current aim is to work to approx £550-£600k loss FALL help with cash-flow by delaying cash for rent Massive pressures as Wasps attendances are down and completion delayed several months and cash still not in Cash supported by Ibe discounting and Beavon sale Most high costs (including Manager release) came in first 4 months.

  24. BUDGET ISSUES Previous accounts were so confused (mixed with Wasps) Gate receipts are way down on previous years (Not just a WWFC problem) We are in a lower league but fans generally are not travelling and our poor on pitch showing has lost us support at a time we hope owning our club would see an increase not a decline Need to replace income we thought was there, but isn’t ( Shirt deal , stands etc)

  25. BUDGET ISSUES • 2013/14 can be breakeven but the squad spend will have to fall again unless we have a cup run or are lucky enough to sell some players • We will do our best to generate NON MATCH income (this will take time)

  26. CLUB NEEDS To replace working capital with a Bank loan (FALL) To discuss with shareholders / Trust, Fund raising , capital restructure of WWFC to give the Club a sound operating base To confirm the CLUB should remain supporter owned – we have now secured our ground , so we have options To consider closely volunteer help to reduce match-day costs

  27. DAVID ROBERTON

  28. WWFC Playing Squad PRE-TAKEOVER Playing budget made based upon expected income Budget agreed with Manager Suggested signings by GW delivered

  29. WWFC Playing Squad OBJECTIVE Spend budget to provide a team capable of being very competitive in League 2 Squad to be based upon a balance of experience and youth

  30. WWFC Playing Squad • Watford and York positive • Beavon departure • Injuries cause problems • Change of Manager • Portsmouth , Fleetwood excellent wins • First half of Port Vale competitive • Injuries again cause problems • Barnet and Oxford not great OUTCOME TO DATE

  31. WWFC Playing Squad • Weekly meeting with Manager • Football and managerial matters discussed • Actively seeking alternative squad players ONGOING ACTIVITIES

  32. MATT CLARKE

  33. OPERATIONS Post takeover, culture change required Staff de-motivated Good team spirit developed Winning and better working environment created

  34. OPERATIONS Obvious changes Bar pricing Kiosk pricing Food and beverage quality and delivery More work to do on beer provision

  35. OPERATIONS We are making good progress We are not there yet Bar manager being recruited Delivering better customer service in many areas

  36. OPERATIONS Not everything is working as we would like Low crowds Low take up of buses has led to removal of Stokenchurch service Committed to using Cressex and Chesham services

  37. OPERATIONS We are heading in the right direction KPI's in place to monitor performance No more skeletons in cupboards (Please!) Positive direction from here

  38. OPERATIONS We want feedback, good or bad. Please email me at Matt.clarke@wwfc.com Use ideas@wwfc.com Hopefully not too many to complaints@wwfc.com Every comment received gets a response.

  39. OPERATIONS All of you can help Trust Members and fans can be our best Ambassadors Please help drive custom to the Club on match and non match days We need 850 people telling family and friends about the changes and improvements

  40. OPERATIONS Remember that feeling when the takeover went through This is OUR Club Thank you for listening

  41. MEMBERS MEETING31st OCTOBER 2012

  42. FUTURE STRUCTURE OBJECTIVES To manage the three companies, in a way that gives stability, but allows members a route to joining the Trust board and then the subsidiary boards (after 12 months) To prevent the hijacking of either subsidiary board To ensure that AP and TG are not sold unless a significant percentage of supporters agree

  43. FUTURE STRUCTURE PROPOSAL Trust board elected as current (annual 33% retirement) Subsidiary boards appointed by Trust Board, with a majority of Trust Directors Trust Directors to qualify for subsidiary boards after 1 year Other non Trust Directors to be co-opted on to subsidiary boards based on skills and experience.

  44. PROTECTING AP BACKGROUND Founder Shareholders were given “enshrined rights” Founder Shares were in WWFC Enshrined rights did not specifically prevent sale of AP As Founder members die or lapse, Trust takes control of shares

  45. PROTECTING AP BACKGROUND Over time, Trust will own a majority of Founder shares Therefore in theory, if Trust hijacked then subsidiaries and therefore AP become vulnerable.

  46. PROTECTING AP PROPOSAL New category of Trust membership (Legacy Membership) to be established Qualification will be as for founder shareholders (season ticket holder for more than 3 seasons) For a very short period, any season ticket holder or any supporter who has attended more than 50% of home games for last two seasons, will also qualify “Hard rights” will be granted to Legacy members and will need approval of 75% of Legacy members

  47. PROTECTING AP PROPOSAL Hard rights to include sale of AP or TG, naming rights to Stadium, allowing majority stake holding in WWFC Additional “soft rights” will be granted to all Trust members Soft rights to include:- changing of the quarters, changing strip more frequently, etc (suggestions very welcome)

  48. PROTECTING AP PLANNED OUTCOME Veto of key issues spread across significant number of supporters Route for Trust members to join Trust Board and then subsidiary boards (subject to 12 month qualification) Stable management team for all 3 entities Right of veto for Trust members on key “emotional” issues EGM calling clause if majority of members request

  49. TIMING Initial legal view sought (complete) Consultation period for members to consider and suggest changes/alternatives (30th November 2012) Final Proposal constructed and legal advice sought (December 31st 2012) Approval sought from Members at AGM (Feb 2013) Questions/suggestions to trevor@wycombewandererstrust.com

  50. THE PRIORITIES On field performance Financial stability Fundraising Continued improvement on F&B Your feedback and support

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