Wycombe Wanderers are to hold a series of meetings designed to put the club on a sounder financial footing.
Over the past three years the club have lost an average of £1.4M per year and only continues in existence in its present form with the support of one of its directors, Stephen Hayes.
Hayes has produced a plan which if adopted will mean that the club's debt would be reduced by £3M and therefore the balance sheet would be stronger. He is currently owed £6,893,000 by the Club in the form of unsecured loans.
In consideration for the issue of 100,000 Voting Shares and, subject to the shareholders passing several resolutions, Hayes has agreed under a capitalisation agreement with the Company to capitalise £3,000,000 of his loans. making the Club’s balance sheet stronger and allowing the Club to move forward on an improved financial footing.
Wycombe will play in League One next season.