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Beeks, Woodward and Kane funded the fans’ takeover
2:30pm Friday 6th July 2012 in League Two
LOANS from businessmen Ivor Beeks and Don Woodward and cash from Brian Kane have helped Wycombe Wanderers supporters buy their club back from owner Steve Hayes.
“Significant loans” from Beeks and Woodward, coupled with “huge support” from Kane enabled the supporters to re-purchase the cash-stricken club they voted to hand over to Hayes four years ago.
Beeks , who has been the club’s chairman for 25 years, accountant Woodward and existing Wanderers director Kane now form 50 per cent of the League Two club’s new board where they are joined by ex-board member David Robertson and supporters Matt Clarke and John Derben.
It has not been made public how much money Beeks, Kane and Woodward have invested or how it will be paid back.
The businessmen’s cash has also cleared the club’s overdraft – although there is a still residual debt owed to Mr Hayes who is believed to have invested in the region of £7million into the club. The size of that debt cannot be revealed after both parties signed a non disclosure agreement but it is known to be interest free and repayable over a considerable period and is said to be ‘significantly reduced.’ Under the terms of the takeover , the Wycombe Wanderers Trust, have bought out Hayes in full, and acquired the club’s Adams Park Stadium and the team’s Lane End training ground.
A separate company – Frank Adams Legacy – has been set up to protect the club’s long-term future at Adams Park.