Wakefield Trinity takeover talks hit new landmark as completion draws closer
Posted: Tue Jun 06, 2023 9:18 am
Talks are quickly progressing regarding a takeover of the Super League club.
Wakefield Trinity's proposed takeover has taken a significant step forward after terms were agreed with the prospective new owners of the club. Rugby League Live understands the agreement has been reached which will now see due diligence commence.
And it is hoped that a deal could be wrapped up within the next four weeks, which would see the club embark on a new era off the field at a time when they face a crucial period on it.
When contacted for comment, Wakefield CEO, Michael Carter, told Rugby League Live: "Whilst I can confirm that the club have had two separate approaches regarding taking over the club, I cannot go into any specific detail at this stage.
"What I would re-iterate is that the current shareholders are united that should a person or persons wish to take over the club and can demonstrate that they are capable of taking it on to bigger and better things, then the shareholders would not stand in the way, nor would they seek any form of payment for shares, or any repayment of the substantial director loans they currently hold.
"There is also no desire to hold on to the new Community Stadium that the shareholders have finally managed to deliver after ten years of hard work, contrary to the malicious rumours that are currently circulating."
Wakefield are currently bottom of Super League after losing their first 13 games of the season. In August, the club's new stand is set to be completed which is expected to generate substantial revenue for the club, while the new hybrid pitch installed will provide the club with another income stream. Collectively, it is hoped the revenue generated will allow the club to spend more money in the future.
In May, Carter told Sky Sports: "We need to earn money out of this pitch, we've forecast to earn £100,000 a year out of this pitch, our forecast to earn out of that (the new stand) is £500,000 a year. That would fuel us to spend up to salary cap and that's always been the ultimate aim. We are where we are, we're fighting like hell to stay up but we have got plans in place if the worst happens, we do bounce back."
https://www.examinerlive.co.uk/sport/ru ... t-27062796
Wakefield Trinity's proposed takeover has taken a significant step forward after terms were agreed with the prospective new owners of the club. Rugby League Live understands the agreement has been reached which will now see due diligence commence.
And it is hoped that a deal could be wrapped up within the next four weeks, which would see the club embark on a new era off the field at a time when they face a crucial period on it.
When contacted for comment, Wakefield CEO, Michael Carter, told Rugby League Live: "Whilst I can confirm that the club have had two separate approaches regarding taking over the club, I cannot go into any specific detail at this stage.
"What I would re-iterate is that the current shareholders are united that should a person or persons wish to take over the club and can demonstrate that they are capable of taking it on to bigger and better things, then the shareholders would not stand in the way, nor would they seek any form of payment for shares, or any repayment of the substantial director loans they currently hold.
"There is also no desire to hold on to the new Community Stadium that the shareholders have finally managed to deliver after ten years of hard work, contrary to the malicious rumours that are currently circulating."
Wakefield are currently bottom of Super League after losing their first 13 games of the season. In August, the club's new stand is set to be completed which is expected to generate substantial revenue for the club, while the new hybrid pitch installed will provide the club with another income stream. Collectively, it is hoped the revenue generated will allow the club to spend more money in the future.
In May, Carter told Sky Sports: "We need to earn money out of this pitch, we've forecast to earn £100,000 a year out of this pitch, our forecast to earn out of that (the new stand) is £500,000 a year. That would fuel us to spend up to salary cap and that's always been the ultimate aim. We are where we are, we're fighting like hell to stay up but we have got plans in place if the worst happens, we do bounce back."
https://www.examinerlive.co.uk/sport/ru ... t-27062796