Wrexham buy-out revealed
Wrexham owner Alex Hamilton has agreed to sell his 78% stake in the club to Surrey property developer Andrew Smith, with the deal expected to be completed within 21 days.
Smith, chairman and managing director of United Plotowners Associates Ltd (UPA), opened takeover negotiations with Hamilton over a month ago.
Smith is believed to have originally offered Hamilton more than £2.5m (€3.6m) for both the club and Wrexham’s Racecourse ground, but increased his offer in a bid to secure a deal for the League One outfit.
The amount paid by Smith has yet to be revealed but he will now be installed as the club’s new owner provided administrators Begbies Traynor are satisfied with the deal and Hamilton settles a legal dispute with former chairman Mark Guterman.
A joint statement from Hamilton and Smith said: “The agreement is subject to contract and it is intended that contracts will be exchanged within 21 days from today. The agreement will also be subject to approval by the creditors of Wrexham.”
The Red Dragons entered administration last month, which saw them docked 10 points as punishment and made it 37 of the Football League’s 72 clubs to have entered administration since the year of the Premier League breakaway in 1992.
