Daily Post

Rival bidder in the wings

Mark Currie
By Mark Currie, Daily Post

06/12/04

The RacecourseWREXHAM FC owner Alex Hamilton last night revealed the existence of another potential bidder for the financially troubled League One club.

The Cheshire-based property developer, who last week opened negotiations with a Surrey-based company headed by Andrew Smith to dispose of his interests in both the club and the Racecourse Ground, described the fresh interest as "a serious inquiry from people with some footballing background".

Hamilton has previously dismissed overtures from ex-Wrexham chairman Mark Guterman and the fans-backed Wrexham Supporters' Trust.

But despite the new interest, Hamilton confirmed he had been impressed by what he had heard from Smith, who was alerted to Wrexham's problems through contact with City financial analyst Mark Ferguson, twin brother of Wrexham captain Darren.

"Mr Smith is in the lead and his offer fulfils all the other considerations that were missing from the bids put forward by WST and Guterman," he added.

"I will be instructing my lawyers to begin working on the paperwork in the morning."

But although Hamilton is optimistic that a deal can be done, the detailed negotiations still have to be thrashed out with Steve Williams, the court-appointed administrator.

"Mr Smith's biggest obstacle is that he has to satisfy the insolvency practitioners now running the club that his offer, which I understand does not involve full payment to the creditors, will be acceptable to those creditors, who include the Inland Revenue and myself," Hamilton said.