Daily Post

Dragons rescue bid hinges on Hamilton

Mark Currie
By Mark Currie, Daily Post

07/12/04

Alex HamiltonALEX Hamilton holds the key to the future of Wrexham FC, said the man in charge of the club's finances last night.

The Cheshire-based property developer must decide about the sale of his majority shareholding in the League One club together with the freehold of the Racecourse stadium.

Insolvency practitioner Steve Williams has been in charge at the Racecourse since the Dragons were placed in administration on Friday.

Last night he said he did not want to become involved in any negotiations between Mr Hamilton and bidders who have come forward since the High Court ruling.

Mr Hamilton said Surrey businessman Andrew Smith was in pole position to acquire his interests, but also confirmed the existence of what he said were serious and credible offers.

Yesterday, Mr Williams said: "As and when we have positive news in terms of a sale or of an agreement in principle, we will let people know."

Stressing his primary duty was to Wrexham's creditors, Mr Williams said the swiftest route to an exit from administration would be for Mr Hamilton either to inject cash or sell out.

He added: "A consensual deal, agreeable to Mr Hamilton and to the creditors, is the ideal solution, which means once a buyer has agreed terms with him, any offer to repay creditors either in full or a lesser amount will have to be decided by them."

Mr Williams said it was unlikely the current offers included previous bids.

But he made it clear his preferred option was a speedy sale, adding: "Alex Hamilton is the major shareholder and unless he consents to what is going on, there is no quick exit route."