Super League Votes to Assist Cash-Strapped Wakefield
At a meeting held today in Halifax, the Super League clubs, after detailed discussions, voted unanimously to accept a proposal, which will hopefully assist the continued existence of Wakefield Trinity Wildcats and allow the club to remain in the Tetley's Bitter Super League next season should Wakefield's proposed CVA be accepted by their creditors at a creditors meeting next week.
Under stringent terms laid down by SLE, Wakefield must appoint 2 new directors to their Main Board, one of whom must be a suitably qualified finance director. Both appointees must be approved by SLE and should one or both appointees leave the Wakefield Board during the continuance of the CVA they must be replaced by alternative directors approved by SLE. In addition, the club will have to lodge with the SLE Finance Executive their cash flow projections for the forthcoming year together with rolling monthly forecasts and adhere to several other financial control measures.
In arriving at their decision the Super League clubs noted that after due deliberations the Wakefield directors were intending to put forward a modified proposal to their creditors which would increase the amount available to the preferential creditors and do what they could to assist players who may suffer particular hardship as a consequence of having had their playing contracts terminated.
It was agreed that provided Wakefield complied with the conditions laid down by SLE for so long as they remained Super League and/or continued in a CVA they will receive their entitlement of monies under the SLE broadcast agreement.
Super League (Europe) Limited Chairman Chris Caisley commented, 'It was important that the other Super League clubs could be satisfied that Wakefield Trinity Wildcats were doing all they could in relation to their creditors whilst, at the same time, putting forward a business plan which provided the club with an opportunity to become a significant contributor to Super League in the future.'
'It is generally the case that those clubs who find themselves in such dire circumstances are the clubs who make poor decisions and the stringent conditions which we have imposed are designed to try to ensure, as far as reasonably practicable, that the Wakefield club does not make the same mistakes in the future.'
Caisley added, 'The Super League clubs were also determined to agree that today's decision did not create any sort of precedent for the future and that any further CVAs would not be readily accepted. Should another club find itself in this unfortunate position the continued support from SLE would be given very careful consideration.'
For further information please contact:
Andrew Whitelam
Tel: 0113 2441114
Fax: 0113 2441110
Mobile: 0370 993366
E-mail:Andrew@superleague.demon.co.uk.
Under stringent terms laid down by SLE, Wakefield must appoint 2 new directors to their Main Board, one of whom must be a suitably qualified finance director. Both appointees must be approved by SLE and should one or both appointees leave the Wakefield Board during the continuance of the CVA they must be replaced by alternative directors approved by SLE. In addition, the club will have to lodge with the SLE Finance Executive their cash flow projections for the forthcoming year together with rolling monthly forecasts and adhere to several other financial control measures.
In arriving at their decision the Super League clubs noted that after due deliberations the Wakefield directors were intending to put forward a modified proposal to their creditors which would increase the amount available to the preferential creditors and do what they could to assist players who may suffer particular hardship as a consequence of having had their playing contracts terminated.
It was agreed that provided Wakefield complied with the conditions laid down by SLE for so long as they remained Super League and/or continued in a CVA they will receive their entitlement of monies under the SLE broadcast agreement.
Super League (Europe) Limited Chairman Chris Caisley commented, 'It was important that the other Super League clubs could be satisfied that Wakefield Trinity Wildcats were doing all they could in relation to their creditors whilst, at the same time, putting forward a business plan which provided the club with an opportunity to become a significant contributor to Super League in the future.'
'It is generally the case that those clubs who find themselves in such dire circumstances are the clubs who make poor decisions and the stringent conditions which we have imposed are designed to try to ensure, as far as reasonably practicable, that the Wakefield club does not make the same mistakes in the future.'
Caisley added, 'The Super League clubs were also determined to agree that today's decision did not create any sort of precedent for the future and that any further CVAs would not be readily accepted. Should another club find itself in this unfortunate position the continued support from SLE would be given very careful consideration.'
For further information please contact:
Andrew Whitelam
Tel: 0113 2441114
Fax: 0113 2441110
Mobile: 0370 993366
E-mail:Andrew@superleague.demon.co.uk.