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Wrexham HQ transfer 'illegal'
Wrexham Football Club's Racecourse ground has been illegally taken into the ownership of its chairman, says a BBC Wales investigation.
Week In Week Out looked at how the club's main asset was transferred to a company owned by controversial chairman, Alex Hamilton.
Documents relating to the transaction reveal the ground was transferred for nothing to a firm owned by him.
A lawyer has said the transfer was illegal and could be challenged by shareholders.
At a meeting on Wednesday, Mr Hamilton, a former solicitor-turned property developer, plans to sack his fellow directors.
In Tuesday night's Week In Week Out, Wrexham's managing director John Reames will be seen accusing his boss of asset-stripping.
He will also be heard describing Alex Hamilton as "not a football person", and alleging that he bought the club as a "property deal".
A major value asset cannot suddenly be worthless
Lawyer Anne Spanton
"He wanted to make money out of some kind of property deal at Wrexham," claimed Mr Reames.
"My problem with him, is that I don't think he is concerned whether he leaves a football club behind him, and that has become a major problem between us."
Described as the Millennium Stadium of north Wales, the Racecourse has been home to Wrexham football club for more than 130 years.
It is estimated that the ground could be worth at least £10m if planning permission for housing or retail development were to be granted.
The Racecourse ground was transferred from previous owners, the Wolverhampton and Dudley Brewery, to Wrexham AFC for £300,000 in June 2002.
It was then transferred again - on the same day - to Damens Limited, a company owned by Mr Hamilton, for nothing.
With planning permission the ground could be worth £10m
Corporate lawyer Anne Spanton said the transfer was illegal and could be open to challenge by shareholders.
"I've been practising law for in excess of 21 years and I've never seen a transaction like that," she told the programme.
"A major value asset cannot suddenly be worthless."
The programme also investigates the legality of another land transfer involving Mr Hamilton, and highlights supporters' frustration and anger at him, and their hopes of rescuing the club from possible liquidation.
Lindsay Jones, of Wrexham Supporters' Trust, said: "I'm sure the Inland Revenue would be very interested in the fact that Mr Hamilton is moving assets out of the club, when the club actually owes the Inland Revenue close to about £1m."
"I hope they don't find out," he says.
Mr Hamilton declined to comment.
Wrexham HQ transfer 'illegal'
Wrexham Football Club's Racecourse ground has been illegally taken into the ownership of its chairman, says a BBC Wales investigation.
Week In Week Out looked at how the club's main asset was transferred to a company owned by controversial chairman, Alex Hamilton.
Documents relating to the transaction reveal the ground was transferred for nothing to a firm owned by him.
A lawyer has said the transfer was illegal and could be challenged by shareholders.
At a meeting on Wednesday, Mr Hamilton, a former solicitor-turned property developer, plans to sack his fellow directors.
In Tuesday night's Week In Week Out, Wrexham's managing director John Reames will be seen accusing his boss of asset-stripping.
He will also be heard describing Alex Hamilton as "not a football person", and alleging that he bought the club as a "property deal".
A major value asset cannot suddenly be worthless
Lawyer Anne Spanton
"He wanted to make money out of some kind of property deal at Wrexham," claimed Mr Reames.
"My problem with him, is that I don't think he is concerned whether he leaves a football club behind him, and that has become a major problem between us."
Described as the Millennium Stadium of north Wales, the Racecourse has been home to Wrexham football club for more than 130 years.
It is estimated that the ground could be worth at least £10m if planning permission for housing or retail development were to be granted.
The Racecourse ground was transferred from previous owners, the Wolverhampton and Dudley Brewery, to Wrexham AFC for £300,000 in June 2002.
It was then transferred again - on the same day - to Damens Limited, a company owned by Mr Hamilton, for nothing.
With planning permission the ground could be worth £10m
Corporate lawyer Anne Spanton said the transfer was illegal and could be open to challenge by shareholders.
"I've been practising law for in excess of 21 years and I've never seen a transaction like that," she told the programme.
"A major value asset cannot suddenly be worthless."
The programme also investigates the legality of another land transfer involving Mr Hamilton, and highlights supporters' frustration and anger at him, and their hopes of rescuing the club from possible liquidation.
Lindsay Jones, of Wrexham Supporters' Trust, said: "I'm sure the Inland Revenue would be very interested in the fact that Mr Hamilton is moving assets out of the club, when the club actually owes the Inland Revenue close to about £1m."
"I hope they don't find out," he says.
Mr Hamilton declined to comment.
