Player funds won’t be hit by changes in boardroom

CHELTENHAM Town have moved to reassure shareholders over the club’s future ambitions after news of chairman Andy Wilcox’s impending departure was revealed earlier this week.

A letter, seen by our sister website

Gloucestershire Live, arrived with shareholders on Thursday afternoon, confirming the club hope to reach an amicable solution with Wilcox, who has been on the board for the past four years, with the last three of them as chairman.

It also confirmed that manager Michael Duff’s playing budget would not be affected by summer changes in the boardroom.

The newly-promoted League One club also outlined its ownership structure.

It has more than 300 shareholders, but the vast majority of these are held by four individuals or companies: former club director Simon Keswick, CTFC Investments Ltd (which represents a Cheltenham Town supporter based in the Cayman Islands), former club chairman Paul Baker and the Robins Trust.

Those four together own just under 80 per cent of the club. The board of eight directors run the club on behalf of the owners and are in regular contact with them.

All current directors have been appointed because of the specific skills or experience (eg law, accountancy, running businesses or football administration) and because those skills are valuable to the club they are not necessarily expected to be significant shareholders as well.

The only directors also among the top 10 shareholders in the club are the Robins Trust, who are represented by fan-elected director Dave Beesley, and Paul Godfrey.

The club also highlighted that less than 2.5 per cent of its income over the past two years has been provided by cash injections and it is therefore not reliant on its directors or owners for significant benefactor funding in recent seasons.

Cheltenham have emerged from the challenges of the past 18 months in a relatively strong financial position, helped by the sale of players and on-field successes.

The letter concluded with a rundown of Cheltenham’s achievements over the past 25 years - acknowledging Wilcox’s role in the club’s recent triumphs - and a commitment to keep supporters and shareholders informed of developments.