Wycombe owner Rob Couhig insists the club will survive the coronavirus crisis but has warned he may have to make some “undesirable” decisions in the process.
The American, who only completed his takeover of the League One club earlier this season, says he is exploring loan options – including those offered by the government – with the aim of preserving the club’s cash flows and assuring its future.
In an open letter to the Wanderers board, Couhig revealed the players will not train for the foreseeable future, doing personalised programmes from home, and the stadium at Adams Park is running with minimal staff
“The club will survive this crisis,” he said. “It’s our intention to come out the other side in a better position and financially able to survive long into the future.
“We also know that the club will have no revenue for the foreseeable future. However, we have certain expenses that must be met and we will meet them.
“While it is true that the EFL has made arrangements for some funding now, this money is basically money that was already due to the club in the future. This is also true with our tax obligations. While we can delay payment, it’s only that; a delay, not relief. In essence, we are borrowing from our future to continue as best we can in the present.
“We are also looking into the potential of government-backed loans for organisations similar to ours. Again, it’s important to recognise this money has to be paid back. We will need to fundamentally change our method of operation and commit to producing net revenues if we are to avail ourselves of these loans.
“I am not going to request a loan that will only allow us to return to where we were before the interruption. If we are to borrow money, it must produce the revenue necessary to pay back the loan plus a reasonable return for the risk involved in borrowing the money.
“The government has made arrangements to provide certain assistance for employees. We are examining these options to see what we can do to help the club maintain the income for our employees.
“The next weeks are going to be difficult ones. I am committed to working with our employees and staff to do those things that are most likely to preserve the club.
“While some of my decisions may have undesirable short-term ramifications and provoke some adverse reactions, please know that each decision is being done with the hope and expectation that it will make the club stronger now and sustainable into the future.
“I have great confidence that we will get through this together. Your Wanderers will be a source of great comfort and pride in the future. But for now, we must all do our part.”
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