Dons Trust and AFC Wimbledon Finance UpdateBRIDGING LOAN REFINANCED
We would like to update fans on the financial situation and deliver the very good news that the initial April 2022 refinancing target has been met. At the end of April, the MSP loan that was secured against the stadium will be repaid which means the club will be free of any secured debt. This is down to the incredible efforts of Plough Lane Bond investors, a further sale of equity and a short-term loan from Cherry..
Financial update: Refinancing plans ahead of April 2022Following on from our financial review at the end of the 20/21 season, the Dons Trust Board and AFC Wimbledon PLC Board would like to update members and fans on the overall picture as the refinancing deadline of April 2022 approaches.
We wrote in June:
“The most critical challenge facing the club and Trust is to refinance the £4.6m bridging loan by spring 2022.”
This remains the case. The PLC Board, Dons Trust Board and Finance Committee have been working..
Finance Committee: Request for volunteersWe are looking for suitably qualified volunteers to join a Finance Committee, which is being formed to devise and implement a refinancing strategy for AFC Wimbledon’s borrowings.
The background is that, through the Plough Lane Bond, the development loan from MSP Capital and the Dons Trust Bond, the AFC Wimbledon group is taking on borrowings of around £10 million. The development loan will be repayable in early 2022 and the first maturities under the Plough Lane Bond fall due in..
Ed Leek co-opted onto boardLast night’s Dons Trust board meeting formally co-opted Ed Leek onto the board to provide financial expertise that will help us oversee the football club and financing of the new stadium project.
Ed was one of a number of supporters who responded after the board advertised for help in February. After board members Mark Davis, Jane Lonsdale and Colin Dipple carried out a number of interviews, Ed emerged as the leading contender.
Ed has previously worked for KPMG and currently..
New Trust treasurerWe are pleased to announce that Mukesh Desai has stepped forward to become the Trust’s new treasurer.
Mukesh volunteered following an appeal for help made by the Trust board in February. His offer was formally accepted at last night’s Dons Trust board meeting. Mukesh’s is a non-board role looking after the Trust’s own accounts and finances.
We would like to thank outgoing treasurer Sean McLaughlin for his 13 years of service, including continuing to carry out the role until Mukesh’s..
The Dons Trust Board is seeking a Treasurer and a co-opted Board member.
Following the changes to the board arising from the 2018 elections, we currently do not have a Dons Trust Board member with the appropriate qualifications and experience to serve as Treasurer. The board has therefore decided to advertise the following two unpaid positions.
Please note that, for the right candidate, these two positions could potentially be combined into one board-level position – as has been the case..