£9m is your real interest in club

A TOP judge yesterday suggested Wrexham FC owner Alex Hamilton's real interest was in getting up to £9m from redeveloping the club's Race-course ground.

Sir Peter Gibson at London's Court of Appeal said any risk to Mr Hamilton purchasing the Racecourse freehold was minimal and suggested profits were his main motivation.

But Clive Freedman QC, acting for Mr Hamilton, claimed the owner wanted to save the Dragons from their financial crisis and had a rescue plan.

This involved building a new stadium, redeveloping the Racecourse and paying off the club's debts.

Former club chairman Mark Guterman and Mr Hamilton invested large amounts of cash to stop the club being wound up and were trying to protect its future he said.

Yesterday Mr Hamilton's legal team was appealing against High Court Judge Norris' decision to vest the Racecourse freehold with the club rather than in the property develop-er's company CrucialMove.

Lawyers for administrators Begbies Traynor argued Mr Hamilton was "fishing" and hoping for "something to turn up."

But Mr Hamilton and the cash-strapped club will have to wait for a decision, as judgement was reserved.

Sir Peter, sitting with two other Appeal Court judges, questioned Mr Hamilton's motivation in gaining the Racecourse freehold.

He said: "The value of the site was estimated at £8 -9m for property development, the risk was minimal and he got it for £300,000."

Sir Peter added: "It was a site that was attractive to Mr Guterman and Mr Hamilton. The real attraction was in redeveloping the site."

But Mr Freedman insisted Mr Hamilton invested thousands in the club to pay off bills. There was no sinister plot to make vast profits at the expense of the club. He wanted to rescue Wrexham FC - in administration for more than a year and up for sale.

The club could lose its Football League place if it does not come out of administration by June.

Mr Freedman said: "There was a false assumption that the development of Wrexham FC would be at the expense of Wrexham rather than for CrucialMove. "It would have benefited the club and Alex Hamilton.

Mr Freedman said Mr Hamilton deserved a proper trial so he could put his point of view forward. He had acted in good faith.

Judges Lord Justice Rose, Lord Justice Dyson and Sir Peter Gibson said they would consider their judgment.