WREXHAM FC was misused by Mark Guterman and chairman Alex Hamilton, according to the judge who handed the Racecourse Ground back to the club.
Judge Alastair Norris QC said in a written verdict: 'The club has been misused for the benefit of those interested in the exploitation of property assets and they must account for the club for the benefit they have obtained.'
His verdict restored the link between the ground and Wrexham FC, a link which Mr Hamilton broke when he and Mr Guterman created CrucialMove to buy the Racecourse from Marston, Thompson and Eversheads Breweries.
According to the judgment, the pair hoped to redevelop the ground and move the football club on, so bought chairman Pryce Griffiths's 79% shareholding for £50,000 plus £500,000 payable on the sale of the ground.
Mr Guterman took over as chairman and stopped regular board meetings to discuss the club's finances. He convinced chief executive David Rhodes the club should attempt to buy the ground from the brewery.
But the purchase went through CrucialMove and the board, then comprised of Phillip Griffiths, David Griffiths, Dave Bennett and Steve Makreth, was never informed of the plan and never gave its authority for the purchase of the freehold.
Judge Norris said: 'It is fanciful to suggest that Mr Hamilton acted in good faith in relation to the Declaration of Trust.'
The decision means the club should be easier to sell as administrators are in control. Although Mr Hamilton has a voice, he cannot delay the process so much.
Mr Hamilton will still receive £300,000 when the club is sold according to the judgment, as well as what he is owed as a creditor. He was not granted leave to appeal.
Since the decision, three bidders - Neville Dickens and Geoff Moss's consortium, a group led by Mark Guterman and property developer Old House Holdings Plc - have approached administrator Begbies Traynor, though it is expected to be some time before the club is sold.