The Padel Project at WLTSC

Dear [[firstname]]

In May we talked to you about the financial position of your Club and of a few of our aspirational projects.

Aspirational because we do not have the reserves to fund major capital projects, and I am reluctant to expose the Club to additional borrowing.
If we are to move the Club forward we need to invest in its future and future proof its existence for generations to come.

To provide a strong base from which to grow we need to increase revenue streams and that will require recognising that we have to change to meet future demands and that we must manage a growth in our membership.

Your Board has agreed that the route forward which will meet those challenges is to invest in Padel and Pickleball courts, providing additional revenue and attracting new membership.

Over the past 18 months we have done extensive research and worked closely with like-minded clubs to understand their journey into Padel and to see the positive impact that it has had upon their finances.

There are many documented stories about the growth of Padel and we have used detailed information from Solihull Arden and East Gloucester Clubs to build a model of the potential that Padel can provide for us. Each one of the assumptions in our model can be supported by actual data from East Gloucester who have shared their MyCourts utilisation data with us.

Using the data that we have obtained, coupled with research data from the LTA, we have created an investment and revenue model based upon installing 3 Padel courts at WLTSC.

I have attached that model to illustrate.

It assumes utilisation growing from 40% in the first year to 60% in the third. We have assumed a members charge of £10 per hour per court and a visitors (non-members) charge of £25 per hour.

At this stage we have a number of quotes and we have used a high-end figure of £300,000 to install the 3 Padel courts plus an all-weather surface that can be marked out for tennis and Pickleball.
Having spoken with the LTA we are assuming an interest free loan of 60% of the project value, repayable over a 5-year period.

In order to provide the additional funding of £120,000 from WLTSC member contributions we are proposing to offer 5-year Debentures with a minimum of £1,000 which will attract an interest of 1% above base rate payable in years 3 to 5. The capital amount will be repaid at the end of the term.

This proposal commits the Club to an ongoing financial liability and as such it will be necessary for us to call an EGM of members which will both be asked to approve the project and to approve the financial details of the debenture scheme.

Prior to calling an EGM I am inviting pledges of monies from members wishing to invest in the scheme.

During this process we will revalidate existing quotes and obtain further quotes from potential suppliers who have been held at arm’s length until now.

Only once we have a positive vote at the EGM will we commit any funds to drawing up detailed plans, submitting them for planning approval and finalising our chosen providers.

All monies received as part of the Debenture scheme will be held in a unique account and will be used for this Padel project only.

The growth of Padel and Pickleball continues to rise. East Gloucester and Kenilworth are in the process of adding more Padel courts, Barnt Green are introducing new courts, and you may have read that The Mount Golf and Country Club at Perton have planning permission to build two courts.

Now is the time for WLTSC to build on our reputation as the premier Racquets and Fitness Club in Wolverhampton.

If you would like to pledge to invest in our Debenture scheme please contact me directly by replying to this email or call me on 07919 575891.

Yours in Sport
Steve Chilvers
Chairman and Director

26/07/2024

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