WARRINGTON Wolves chief executive John Smith has given thanks to the club's departing directors - who have sold off their shares for just £1.

Smith said that chairman Peter Higham and his board have kept Warrington Wolves alive by putting their hands in their pockets for cash and by providing guarantees.

And Smith said the 'minor hiccough' in the club's history is now over.

Smith added: "I like to regard the last few years as a minor hiccough in the long history of the club.

"We are now going into what I describe as a wonderful phase.

"The new people coming into our club are men of integrity. They want nothing more than to drive this club forward.

"They don't like the situation the club is in and want to see a winning club. They are committed to the club entirely."

Chairman Peter Higham revealed in a letter that the board of directors - Bill Garratt, Eric Worrall, Alan Backhouse and himself - have sold their shares to a consortium for a nominal fee of just £1.

The letter was read out at Warrington's Wilderspool centenary dinner on Thursday.

Higham wrote in the letter: "The board has been looking for new investors for the past 18 months.

"Last week the board agreed to the transfer of our shares to a group committed to the advancement of the club for a nominal fee of £1.

"In return, this group will inject substantial working capital into the club.

"We believe that this arrangement will now enable the club to move forward and offers an exciting future for all of the supporters and the town of Warrington.

"The finalisation of the agreement should be in place by the end of the month and then the new shareholders will be revealed.

"The present board are giving 110 per cent support and backing to the new group and I trust all will do the same."

The club's main sponsors Greenalls are expected to be revealed as one part of the consortium, which is completely in favour of building a new stadium for the Wolves in the Warrington area.

Speculation continues to tie this move to the Burtonwood air base but this has not been confirmed. Other sites were being considered but a vast area will be required as it is planned to link leisure retail business in with the stadium.

Converted for the new archive on 13 March 2001. Some images and formatting may have been lost in the conversion.