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STATEMENT: Club React to St. Modwen Article

STATEMENT: Club React to St. Modwen Article

Swindon Town officials have issued a statement in reaction to the article published in the Guardian newspaper in reference to an unpaid debt to the construction company St. Modwen.

The statement as published on the official Swindon Town website is as follows...

'The club is aware of the press article in today's Guardian newspaper. Swindon Town Football Company Limited's Financial Statements for the period to 31st May 2009 clearly show this matter as subject to a dispute between the two parties.

This matter referred to dates back to 2003 when the Club's former holding company established a joint venture company, Shaw Park Developments Ltd, with St. Modwen.

Discussions with the parties have been ongoing for some time now and though no resolution has been reached the Club will continue to use all endeavours to bring the matter to satisfactory conclusion.'


---

Way back in December 2007 when Andrew Fitton declared his consortium takeover 'dead' the Swindon Evening Advertiser claimed that Swindon Town's owners saw 'the major hurdle' of the negotiations as the 'repayment of the interest from a £2.8million loan to St Modwen'. Fitton responded by stating that if the club believed 'that the breakdown was down to a loan owed to St Modwen then they are more deluded than I thought.'

Quotes from Fitton in that same month include 'St Modwen are not the issue' when indicating that the Bill Power saga was more of a problem and that St. Modwen were certainly not holding us to ransom'.

Two years on and it seems that St Modwen taking this to press indicates that they are certainly beginning a war with the club.

More to follow...

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Writer:Nellup
Date:Monday November 16 2009
Time: 1:19PM

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