Swindon Sorting Out Cash Woes
Swindon Town's acting chief executive Maryn Starnes has told Swindon Town fans, 'we are managing the situation.' In regards to the CVA Payments due.
Explaining the reasons behind not revealing that the CVA payment for £100,000 had not been made, Starnes stated, 'The situation is that back in June when the payment was due we had the money available to pay, it is still available to pay, but we were already starting to think about the £900,000 payment.'
Starnes revealed that the main reason the club did not reveal why the payment was not made was on the advice of the administrators who have been in charge of ensuring Swindon keep up to date with payments. 'The advice we were given in the summer was that potentially we could roll that £100,000 due this year into a refinancing package with the £900,000.' Starnes said.
Many fans have been wondering what has happened to the £1 Million that former investor Bill Power had put into the club. Starnes has answered that question. 'The bottom line is that the money Bill put in was used to pay bills and effectively it was used to finance the losses.' Starnes finished.