Date:Tuesday July 3 2007
Swindon Town will be taken over by a new consortium within the next 8 weeks and will have the money to take the club forward.
Bob Holt has stated that the club finally feels they have found the solution to secure the clubs long term future and be able to disperse the dark financial clouds which have hung over the football club for years.
This development should mean the club can afford to meet their financial obligations and pay the CVA.
Swindon Town F.C Announcement
The Directors of STFC are delighted to inform all fans of Swindon Town that the Wills family and Mike Diamandis have managed to attract significant investment to form a New Consortium that will commence due diligence with the view to taking over from the current Board within the next eight weeks.
Director Bob Holt confirmed today that the New Consortium have committed sufficient funds to both deal with the immediate financial issues plus provide for the Football Club's long-term future development.
'This is fantastic news for all the loyal supporters of Swindon Town Football Club. It has been difficult to secure and attract new investment particularly when there has been such negative press in the local media,' said Holt, adding that the New Consortium 'have demonstrated that, with out any shadow of doubt, they have, in addition to their knowledge of football, the financial status to support the Football Club in its endeavours to gain promotion to The Championship.'
The New Consortium has the full support of Paul Sturrock and his management team, and will bring to the Football Club an added dimension that will both secure and enhance the standard of football at The County Ground.'
'It has been a long time coming but the current Board feel they have at last found the solution that will disperse forever the 'Dark Financial Clouds' that have for too long hung over The County Ground,' said Holt.
Once concluded, the takeover will result in dynamic changes to both the structure and make-up of the STFC Board and off-field Management team. Further details will follow when these have been finalised and approved.
In the light of today's announcement and the forthcoming injection of funds, the supervisor of The Club's CVA, Andrew Andronikou, will be writing to the club's creditors and will shortly provide both the press and the STFC fan base an update in this regard.
Holt hoped that even the most sceptical fan would, in the fullness of time, recognise this news as positive and concluded by saying that he was both 'relieved and thrilled' by this development.
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Date:Tuesday July 3 2007
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