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Financial Mess Continues At STFC

Financial Mess Continues At STFC

Just as you thought things couldn't get any worse at Swindon Town, the financial problems have begun to resurface as the takeover of the club drags on.

Just 3 weeks ago everything seemed so perfect, new owners, Paul Sturrock pledged his future to the club and we signed 2 good strikers, that has now been overshadowed by more financial problems which has seen the players wages delayed this month.

Whilst financial problems are nothing new at the County Ground, the club is still 3 months in areers on its CVA bullet payment of £900,000 it was due to pay in June.

Jim Little and his backers had promised to pay all the clubs current liabilities and put the club on sound financial footing.

Sticking points in the negotiations have been rumoured for some time and the Swindon Advertiser has stated the new owners want assurances that once a takeover goes through they don't want any historical debts to jump out at them.

In response to all the latest drama at the club, Swindon Town have released the following statement to try and ease fans fears that the club is about to go under.

'As the protracted negotiations with Best Holdings with regards to the takeover of the club continue, the STFC Board of Directors has, in the meantime, sought from The Club's major shareholder additional funds to fulfil the immediate obligations and financial liabilities of the Company.'

One hopes that if the takeover does not go through soon that Swindon Borough Council and HM Customs and Excise don't pull the plug on the club.

The Football League are currently aware of the situation and have stated no action is forthcoming but how long will they wait? Will we get a points deduction or even expulsion from the league? no one knows but one thing is for sure, the takeover needs to be completed and be completed soon so we can all concentrate on matters on the pitch instead of what is happening off it.



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Writer:Moonraker1969
Date:Thursday October 4 2007
Time: 5:36PM

Comments

0
Jeez - I hope they pull the plug and put us all out of our 15 year misery!!
Wellsy
05/10/2007 13:58:00
0
I would hate for the club to be wound up :(
STFC_Editor
05/10/2007 17:03:00
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