Writer: Aaron Hughes
Date:Thursday December 6 2007
Swindon Football Holdings Limited has announced they have withdrawn their bid to purpose Swindon Town FC, leaving the clubs immediate future at risk.
A statement from Fitton`s consortium said: 'On 16 October 2007, a consortium of investors led by Andrew Fitton signed a Heads of Agreement with the major shareholders of Swindon Town Football Company Ltd (the club) under which details terms were agreed for the acquisition of a 75 per cent interest in the club in return for a substantial cash investment.
'The cash investment would have enabled the club to eradicate its debts, in particular those to HM Revenue & Customs and the remaining debts due under the Corporate Voluntary Arrangement, and would also have provided resources to develop the club.
'On 16 November 2007, following due dilligence, Swindon Football Holdings Limited, the company formed by the consortium for the purpose of making the investment, issued a draft contract to the vendors.
'Since that time there has been no substantial progress on the transaction and a number of deadlines have been passed and, based on a conversation with vendors' advisors this morning, it has become clear that it is unlikely that this matter will reach a satisfactory and rapid conclusion.
'Accordingly Swindon Football Holdings Limited has today informed the vendors that it has no other option than to withdraw from the transaction.
'Swindon Football Holdings Limited regrets that, given the amount of time, effort and money that has already been expended, the transaction has failed to complete and gives the club, its staff, players and fans its best wishes for the future.'
Swindon Town are likely to receive further reprimands from The Football League as well as potential winding up proceedings from HM Customs and Excise. The club has also failed to complete it's CVA which was due in the Summer.
The future of the club looks very bleak indeed.
Date:Thursday December 6 2007
STFC: Turnbull Re-Joins Swindon On Loan (Sunday August 2 2015)
STFC: Former Town Loanee Stephens Joins Boro (Friday July 31 2015)
STFC: Liverpool Clash Sells Out (Thursday July 30 2015)
STFC: Town Sign Fabien Robert (Thursday July 30 2015)
JPT Celebrates Ten Years - Swindon (Tuesday July 21 2015)
Swindon Sign Liverpool Starlet On Loan (Friday July 10 2015)
Wes Foderingham Signs For Rangers (Friday July 3 2015)
The Supporters Summit - Swindon (Friday July 3 2015)
Swindon Confirm Ormonde-Ottewill Signing (Thursday July 2 2015)
Anton Rodgers Signs New Swindon Contract (Thursday July 2 2015)
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