UK time is: 05:27:53
Vital Login
Social Login

Choose your club

Other Sites

Network Navigation

Vital Partners

'If It's Football, It's Vital'

Swindon Town Takeover Collapses

Swindon Football Holdings Limited has announced they have withdrawn their bid to purpose Swindon Town FC, leaving the clubs immediate future at risk.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.






Use your social login to comment on front page articles. Login using you Facebook, Twitter, Google or LinkedIn accounts and have your say!

The Journalist

Writer: Aaron Hughes Mail feedback, articles or suggestions

Date:Thursday December 6 2007

Time: 1:40PM

Your Comments

It ain't looking good....
APG_STFC
 

Have Your Say

Log in...
with your social network     OR     with your Vital account

Recent Swindon Town Articles

COOPER: Sheffield United Reaction (Sunday September 21 2014)

Stats: Swindon Town v Sheffield United (Sunday September 21 2014)

Stats: Swindon Town v Oldham Athletic (Wednesday September 17 2014)

Bradford Manager On Swindon Loss (Sunday September 14 2014)

COOPER: Bradford Reaction (Sunday September 14 2014)

Stats: Bradford City v Swindon Town (Saturday September 13 2014)

VITAL PREVIEW: Bradford City (Saturday September 13 2014)

Agombar Heading Out On Loan To Hereford (Thursday September 11 2014)

Archived Swindon Town Articles

List All Vital Swindon Articles
Have your say
Click here to suggest an article
Click here to suggest a poll

League Results (view all)

Latest Results
Swindon 3 - 1 Scunthorpe
Swindon 2 - 2 Oldham
Swindon 5 - 2 Sheff Utd
Swindon 2 - 0 Crewe
Swindon 1 - 1 Coventry
Gillingham 2 - 2 Swindon

League Table (view table)

Team P W D L GD Pts
1. Bristol City 9 6 3 0 11 21
2. MK Dons 8 5 1 2 10 16
3. Peterborough 9 5 1 3 4 16
4. Swindon 8 4 3 1 7 15
5. Chesterfield 8 4 2 2 4 14
6. Bradford 9 4 2 3 2 14
7. Rochdale 9 4 1 4 7 13

Breaking League News

Doncaster : 23/09/2014 22:15:00
Rovers go out after fighting display
Doncaster : 23/09/2014 22:09:00
Sheff Utd : 23/09/2014 21:39:00
DRFC BREAKING: Fulham v Doncaster Roves Teams
Doncaster : 23/09/2014 19:01:00
Crewe close in on defender
Crewe : 23/09/2014 14:18:00

Current Site Poll (view all polls)

Are you happy with the signing of Jonathan Obika?
Suggested By:  
Yes 20%
No 40%
Unsure 40%