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Swindon Football Holdings Limited has announced they have withdrawn their bid to purpose Swindon Town FC, leaving the clubs immediate future at risk.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