Tails
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« on: Thursday, June 7, 2007, 10:34:09 » |
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http://www.gazetteandherald.co.uk/display.var.1454063.0..phpTHE FANS consortium takeover of Swindon Town could be on the verge of collapse over the £1.2 million "loan" Bill Power invested last year.
The group and the League One club are at a crucial stage in the negotiations but neither will back down in their views over the cash.
Town insist Power's money was for shares in the club, but he says it was a loan to pay off some existing debts.
The Robins have now been given a deadline by the consortium and 53-year-old is prepared to go to court to claim his money back.
Power said: "They have got one option, either agree it is a loan, or the club will go bankrupt.
"They know what the deadline is and if they don't meet it or come up with a reasonable answer then we will quickly take other action.
advertisement"If we go to court it is over and I will be wanting the money back as well as interest. The club would be having to pay for lawyers, which would take more money from them."
Power invested the cash last May but denies they are shares, and believes it would be in the best interests of the club to agree to his terms.
He said: "The money will be going back into buying the club anyway. I have never signed anything.
"All I want them to say is that it was a loan and then we can carry on.
"It is the 11th hour, they have got to make a decision. Once they say it is A then it will be plan B for me."
Power says he is prepared to walk away unless the club give him assurances they are receptive to the takeover bid.
He said: "I get calls from QPR (where he was chairman) every day asking me to help and if they don't want me I will go somewhere else.
"We have got to come to an agreement and once we do, we can move forward."
The club were contacted but claimed they were unable to comment on the issue.
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Richard4acre
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« Reply #1 on: Thursday, June 7, 2007, 10:36:11 » |
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One wuld assume Mr Power's patience is waring thin?
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ne day, The County Ground will be a happy place.
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dogs
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« Reply #2 on: Thursday, June 7, 2007, 10:37:54 » |
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Seems as if they are just forcing the clubs hand after the club taking the piss over the amount time to get a response. Power must know that he would win the case if it went to court, and presumably the board know this and couldn't afford to risk losing.
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Bob's Orange
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« Reply #3 on: Thursday, June 7, 2007, 10:38:04 » |
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One wuld assume Mr Power's patience is waring thin? And with good reason, this has dragged on for ages! If I had invested 1.2 million of my hard earned I would be the same! |
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we've been to Aberdeen, we hate the Hibs, they make us spew up, so make some noise,
the gorgie boys, for Hearts in Europe.
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Batch
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« Reply #4 on: Thursday, June 7, 2007, 10:38:30 » |
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I'd say that the impasse can't go on forever and that if they won't play ball then there isn't much option.
Applying this pressure will bring it to a head.
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Richard4acre
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« Reply #5 on: Thursday, June 7, 2007, 10:40:40 » |
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£1.2 million worth of Share capital, regardless of the premium attatched would surely be a large proportion of a club our size?!? How much would he need to gaurentee a compulsory takeover Glazer style? So regardless of whether its loan or share capital one would assume the board of STFC are fucked?
Come to think of it, anyone know who our shareholders are, and what their stakes are?
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ne day, The County Ground will be a happy place.
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Ardiles
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Stirlingshire Reds
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« Reply #6 on: Thursday, June 7, 2007, 10:43:08 » |
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It also means that if the 'mystery investor’ does exist (let’s indulge them for a second) and produces £x million to invest, Bill is effectively claiming the first £1.2m of that cash. Puts a serious dampener on the board’s ‘it’s all OK, we have an investor’ line. Very clever timing, if you ask me.
The club does not have the resources to fight this. I’m sure they will try to portray this as Big Bad Bill is only in it for the money, but I’m delighted that, at last, things are coming to a head.
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Batch
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« Reply #7 on: Thursday, June 7, 2007, 10:43:19 » |
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I'm not 100% but I don't think compulsory takeovers can happen to a private limited company.
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STFC Bart
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« Reply #8 on: Thursday, June 7, 2007, 10:44:04 » |
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Dont blame BP. This messing around has gone on long enough
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Panda Paws
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« Reply #9 on: Thursday, June 7, 2007, 10:44:20 » |
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£1.2 million worth of Share capital, regardless of the premium attatched would surely be a large proportion of a club our size?!? How much would he need to gaurentee a compulsory takeover Glazer style? So regardless of whether its loan or share capital one would assume the board of STFC are fucked?
Come to think of it, anyone know who our shareholders are, and what their stakes are? If it were a PLC the trigger is 75% ... but we're not, Swindon's a limited company meaning it's not governed by the same rules and, IIRC, a takeover cannot be triggered in this way. |
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Richard4acre
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« Reply #10 on: Thursday, June 7, 2007, 10:45:08 » |
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I'm not that far advanced in my accounting training and don't even know where that falls in it, so i like to picj up what i can from you guys, granted i need to take some things with a pinch of salt or maybe sauce ha ha
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ne day, The County Ground will be a happy place.
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Give us an S
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« Reply #11 on: Thursday, June 7, 2007, 10:57:53 » |
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I look forward to another club statement shortly. Perhaps tomorrow on statement Friday?
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Frigby Daser
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« Reply #12 on: Thursday, June 7, 2007, 11:08:33 » |
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The interest alone will be more than the entire Kingwood donation over the next 5 years.
The board are buggered. They've nowhere to turn.
Any 'investor' will only put money into the cub on the basis that there isn't any pending litigation - and that any that is is fully disclosed - full details. If nothing was ever signed, then the investor cannot be sure that the club won't have to give the money back, and would be plain stupid to invest to cover cost in a loss-making business.
Of course the board will no doubt use the claim that BP hasn't got the interests of the club at heart to sway opinion against him. Legally, thats irrelevant. But hopefully Mr Cryer will remember back to a very similar scenario when Messrs Carson, Wills et al jumped back in, threatening legal action in order to reclaim their monies.
I'm sure Peter Rowe will fill us in.
For the first time, I honestly cannot see what option the club has. BP has an axe over their head, and thousands of fans behind him.
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Arriba
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« Reply #13 on: Thursday, June 7, 2007, 11:21:30 » |
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if power walks away like he has threatend,and demands his money as he seems entititled to.then stfc will be fucked!
there will be no consortium,and another massive debt to add to the others for the current board.
hope the board fuck off sharpish(though unlikely)or it could get alot nastier yet
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sonic youth
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« Reply #14 on: Thursday, June 7, 2007, 11:29:16 » |
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if it's going to get legal, then get the fuck on with it and cut out the media bullshit - this will be countered by a statement from the board and the consortium are probably going to look like mugs. again.
slightly concerned at his threat to pull out - why would the board be worried if he pulled out?
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