Batch
Not a Batch
 Offline
Posts: 55294
|
 |
« on: Tuesday, October 9, 2007, 07:07:39 » |
|
Bob Holt puts pressure on the shareholders and Portuguesers to find a way... (Apologies to those that find the posts about endless boardroom games boring..) (C) Evening Advertiser http://www.swindonadvertiser.co.uk/sport/swindontown/headlines/display.var.1744964.0.swindon_town_holt_time_is_running_out.php
Swindon Town: Holt: Time is running out
Exclusive By Andy Cryer
Comment
SWINDON Town director Bob Holt has revealed the club are "rapidly heading towards insolvency", admitting major shareholders will now be asked for funds to meet medium term needs.
Holt has also revealed Best Holdings' exclusivity over purchasing the County Ground club has now expired, claiming there are other parties now in talks as the club fight to save their future.
Major shareholders the Wills family are expected to receive the request from Town's board for yet more funds today or tomorrow as the takeover saga rumbles on.
advertisement
Portuguese company Best Holdings signed a deal to take full control of the club over a month ago but, as "minor paperwork" remains to be sorted, Holt has revealed there are alternatives.
While the players' pay problems were met late last week, crippling debts still hang over the club and Holt admits it cannot continue.
He said: "I am not a shareholder, we are a working board who report to the shareholders.
"We are writing to our major shareholders on Tuesday or Wednesday and advising them the time has come where additional funds are needed for the medium term or else we are rapidly heading towards insolvency.
"As a board we can continue to trade if it is in the interests of our creditors but as soon as it becomes clear there are not funds round the corner we can't trade on.
"We are a professional board but at this stage it is the hands of the Portuguese and other companies because more funds are needed."
While chairman-designate Jim Little continues to finalise a takeover deal for Best Holdings, Holt admits others have now joined the race for the club.
He said: "There have always been other people in the background.
"When we signed the contract with the Portuguese people they had an exclusivity to it while we dealt with them.
"It is fair to say it has come to a point where that exclusivity has expired."
Sort of spells out the deal is not as done as I thought then, though it is clearly a put up or shut up statement there has to be elements of truth in there regarding the future of STFC  |
|
|
|
|
Logged
|
|
|
|
|
fatbury
|
|
« Reply #1 on: Tuesday, October 9, 2007, 07:25:21 » |
|
the truth at last .... the takeover has broken down!
Rescue us Bill !
|
|
|
|
|
Logged
|
|
|
|
Sippo
Living in the 80s
Offline
Posts: 15582
I ain't gettin on no plane fool
|
|
« Reply #2 on: Tuesday, October 9, 2007, 07:28:40 » |
|
Sir Seton Wills bailing us out again?! Why don't they just admit defeat?
|
|
|
|
|
Logged
|
If my calculations are correct, when this baby hits 88 miles per hour, you're gonna see some serious shit...
|
|
|
ghanimah
Offline
Posts: 3639
|
|
« Reply #3 on: Tuesday, October 9, 2007, 07:28:42 » |
|
Ominous if not really unexpected.
But if the Portuguese chaps walk away how long will talks take with the other parties....will creditors wait that long?
|
|
|
|
|
Logged
|
"We perform the duties of freemen; we must have the privileges of freemen ..."
|
|
|
Nemo
Shit Bacon
Offline
Posts: 21256
|
|
« Reply #4 on: Tuesday, October 9, 2007, 07:38:00 » |
|
I only hope this is as truthful as everything else that comes out of dear Bob's mouth.
|
|
|
|
|
Logged
|
|
|
|
|
STFC_Gazzza
|
|
« Reply #5 on: Tuesday, October 9, 2007, 07:40:40 » |
|
Ofcoruse there is someone in the background :-))(
|
|
|
|
|
Logged
|
|
|
|
|
fatbury
|
|
« Reply #6 on: Tuesday, October 9, 2007, 07:42:17 » |
|
more investors than you can shake a stick at eh Bob! :-))(
|
|
|
|
|
Logged
|
|
|
|
|
magic8ball
|
|
« Reply #7 on: Tuesday, October 9, 2007, 07:42:26 » |
|
I'm sure a normal takeover wouldn't take this long.... Due dilligence and all that shit.... We get one of the best managers we've had in the club's history, and this happens.  |
|
|
|
|
Logged
|
|
|
|
Batch
Not a Batch
Offline
Posts: 55294
|
|
« Reply #8 on: Tuesday, October 9, 2007, 08:02:18 » |
|
I''m still seeing it as a move designed to put pressuer on the Portuguese to force the deal through, or at least bring things to a head.
But if it's taken at face value it is very worrying indeed.
The other thought that occours to me is that directors of a company have legal resposibilities. You can be put in prison if you neglect these responsibities, or at the very least banned from directorship for (e.g.) trading whilst insolvant. Only a fool wouldn't cover their arse!
|
|
|
|
|
Logged
|
|
|
|
RobertT
Offline
Posts: 11694
|
|
« Reply #9 on: Tuesday, October 9, 2007, 08:25:53 » |
|
I''m still seeing it as a move designed to put pressuer on the Portuguese to force the deal through, or at least bring things to a head.
But if it's taken at face value it is very worrying indeed.
The other thought that occours to me is that directors of a company have legal resposibilities. You can be put in prison if you neglect these responsibities, or at the very least banned from directorship for (e.g.) trading whilst insolvant. Only a fool wouldn't cover their arse! Now, that sounds an awful lot like our General Manager to me, so maybe the fool hasn't covered his arse and just expected some foreign idiots to ignore all the evidence that the business was in fact so far beyond being on it's knee's that it was licking the pavement in hope. |
|
|
|
|
Logged
|
|
|
|
Batch
Not a Batch
Offline
Posts: 55294
|
|
« Reply #10 on: Tuesday, October 9, 2007, 08:31:00 » |
|
The fat controler isn't a director and will be made of Teflon. It's Gray, Starnes, Holt, Bowden, Wills (Jim nice but..) et al that will take the fall.
|
|
|
|
|
Logged
|
|
|
|
RobertT
Offline
Posts: 11694
|
|
« Reply #11 on: Tuesday, October 9, 2007, 08:34:51 » |
|
He has all but admitted to being a Shadow Director, in fact Holt claimed he that would be his role in a previous meeting I think. I'm fairly sure anyone with a bit of nous could present a case against him on the basis of him effectively acting as an officer of the club.
|
|
|
|
|
Logged
|
|
|
|
|
