Bill Power Is the Key to Takeover

[lambourn red]

Well it looks like we have come full circle;

ANDREW Fitton insists no-one is holding his consortium to ransom but admits the "technical hitch" over future ground development rights could still scupper the whole Town takeover deal.

The Ramsbury businessman revealed after Saturday's 3-2 FA Cup win over Forest Green Rovers how a technicality surrounding development rights for a new stadium now lies in the hands of lawyers as they attempt to solve the impasse.

His latest revelations have led some fans to accuse the selling party of greed but Fitton was quick to dismiss this last night, insisting "everyone" was working hard to seal the deal.

advertisementSome supporters carried a coffin with a wreath on Saturday, which read: RIP STFC' in a symbolic gesture about the club's plight.

Fitton has revealed the major issue is whether the rights are the club's to sell, with former investor Bill Power in the middle of a legal battle over whether he owns shares in STFC or is owed £1.12 million from a loan.

If Power is deemed to have purchased shares then he will also own a percentage of the development rights, with Fitton's lawyers expected to approach Power's legal team some time this week.

Shaw Park Development currently hold the rights to any ground development - a joint venture between Town's Holding Company and St Modwen - but Fitton admits the Power complication' is a major issue.

He said: "St Modwen are not the problem. I think they would do whatever it took to get it done.

"They are certainly not holding us to ransom.

"But fans will remember the Wills family took money from a man called Bill Power and whether or not he owns shares in the holding company depends on a legal process.

"They could only sell the development rights if he does with his approval and, although I am not saying Bill Power would not do this, it is not a five minute process. I don't know what will happen but the sad thing is it could scupper the whole deal."

Fitton was a guest of the Wills family for Saturday's FA Cup win after which he explained to fans why the deal was taking so long.

He said: "What we agreed at the outset was to say we want everything back where it should be; the club, the development rights, the ground - and then we can move forward.

"It just isn't as simple as that. This deal is complicated, in fact it's overly complicated for its size, and we've got to solve those complications.'' The next few days will be crucial to the takeover, with Fitton insisting things could become "very difficult" if the problems are not ironed out this week.

He said: "They say in this life that 80 per cent is certainty. I would say we are somewhere above 50, but less than 80."

Would really like to see Bill Power involved with the Fitton consortium but I can not see this happening.Hopefully BP will take 1.2 Mill and the deal can go through.

[Batch]

Could this not be resolved by the club saying - OK Bill, it was a loan. We'll pay your £1.2M back by Y? Or has it gone to far for that?

I'm sure Fitton was just trying to explain the situation. I am at a loss to explain why if it has been known about for so long we are only now at the stage of contacting Power?

[Samdy Gray]

Could this not be resolved by the club saying - OK Bill, it was a loan. We'll pay your £1.2M back by Y? Or has it gone to far for that?

That's certainly a possibility. Just seems to be one big mess.

The article seems to suggest Fitton has come to some agreement with the HC and St Modwen over a future development.

It looks pretty complicated, but Bill seems a very decent bloke and I'm sure he'll do everthing he can to help.

[sonic youth]

i'm sure if it means getting shot of the current board, bill would be pretty sympathetic and accomodating...

[herthab]

This is a major problem.

BP is currently at loggerheads with the club due to the shares/loan situation.

With Fitton looking at this week to finish the deal I don't think it's gonna happen.

BP, due to the court case, won't be able to have any input in this as it'll mean he does own shares, something he has refuted all along.

So.................Fitton wants to buy the whole package, the current owners want to sell the whole package, but a deal can't be finalised until the other shareholders (BP?) agree to the deal and that won't happen because BP is adamant he hasn't got any shares.

What a fucking shambles................................

[sonic youth]

i'm sure bill is aware of what's going on at STFC through communicating with phil emmell, mike wilkes, mark devlin or any of the trust bods. if he's aware that this is our last chance saloon, am i the only one who thinks he'll swallow his pride and drop the court case?

[wheretherealredsare]

In return for £1.12 million?

[herthab]

The ball's firmly in SSW's court.

I don't think Fitton will stump up an extra 1.12 million, why should he?

BP would probably go for it, as long as he gets his money back, but who's gonna pay him?

Don't want to sound negative or anything, but I really can't see this having a positive outcome.........................

[Peter Venkman]

I would like to think that Andrew Fitton either conceded to Bill Power that he genuinely does own part of the club or gives him his money back.

No matter what I dont want BP to come out of this looking like the bad man, which the club is making him out to be, not sure what Fittons take is on BP but I really would like to think they can come to an agreement over this as BP seems to be a reasonable enough guy.

[herthab]

I don't think BP's a bad guy. Neither is Fitton IMHO.

But what they both are, first and foremost, is businessmen.

BP will want his investment/loan back in full and Fitton won't want to pay out another £million plus for a club thats only asset is a possible ground redevelopment.

[Frigby Daser]

BP wants/deserves his money back.

The club want rid of the whole issue so the takeover can go through. We hope/assume.

The club need to make BP a settlement offer asap if they want this to go through. Obviously finding that figure is easier said than done, and this is all based on the assumption that we know the full story, which would be a first.

But once a figure is decided these things can ahppen v quickly. So it's positive in that we have two people, Fitton and BP, who will want to see to it that the club survies and prospers.

This is a far better situation than what we thought it was last week. Which begs the question - how many supposed 'sources' at the club are actually churning out acurate information. Winding-up order, Diamandis being the major hitch in the takeover....

[Frigby Daser]

I don't think BP's a bad guy. Neither is Fitton IMHO.

But what they both are, first and foremost, is businessmen.

BP will want his investment/loan back in full and Fitton won't want to pay out another £million plus for a club thats only asset is a possible ground redevelopment.

He'll want a proportion of his monumental legal cosst paid too...

[Sussex]

He said: "They say in this life that 80 per cent is certainty. I would say we are somewhere above 50, but less than 80."

No Mr Fitton, 80% is bollocks, haven't you read the splash screen on here.  

[Barry Scott]

Which begs the question - how many supposed 'sources' at the club are actually churning out acurate information. Winding-up order, Diamandis being the major hitch in the takeover....

Very good point. Vilifying certain members of this board is a habit that as members of this forum we all slide into.

Don't have a go people, we don't know exactly what is going on and i'm just agreeing with his point. I dislike the board and want them out as much as any of you.

[Sippo]

Why can't Bill Power be part of the consortium??