Just in case it was missed in the other thread ... The statement on the collapse in full.
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 Limited (the Club) under which
detailed terms were agreed for the acquisition of a 75% 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 diligence, 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 the 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.
