New beginnings - 25% Truth, 80% Bollocks

[skiptotheLouMacari]

The club pays 50% less to the JV than it was paying to the Council.

The JV then uses that money towards the ground and not towards general Council running costs.

Club saves on both ends.

Yes it was on a full repairing lease so all issues the club had to pay for structural or not. Now though, we pay the JV which will then release the money to conduct the same repairs.

[ChalkyWhiteIsGod]

Why is there rent to pay for the JV. Thought the whole point was there was no rent.

It's half the previous rate, money to be used on the stadium

[ChalkyWhiteIsGod]

So we’re not saving anything then?

Saving half. 100% really as they get the money back anyway its just allocated to stadium maintenance.

[The Million Pound Man]

If only there was a group who were part of the JV and could quickly dispel such rumours and settle a few fans nerves.

[Leggett]

Can we blame Bennett yet? This is gonna be fun

[Bob's Orange]

If only there was a group who were part of the JV and could quickly dispel such rumours and settle a few fans nerves.

Could you trust what they were saying?

[Batch]

If only there was a group who were part of the JV and could quickly dispel such rumours and settle a few fans nerves.

They did.

It's also in the AB minutes

[The Million Pound Man]

They did.

It's also in the AB minutes

Which part mate ? Happy to retract if wrong

[Batch]

Which part mate ? Happy to retract if wrong

Assume you were on about rent? I'll add the links here

AB: (search 50%)

https://www.swindontownfc.co.uk/siteassets/2022-23/documents/advisory-board-january-2023.pdf&ved=2ahUKEwji_seXyYiEAxUdYEEAHe-nDzIQFnoECBEQAQ&usg=AOvVaw2aEkRo575rrGlkVXhIfJ-M

Can't find the trust one, this mentions rent but not 50% reduction

https://truststfc.com/structure-of-the-purchase-and-lease/

[tans]

Adver bloke on twitter:

I can understand the payments being missed as an ‘admin error’.

But I cannot understand why after being warned by the EFL on November 2 about the late payments and rule breach #STFC did nothing about them until they triggered the fine and fee restriction on November 10.

Especially as on November 5, five days before #STFC reached the 30 day threshold triggering the rule breach, Clem Morfuni issued a statement, via the club, saying there was no HMRC payment issue.

[The Million Pound Man]

Assume you were on about rent? I'll add the links here

AB: (search 50%)

https://www.swindontownfc.co.uk/siteassets/2022-23/documents/advisory-board-january-2023.pdf&ved=2ahUKEwji_seXyYiEAxUdYEEAHe-nDzIQFnoECBEQAQ&usg=AOvVaw2aEkRo575rrGlkVXhIfJ-M

Can't find the trust one, this mentions rent but not 50% reduction

https://truststfc.com/structure-of-the-purchase-and-lease/

Ah I meant the lack of rent payments

[Robinz]

Just perhaps Morfuni is smarter than I give him credit for
"Hey guys it's not my decision we can't buy players... it's the EFL and you can now see how they pick on Swindon"

[RedRag]

Ah I meant the lack of rent payments

That's a question I share with you.  The answer would be one indicator of the good faith/competence of Clem & Co - or otherwise.

I emailed the Trust as follows on Monday:

Your role in the Ground acquisition has now been achieved. It is however difficult to see how the potential of ownership can start to be realised whilst the ownership issues of one of the parties to the JV Agreement remain so unclear. One detail on which it would be reassuring to receive an update, would be:



1. What part of the £100k p.a. to be paid into the JV has actually been transferred to the JV by STFC
2. and when is any balance due to be transferred
3. and clarity if any of that £100k transfer is other than cash (eg loan notes, quid pro quos etc)

[The first year of the Agreement will expire sometime next month]

The extent of a Company's duties of disclosure to 3rd parties (even a "transparent" company like STFC) can be argued.

However, this is a joint venture, so STFC's adherence or otherwise with it cannot be solely a matter for STFC.  I feel we are entitled to clarity here.

[Batch]

Ah I meant the lack of rent payments

Ah.

I guess there is a fine line in transparency between what you pass on and don't. You simply can't pass on everything.

A one off resolved thing not contributing to EFL issues would be a very different from an unresolved or continual issue. IMO.

It should howeever set the spidey senses tingling when added to the weight of other issues.

[Nemo]

Yeah agree with Batch, I wouldn't really expect the Trust to publicise a late rent payment, but it's a red flag that should impact how they approach the club in other areas.

Mind you, the current leadership seem happy to ignore more red flags than a Chinese military parade, so hopefully they know something we don't...