Lee Power

[Cheltred]

Fair play to you, if only it was that easy..
I live too far from Swindon and it was too long ago to have any real contacts or links to the town. My experience is from my trips to town to watch the football, then my mate from work who's cousin became the manager (Sheridan)  was excited but became very gutted, he knew very little about the ongoing shite but knew his uncle was hated and he said his uncle hated the hierarchy and where the club was going but told to crack on. I'm not defending Sheridan but he was told who and how to play. I know Power will stop at nothing to save his own skin and make a quick buck. Sheridan knew we were getting relegated and could do nothng about it because he had orders. Now I'm not saying Power enforced relegation but he knew we were going down months before it happened.
Hence why I'm sceptical and pessimistic about this takeover.

Many of us are sceptical about the takeover until it's happened

[Nomoreheroes]

Concern about alleged dodgy deals in the club - Got it.
We would all like the take over done and dusted - Got it.
There's a process to be followed - Got it.
Lots of money and lawyers involved, so it takes a while - Got it.
EFL due diligence takes time due to complexity of Axis empire - Got it.
None of the steps can be hurried through - Got it.
We don't know if Clem will be a saviour or more of the same - Got it.
Not much time to prepare for the season - Got it.

The bit that I don't understand is £200k rather than £7.5m to buy the club. I don't buy the fact that this was a 'mistake' by Power and/or his lawyers. I understand that it might have been a case of trying to pull a fast one, which was picked up by a motivated buyer's lawyers who saw the opportunity in their clients bid for a hostile takeover - That was the mistake. But, I assume the £200k figure is '£200k plus new owner is liable for all the current debts within the club' hence the statement from Clem saying something about paying all of the genuine creditors (or words to that effect). I don't believe that anyone could make a mistake and sell for £200k rather than £7.5m.

[Jimmy HaveHave]

Good post and I was wondering the same so I'm intrigued to know what the answer is. What was alao alarming was Clem saying in his Viv Morgan interview last month he didn't actually know what the debt was although he had an idea!

[swindonmaniac]

Surely somewhere along the way there must be a list of creditors/debts.  Someone (even if only Power) must know the total debt.
Pretty sure most households know their current financial position, why would STFC be any different.
Would Power be responsible personally for any undeclared debts uncovered after the sa!e ?, Should this be the case I'm sure there would be more skeletons coming out of the cupboard. Probably more to come.

[Jimmy HaveHave]

Spot on unless Power was trying to hide things!

[Posh Red]

I might be wrong but didn’t Power say he’d agreed that price with Able, but the Judge said he had to offer the club to Clem first at the same price?

[swindonmaniac]

Which price are you refering to ??

[Legends-Lounge]

One thing that has seemingly baffled forum members is the perceived time that has elapsed in qualifying Clem Morfuni as the clubs owner. Understandably when you factor into this that he has already passed scrutiny to be a share holder/director? It wouldn’t seem that hard to provide much more evidence to jump up to pole position surely? What is being overlooked is that it is NOT Clem who is seemingly having to pass the FPPT, no, it’s the people behind him providing the money. Let us not forget that Clem if I’m not mistaken has stated he will not be financing the club solely. He has financial backers and it is they that the EFL/FA want to be as sure as they can be that all is squeaky clean with these ‘investors’, rightly so for them, the integrity of the EFL/FA (if they have any left that is) and us as a club and bloody long suffering fans. You only have to look at the problems that Ashley has had at Newcastle Utd Leeds Utd.

[Frigby Daser]

£200k (or is it 250k) I think is the value for the shares. The debt may be c. £7.5m. So when Power says he had a 7.5m offer from Able, I read that as Able were prepared to pay him his debts, and Axis may not be prepared to in full, or immediately. May be wrong. The mistake is that Power didn’t take into account the pre emption rights when offering the shares for a value of £250k to Able. That’s a fair offer to Able if they are prepared to take on the debt. Surprised they’d even pay that much to be honest. And it’s entirely feasible that Power didn’t bother to read his own contract. Chancers don’t pay attention to detail.

[Crackity Jones]

I thought Clem had stated that it was only him involved in the takeover and there were no other backers. I would assume as well that if there were others involved as well, the Trust would have done their due diligence on those investors as well

[Posh Red]

Which price are you refering to ??

The £250k (albeit less for Clem as he already owns some of it)

[The Grim Reaper]

One thing that has seemingly baffled forum members is the perceived time that has elapsed in qualifying Clem Morfuni as the clubs owner. Understandably when you factor into this that he has already passed scrutiny to be a share holder/director? It wouldn’t seem that hard to provide much more evidence to jump up to pole position surely? What is being overlooked is that it is NOT Clem who is seemingly having to pass the FPPT, no, it’s the people behind him providing the money. Let us not forget that Clem if I’m not mistaken has stated he will not be financing the club solely. He has financial backers and it is they that the EFL/FA want to be as sure as they can be that all is squeaky clean with these ‘investors’, rightly so for them, the integrity of the EFL/FA (if they have any left that is) and us as a club and bloody long suffering fans. You only have to look at the problems that Ashley has had at Newcastle Utd Leeds Utd.

Clem stated in all 3 interviews it was just him/Axis investing in the club, he’s not a front man for a consortium. I do believe he said was open to the possibility of further investors further down the line, happy to be corrected of course.

[Legends-Lounge]

£200k (or is it 250k) I think is the value for the shares. The debt may be c. £7.5m. So when Power says he had a 7.5m offer from Able, I read that as Able were prepared to pay him his debts, and Axis may not be prepared to in full, or immediately. May be wrong. The mistake is that Power didn’t take into account the pre emption rights when offering the shares for a value of £250k to Able. That’s a fair offer to Able if they are prepared to take on the debt. Surprised they’d even pay that much to be honest. And it’s entirely feasible that Power didn’t bother to read his own contract. Chancers don’t pay attention to detail.

Your last sentence is a generalisation but I agree with you over all.

[Legends-Lounge]

Clem stated in all 3 interviews it was just him/Axis investing in the club, he’s not a front man for a consortium. I do believe he said was open to the possibility of further investors further down the line, happy to be corrected of course.

Fair enough, I understood it to be he would have investors. We’ll see one way or another soon enough.

[Batch]

I might be wrong but didn’t Power say he’d agreed that price with Able, but the Judge said he had to offer the club to Clem first at the same price?

correct

Kind of part of the pre-emption process.