Lee Power

[Legends-Lounge]

On a financial technicality and I yield to others no doubt greater knowledge in these matters but here goes.

This is just a scenario and not fact or ITK winding up ok! Just to be clear.

Monday 9.00 am. Press release. Axis LLC acquire 100% the shares in Swindon Town Football Club and its associated holding companies Swinton Reds etc. What’s to stop Axis setting up a number of companies a bit like Power did to possibly if it’s legally permissible to do mitigate any of the liabilities that are clearly hampering the current sale negotiation? Whether that means offshore companies (not necessarily like tax avoidance territories) but legitimate ones say in Australia? Thus enabling Axis to fund the club with a clean sheet and ‘transparently’ as it were. Kind of a pincer movement to outflank Power but still give Standing his agreed share of the booty if he wins his case in September.

[Batch]

https://truststfc.tv/truststfc-press-release-stfc-ownership-situation-and-purchase-of-shares-from-lee-power-on-behalf-of-axis-group-and-clem-morfuni/

“It is unfortunate, though not surprising, that Lee Power feels able to provide mis-information and to seemingly abandon the club before transferring the shares by, inexcusably : leaving staff unpaid, not providing pre-season training or conditioning for the players this last week, not paying the rent for some 18 months, and so on. Contrary to Power’s protestations, Axis are ready and willing to buy his shares and indeed have lodged all the money with their solicitors precisely for that purpose. Axis’ lawyers have repeatedly written to Power’s lawyers in recent days and, quite lamentably, the replies have been entirely unsatisfactory. Our lawyers will continue to pursue this matter vigorously to its conclusion and it is hoped that Axis will be confirmed as the new owner this week.”

[Jimmy HaveHave]

Cheers Batch stops all the speculation

[Batch]

cheers Trust you mean. I'm just posting what they say

[Jimmy HaveHave]

Cheers for finding, cheers to the trust for the update and hopeullh cheers to the right conclusion asap😀

[Hunk]

https://truststfc.tv/truststfc-press-release-stfc-ownership-situation-and-purchase-of-shares-from-lee-power-on-behalf-of-axis-group-and-clem-morfuni/

Good statement (it’s written with proper grammar and everything!). That next week as a target is mentioned at all makes me feel better about the situation.

[RobertT]

On Jimmy's post about the bargaining, there was a comment about the rent.  There is no way on earth that it would be that high.  The annual rent is a variable number based on the clubs revenue, or was, but even if the methodology has changed it used to be sub 200k a year.

[Crackity Jones]

Good to hear from Axis and their perspective on Power's lame statement. Thanks to the Trust for providing an outlet for that communication. Regardless of any takeover pending, there is no excuse for not paying your employees. Nor is there any excuse for not communicating with your landlord to arrange repayment of rent arrears accumulated due to Covid. It should be business as usual in any takeover; there are means to enable key business decisions to be made. You don't just down tools and throw your toys out the pram.

[JBZ]

Obtaining a copy of the claim form (publicly available) would confirm the amount claimed

[JBZ]

Good to hear from Axis and their perspective on Power's lame statement. Thanks to the Trust for providing an outlet for that communication. Regardless of any takeover pending, there is no excuse for not paying your employees. Nor is there any excuse for not communicating with your landlord to arrange repayment of rent arrears accumulated due to Covid. It should be business as usual in any takeover; there are means to enable key business decisions to be made. You don't just down tools and throw your toys out the pram.

Just to pick up on the rent point, STFC will not have been alone in withholding rent. A quick Google search will confirm that many high street names did likewise.

[Crackity Jones]

I am sure they did JBZ. The point is that there would have usually been communication between Tennant and Landlord to discuss. In the case of STFC, SBC has said Power has been radio silent with regards to coming up with a payment proposal acceptable to both parties. Hence the legal action

[JBZ]

Noted. I can say with some experience that failing to engage with your landlord has also been a common occurrence.

[Legends-Lounge]

Good to hear from Axis and their perspective on Power's lame statement. Thanks to the Trust for providing an outlet for that communication. Regardless of any takeover pending, there is no excuse for not paying your employees. Nor is there any excuse for not communicating with your landlord to arrange repayment of rent arrears accumulated due to Covid. It should be business as usual in any takeover; there are means to enable key business decisions to be made. You don't just down tools and throw your toys out the pram.

I beg to differ. You do if you hope to a) sell to a shell company 3000 miles away b) hope to put the business in to administration c) hope to appoint a friendly administrator d) flee the scene of the ‘crime’ without any liability otherwise I agree with your post 😉

[Crackity Jones]

LL - you make a valid point.  I was taking the statement by chairman Lee at face value and basing my post on his love for the club and desire to do the right thing rather than the reality

[Legends-Lounge]

LL - you make a valid point.  I was taking the statement by chairman Lee at face value and basing my post on his love for the club and desire to do the right thing rather than the reality

Naturally.