New beginnings - 25% Truth, 80% Bollocks

[RobertT]

I have no inside info, so this could be well wide of the mark.

I'd imagine Power realised the shady and opaque nature of the partnership exposed a big loop hole for him that enabled him to get any of his own money back and maybe some more.  As he was, in writing, the owner, he could move funds around without the others getting their %'s at the same time.  Then try and pull the wool over their eyes for as long as possible (the Ritchie deal being a prime example).  Clearly everyone fell out with Power and in true Mob style set about ousting the "Boss" - which got Zav some injuries in the process of retribution.

Clem gets to be Boss now, but it's essentially the same ownership model off the record, or something akin to the previous one.

As in many films, this could go either way I guess.  Same old uprising, cutting the head off for a new one to grow, or the Boss sets about pruning the would be challengers.

The fact any of what I just wrote is possible is laughable really.

[Mooneyraker]

I have no inside info, so this could be well wide of the mark.

I'd imagine Power realised the shady and opaque nature of the partnership exposed a big loop hole for him that enabled him to get any of his own money back and maybe some more.  As he was, in writing, the owner, he could move funds around without the others getting their %'s at the same time.  Then try and pull the wool over their eyes for as long as possible (the Ritchie deal being a prime example).  Clearly everyone fell out with Power and in true Mob style set about ousting the "Boss" - which got Zav some injuries in the process of retribution.

Clem gets to be Boss now, but it's essentially the same ownership model off the record, or something akin to the previous one.

As in many films, this could go either way I guess.  Same old uprising, cutting the head off for a new one to grow, or the Boss sets about pruning the would be challengers.

The fact any of what I just wrote is possible is laughable really.

Haha. Very good. I enjoy your takes on this.

Yes, the Power/Standing/Barry alleged model is detailed in the court papers of that case.

I've always assumed that the 'takeover' simply saw Clem take on the Power role.

What I don't know and really understand is how you take say, the Twine money, and make sure that Standing or whoever (allegedly) get their share, without that ending up in the accounts.

[Nemo]

One other thing that comes to mind from all this is that when the Standing/Power stuff finally does get to court, it's got every chance of getting very, very messy.

[ThreeDrawsMentality]

The new LSPod is a great listen and covers some interesting ground

[TheDukeOfBanbury]

Standing has always been running the show.

[JoeMezz]

Standing has always been running the show.

I have also heard this in the past FWIW

[Nemo]

Standing has always been running the show.

Well one slightly interesting point is that if (and obviously this is an enormous if) the Parladorio link was to Standing eventually, a 5% shareholding is actually a much smaller stake than has been suggested might be happening under the table.

[RobertT]

Clearly, ala Diamandis, one of the easiest ways to move money out of a football club, is to charge for services rendered.  You know, data models that find players, Strength & Conditioning teams that are not employees directly of the business, Visa schemes that use the clubs name and position in the community as a way of ensuring everything remains legal and above board and so on.  At the most basic level, good old Directors loans get repaid, sometimes with interest.

I'm not actually suggesting any of that is officially dodgy - just pointing out ways it can be done to remain very legal and everyone gets their cut.

While everyone seems willing to dispute who owned what. nobody seems to dispute that Standing had a login to the clubs bank account for example.  If we believed Power, why would he give a non affiliated person that kind of access?  It's all been madness for quite some time.

There is a good film to be made here, someone get Clooney on the phone.  He's made Reynolds type money away from acting, sell him the rights in return for buying us out.  He can get Brad Pitt to play Power.  edit: with a bad Cockney accent of course.

[Mooneyraker]

Clearly, ala Diamandis, one of the easiest ways to move money out of a football club, is to charge for services rendered.  You know, data models that find players, Strength & Conditioning teams that are not employees directly of the business, Visa schemes that use the clubs name and position in the community as a way of ensuring everything remains legal and above board and so on.  At the most basic level, good old Directors loans get repaid, sometimes with interest.

I'm not actually suggesting any of that is officially dodgy - just pointing out ways it can be done to remain very legal and everyone gets their cut.

While everyone seems willing to dispute who owned what. nobody seems to dispute that Standing had a login to the clubs bank account for example.  If we believed Power, why would he give a non affiliated person that kind of access?  It's all been madness for quite some time.

There is a good film to be made here, some get Clooney on the phone.  He's made Reynolds type money away from acting, sell him the rights in return for buying us out.  He can get Brad Pitt to play Power.

I'm calling Ray Winstone as we speak I'm afraid.

[skiptotheLouMacari]

I have also heard this in the past FWIW

What's his finan ial background, is he wealthy and when all this is done and dusted dies he have the money to move tue club forward?
If he wants anything to do with the club after this episode

[JoeMezz]

What's his finan ial background, is he wealthy and when all this is done and dusted dies he have the money to move tue club forward?
If he wants anything to do with the club after this episode

How long is a piece of string? I don't trust anyone involved in this club, years of mistrust and bad management - I couldn't guarantee anything, sorry.

[Nemo]

https://www.swindontownfc.co.uk/news/2023/august/club-statement-companies-house/ OFFICIAL STATEMENT

Swindon Town Football Club would like to issue the following statement from Clem Morfuni:

Dear Supporters,

I want to address any concerns about the recent Companies House filing and the confirmation statement reflecting shares being transferred last September.

First, I know you all want to know what's happening, and I respect that, and it's better you hear about things directly from the club, not some online legal papers. In this instance, mistakes have been made and I’m going to go into the detail here.

When I purchased the Club, there were some significant financial issues to overcome, including over £7m of debt. I’ve done what I can there and put in nearly £6m of my own money to steady the ship, but it always needs more and hence the reason why we are pushing for fans support continually and to make sure that this club is sustainable in the long term.

I was aware of a possible outstanding debenture, but my understanding was it was debt that wasn’t due anytime soon. Obviously in the circumstances due diligence was impossible and I took the club as it was and inherited whatever I found. My understanding around the debenture proved to be wrong and something I believed wasn’t an issue became a huge issue and we suddenly had a few days to pay a £2.9 million debt or the club go into administration.

I didn’t possess sufficient liquid funds at the time to settle the entire sum at such short notice while also addressing the substantial inherited debt. Money was borrowed from two individuals that I reached out to and Shares in the club were utilised as security for the loan as virtually all my assets are in Australia. While most of the money has been repaid and the majority of the shares reclaimed a small minority shareholding remains to these two individuals. They have had no interest in running the club and want no influence over the club whatsoever.

Mistakes happen. We're not perfect, and neither is any other club out there. What matters is how we own up to it, fix what needs fixing, and keep moving forward. I apologise to all supporters for the confusion this has caused.

I have to run the club and make decisions and can’t run every decision by everyone but I can promise you whether my decisions are good or bad they are always made with the best interest of the club at heart.

One promise I made when I took over was that I would never take a penny out of the club and would only put money into the club which I continue to do and I will always stand by that.

Because of the state of the club when I took over and the debenture, the amount I have put in so far has been far more than I anticipated, and the job has been tougher than I expected but I still maintain together we can run a sustainable club and get the club to the promotion and beyond where it should be.

I hope that gives clarity on everything, I didn’t plan to make any statements but on the back of speaking to Rob Angus yesterday, I felt it was the right thing to do.

Please continue your incredible support of our great club and let’s continue to work together to take it forward.

[otanswell]

This zav getting beaten up.. is this actually true? Or just more bollocks
On a par with embletons mum getting a slap in the arkells

Seems like rubbish to me

[UTR]

I’d originally put this in the bollocks category and not thought any more about it but could have some relevance here. I had a conversation with someone a couple months back who usually hears bits and bobs who reckoned that a lot of last season was plagued with “tugs of war” at the top between 3 parties.

Don’t think he meant it as in an outright boardroom war but at least some tension between the parties and battles between how they wanted to run things.

Of course, could very well still be bollocks but thought it was interesting with the current discussion.

[Nemo]

Okay, that actually stands up on first reading. Kiely and Parladorio lent Clem money to clear the debenture, they've converted some of that money into minority shareholdings in the club.

The cover up still stinks, but I think that might be the best possible answer in the circumstances.