New beginnings - 25% Truth, 80% Bollocks

[The Artist Formerly Known as Audrey]

But where did that come from? I think it was just surmised because we all thought Clem had borrowed the entire £2.9m to buy the debenture.

I’ve looked through stuff and, tbf, I couldn’t find a Clem Gem stating he borrowed the entire amount. He just said he had 3 days to pay it, didn’t have the money to hand and borrowed an amount.

[RobertT]

Makes the £15m asking price seem silly doesn't it?

The shares were sold pre asset purchase, so you could argue an increase in value of the business since that transaction.  The books will soon disclose two new Fixed Assets - 50% ownership of a JV business, which itself owns a football ground, and a 299 year lease.  Both will add some value - how much depends on a number of things, but other clubs have added several million when doing likewise.  The JV will produce it's own accounts, so should record it's own value as a result (sort of).  The Lease is entirely on STFC to determine a true and fair value, then depreciate it over the term.

[JoeMezz]

But where did that come from? I think it was just surmised because we all thought Clem had borrowed the entire £2.9m to buy the debenture.

I’ve looked through stuff and, tbf, I couldn’t find a Clem Gem stating he borrowed the entire amount. He just said he had 3 days to pay it, didn’t have the money to hand and borrowed an amount.

What do the advisory board mins say, surely if Clem has paid half then the club "owes" an extra 1.5 mil ish to Clem

[horlock07]

Makes the £15m asking price seem silly doesn't it?

Not really, its his toy he can say its worth whatever he wants. Stating the bleeding obvious, its market value is whatever someone is prepared to pay for it, if there are people properly interested hopefully they can sort a deal and we can all move on.

[Bob's Orange]

The Loathed Strangers Podcast on Twitter (I'm at work so can't access Twitter etc) shared something which is related to this -

https://nepeanfootball.com.au/2023/11/09/swindon-town-partnership/

It used a poster with Swindon Town International Academy and the old style 'ST' badge. Ex Blackburn Rovers player and Ex-Swindon Town Head Coach Gavin Gunning is going to be involved. The price is 299 Australian dollars for the weekend and apparently is $50 more expensive than a school term-based football development program that Liverpool FC offer. (Liverpool thrown in Kit as well)

[Costanza]

https://twitter.com/LoathedStranger/status/1722590863702757543?t=2odB06KQFu9S-RfpZ8-y9Q&s=19

[Bob's Orange]

Thanks RP.

[STFC_Manc]

But where did that come from? I think it was just surmised because we all thought Clem had borrowed the entire £2.9m to buy the debenture.

I’ve looked through stuff and, tbf, I couldn’t find a Clem Gem stating he borrowed the entire amount. He just said he had 3 days to pay it, didn’t have the money to hand and borrowed an amount.

I'm not sure I have read the exact amount before this but I always took it that Clem paid for some and borrowed money for the rest.

[RobertT]

https://www.swindontownfc.co.uk/siteassets/2023-24/advisory-board-minutes/advisory-board-september-2023.-19.09.23.pdf

Page 11 describes the split of the money.  The entire answer comes with an overwhelming stench of BS though, because I cannot believe someone is actually that stupid (the general theme being used is that Clem keeps being "told" stuff by people that he just believes, and these people keep fucking up).

[The Artist Formerly Known as Audrey]

There have been some obscure, some unclear statements regarding the debenture.

Thus from October last year

‘ Swindon Town can today confirm that all historic debentures, or debts secured against the football club under previous regimes, have now been paid off.

The move signals a huge step towards complete financial security for the football club, with £2.95million cleared by our owner, Clem Morfuni, with the help of our dedicated fans, sponsors and partners.’

You can interpret that last but as the fans/sponsors/partners helped out financially and I suppose, tbf, there’s not much else those 3 groups could help with apart from financially. Does ‘fans’ mean you and me or a couple of people associated with the club that can be described as fans.

This bit seems to suggest that only part if the £2.95m was borrowed.

Clem Gem

“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.

[Mooneyraker]

https://twitter.com/LoathedStranger/status/1722590863702757543?t=2odB06KQFu9S-RfpZ8-y9Q&s=19

Is Gav Gunning being held hostage? Seems a hell of a demotion.

[JoeMezz]

Is Gav Gunning being held hostage? Seems a hell of a demotion.

Different badge - is that because STFC's involvement is with a different business that's not the official football club?

Wonder how Gav is being paid for this...

[The Artist Formerly Known as Audrey]

Or they’ve got a heap of old kit with the old logo on to flog off.

[Bob's Orange]

https://www.swindontownfc.co.uk/siteassets/2023-24/advisory-board-minutes/advisory-board-september-2023.-19.09.23.pdf

Page 11 describes the split of the money.  The entire answer comes with an overwhelming stench of BS though, because I cannot believe someone is actually that stupid (the general theme being used is that Clem keeps being "told" stuff by people that he just believes, and these people keep fucking up).

Someone has pointed out that had Power bought the Debentures from Black/Arbib for 1 million quid there would have been something on Companies House. The only thing on CH, is that the Debentures show as 'satisfied' in September 2022. I assume that had Power done what was alleged, that would have been reflected somehow in the charges section on CH?

[ChalkyWhiteIsGod]

Or they’ve got a heap of old kit with the old logo on to flog off.

From the 80s?

Well Jed did apparently discover a debt from the 50s.