Thetownend.com

Original involvement came from doing programme for past 16 years, former financial director Steve Jones invited Mike D to buy the shares left by McMahon.

Mike D decided to buy shares as he “built a programme business on the back of Swindon Town” and bought them through Mick Prescott(?) because Mike D didn’t want to appear on any sports register as his business was sport.

Mike D didn’t become involved in the club until he “discovered the club was in serious trouble”. Steve Jones asked him to find investors. This was the first time Mike D ever looked at the finances at the club.

This was roughly six/seven years ago. Mike D knew the Wills family had recently invested in the club as he designed the brochure for selling property which financed this investment. Mike D was shocked that after such recent investment the club needed a further £1.5m.

Rikki had left, Puffett was now chairman. Cliff invited Mike D to attend meetings, he declined. SSW requested Mike D attend, he accepted and at this meeting it was decided to bring in “specialist insolvency practitioners”. The debt was £1.5m; Mike D felt that the people in the room wouldn’t even raise £500,000. At this point SSW stated he wouldn’t “do anymore”.

Opportunity arose to meet other businessmen, persuaded Willie Carson, Cliff Puffett and James Wills to each put up £125,000 along with Mike D himself.

SSW then concluded a deal with Brady, SSW would get his money back and “the future was bright”.

Seven months later, Mike D attended a meeting where he and the other investors present were asked by Puffett if they could cover this month’s salary. Mike D was angry as “not only was the club not going anywhere but now it was facing failure again and my investment and my time was all going to be a waste”. Mike D refused to offer money but demanded to know why.

Mike D was then approached by Blatchley and Donegan and a deal whereby they would leave and the club would return to their hands of SSW was negotiated. However, they refused to sell the lease/County Ground and were only willing to part with the playing staff and liabilities. This went on for “quite a few months”.

Mike D created the consortium of himself, Bob Holt, Willie Carson, Cliff Puffett and James Wills – each put forward £125,000 again – and a long battle to regain control of the club began. The battle was to stop the club from going under; this lasted “about 10-11 months”.

The consortium took control of “no account departments, no cash flow, no input history at all” and administration was the first step. SSW re-motivated by willingness of people to stop the club from failing. He then decided to return as main benefactor, thus releasing Mike D, Cliff Puffett and Willie Carson from the “obligation” and “took the brunt of the restructure”.

Mike D “tracked around until [he] found St. Modwen”; they were given indications and promises from the council that they could redevelop Shaw Tip. This interest gave St Modwen the motivation to put up over £3m alongside SSW to “rescue the club from where it had arrived”.

Every subsequent year, Mike D has had to find nearly £750,000 to “keep the club going” either from St Modwen, SSW or Bill Power.

Bill presented himself as someone who “wanted to become involved in football” and came along “at a time when SSW wasn’t capable and didn’t want to and put up any money” and wanted to “manage” the club alongside the current board. Mike D was “desperate to get back to [his] day job”. Devlin returned as press felt communication was poor, Mike D agreed. Power’s interest in the club seemed “the perfect answer”.

Power met the board in January, but only attended CG two or three times in the course of the season and didn’t attend any board meetings. The deal was “one of the strangest deals I’ve ever done”.

Mike D talks about “character assassination” and without the Wills family the club wouldn’t exist. Refers to Fan’s Consortium as “our new friends” and insists that “no financial offer has been received from the Trust, from Mike Wilkes, from Bill Power, from Mark Devlin this evening […] we have not been formally approached”.

Hodgetts asks about Mike D’s history with SSW. They go back about six years. Mike D believes he’s spent all his life “learning how to rescue Swindon Town”. SSW does not want a stand named after him,

Consortium wants to talk with SSW without Mike D present, Mike D says this is untrue and has met with Paul Davis and listened “for hours” and believes housing on CG would prevent concerts et cetera from being held. Mike D is concerned about possibility of a ‘resident’s association’ alongside a football club.

Mike D claims Paul “asked and got” a full board meeting with SSW and Mike D where talks of redevelopment were discussed.

Meeting to create peace between “warring board” and “football trust”. SSW told Paul Davis he has “absolute faith in his team”. Trust statement subsequent to this meeting was a misinterpretation on Paul’s behalf.

Mike D was not allowed to be a director when original rescue occurred as DTI requested that he wasn’t. Trust reported Mike D, board members filled out paperwork which indicated Mike D was not running the club.

Mike D insists the football trust have “their own political agenda” and football club is being destroyed by people “totally focused” on his destruction, at the cost of the club. Mike D is “ready to be replaced”.

Mike D wants “proof they [investors] have substantial funds to replace the Wills family in every way”

The last five years not a failure, Mike D’s first involvement at the club was with a balance sheet of -£14,000,000. Today the balance is +£2,000,000.

Mike D has heard Bill Power say on the radio “he hasn’t got a lot of money”. In the club’s opinion he is a minority shareholder of the holding company.

One of the two interested parties withdrew last week – will happily provide evidence of interest and withdrawal – he withdrew after seeing the finances. Negotiations with the other investor will start again in the New Year. The investor is a “new entrepreneur” of a “successful business which is now in the top 1,000” and is looking at two or three football clubs.

New investor has not yet provided the proof which Mike D requested from the Consortium but have started “discussing the parameters”.

Shaun asks what they would want to leave and if there is a “ballpark figure”. Mike D replies that we are making assumptions that they want to leave. Mike D does not want “to be involved forever”.

Mike D doesn’t know what Paul Davis’ or Andy Ratcliffe’s day jobs are. Are they used to negotiating business deals? Mike D thinks their agenda is “wonderful” but remains concerned about their lack of experience/knowledge. Mike Wilkes claims to be “an experienced businessman of longstanding” but Mike D doesn’t know what his business is.

CVA agreement says “it is envisaged [...] by 2007/2008 a new stadium complex will be agreed, designed, built or partly built”. Mike D says “[he] had to unfortunately sell Fallon”. The CVA payment hopes to be renegotiated to delay the “bullet payment probably at the rate of £100,000 a year […] until a new stadium is agreed”.

Mike D does not believe the Trust have a copy of the CVA and “it appeared under one of these psuedonames (sic) on a website”. £100,000 is 2% of the turnover of the football club. The challenge is raising £800,000 and SSW has agreed to underwrite this obligation.

Shaun asks why there is a “projected overspend” after extra income this year. Bryan Adams made £19,000. Bonus scheme one of the best outside Premiership, was not agreed by the board. Things agreed without board approval are “a big problem”. Expenditure is outside last year’s parameters. Promotion and increased gates could balance the books. New funds must be found to balance the books in the summer.

In recent years overspend has been £750,000, this year’s forecast “dramatically over” that figure.  Club will receive “a couple of hundred grand” from Wise & Poyet’s departure, “about £170,000” for Sean O’Hanlon. Mike D expects the books to balance this year.

Mike D’s brain sees everything as having financial implication on the football club but is not involved in day-to-day operation. Mike D has presented to 30 development companies, 7 or 8 investors and will continue to do so. Reference to Reading’s redevelopment and increased turnover.

Provided people ‘don’t tear the football club apart’, a new council have committed to help the football club. “If we could stop, just for a short while, pulling each other apart, I think that the future could be orange”.

Hope to redevelop the County Ground “to a modern complex not dissimilar to the Reading complex”. Plans/designs submitted over 18 months ago. Club have been approached to move to J17 but would prefer to stay at the CG. Recent conversations with council show willingness to discuss future plans. Bowden’s specific job is stadium development. Talks are ongoing with other party. Club are not trying to pressure the council.

Mike D claims evidence of funds from Consortium is a “photocopy of somebody unknown in a high net worth account who’s not prepared to say who they are and they say this is proof of funds and that we are to take them seriously”. Mike D understands SSW met with Mike Wilkes and asked SSW if he would like to sell the club and make a small profit, the answer was positive – no questions were asked as to how much. This is the only meeting there has been.

Mike D unaware of what Bill Power is worth, doesn’t believe he has sold his business so therefore may not have the funds. Any figure to buy the club is one which the Wills family would need to agree to but depends who investors are. SSW willing to show lenience towards the “new entrepreneur” rather than someone they are uncomfortable with. Mike D does not know what the Trust have to offer. Considers the playing squad a sellable asset. Mike D represents SSW and St Modwen on a daily basis.

Mike D does not believe there is negotiation ongoing with the Trust “in a way that means anything”. Clarke Wilmott are “the leading firm in sports management and negotiation”. Trevor Watkins has been waiting a call for months. Mike D understands Paul Davis and his board think that the STFC board are “doing a terrible job”. The club belongs to the fans.

Mike D is a shareholder, though holds his shares through a nominee. Has the power to vote with SSW’s shares. Believes Martyn Starmes and his team are doing a good job. Defines his role as “manager of the football club” and was appointed around 2000.

Mike D does not want to be in the public domain as he is a shy person, lacks charisma of Rikki Hunt and Cliff Puffett. Club is a private business and Mike D is doing his job as a shareholder.

Mike D is not a shadowy figure, everyone at the club knows him as do most of the journalists. Declines interviews as it “takes a lot of thinking and research”. Mike D wishes to leave the public domain if no takeover is forthcoming.

Number of programmes sold makes about £15,000 per year gross profit which goes back into his business. The football club owes him about £136,000 for supplies and hopes to get the money back in better days. No contract between DSM and STFC exists. Salary agreed with the Wills family and sometimes draws expenses. Does not believe there is a conflict of interests.

END.

SY in Diamadis mate and board member shocker!

I demand an immediate lynching from rent a mob

hahaha that'll word's autotext feature then!

all that hard work and all i get is mocked.

Cheers for that

Nice one sonic. You must have fingers of steel!

It was a good slip though :D

Seriousley thats a good summary, some very interesting points in there

well in sonic.

Power is not a shareholder Datasat communications but is currently listed as a director. (operations manager) That was the case @ 30/6/06 and I dont see any reason why that would have changed given his health situation.

P & M Emmel are the sole shareholders

What a nice man. I'm disgusted at the way the trust have bullied him. Shame on you all.

Wow I don't think I've ever heard that much bullshit steam from one mouth in the space of 47 minutes.

What is that smell ?

Ahh it's the bullshit coming from Mike D's mouth

They way he has slagged off the trust is unbeleiveable, he thinks he has done a fantastic job, and yeah ok maybe he has helped previously but at the end of the day we all know the consortium has the relevant finances etc to take this club forward which Diamandis & his cronies do not

GET OUT OF TOWN BEFORE YOU ARE RUN OUT OF TOWN - Diamandis must have a shop to save from liqidation

interesting...

Didnt realise he had put his own money in, in the past.....but then I suppose that secured printing contracts so he would get the money back and then some....

J17 :shake:

he's not exactly put megabucks in though, few hundred grand here and there - despite drawing a salary and "occasional" expenses.

When has he slagged off the Trust? I mean him personally?

I thought this was the first time he'd opened his mouth in public.

I don't.

I fucking hope they do!!!!

Power and Emmell were willing and able to pay the CVA off in full and finance the known liabilities of the club (SSW and St Modwen).

In fact, the only bit that seems different to the offer on the table is wanting some money for the players.

Anybody care to outline St Modwen's involvement specifically.

As I know it, they contributed a sum when the takeover from Donegan/Blatchley in exchange to be preferred developer (taking over from Bloor Homes which was the previous lots preferred developer) - meaning that the club is committed to seeking development, if not on the Cg site, then elsewhere.

When that development goes ahead, St Modwen will build the new ground - taking associated profits from any sale of any housing.

Now to me this would suggest that the current board need to move away (to j17) in order to satisfy the housing element. Is this true? or would they be satisfied with any profit made on the redevelopment of the current site, albeit with less or no housing?

St Modwen are not shareholders, but their interest in by way of a debenture/loan agreement whereby the club has given them certain guarantees (over the aforementioned development) in exchange for the funds.

Is this true? anything to add?

seem the long and the short of it.

But that wouldn't explain why Diamandis regularly reports to St Modwen - is there a time limit for the proposed development? The importance he accredited to it would suggest that the club are obliged to developing whether in Swindon or not

thats not the way to run a club

no idea, might be worth asking St Modwen.  it would be odd that we have to run decisions past a creditor to the business.

The tie up with St Modwen goes a lot deeper than just loans or debenture payoffs. Most of it sits with Shaw Park Developments Ltd, the joint venture (as in 50% shareholding each) set up with the club (aka SSW/Newbury) for the Shaw fiasco. Looking at the last St Modwen accounts it is still being used as a banker by STFC:



From http://www.stmodwen.co.uk/sha_info/stmodwen_05_AR.pdf

Healnorth Limited is a long standing property company owned by Sir Seton Wills and run from his estate office in Ramsbury. Presumably the loan to them is to kickstart the Hungerford Marina project (that is on SSW's land).

Andrew H has posted a shorter summary (but still quite detailed) on the Trust forum at:

http://www.truststfc.co.uk/forum/index.php?s=8ef78e0352e5413deaf3fd128b276fdd&act=ST&f=3&t=5208&st=0&#entry36404

Worth a read as well.

Since when has STFC made an annual turnover of £50,000,000?

(Mike D claims the £100,000 CVA payment is 2% of turnover)

You've added too many noughts  :D

20% is £1,000,000 Sam, making turnover £5m :wink:

Sam. you are a retard.

I think he shuld have Sandy Gray's job 8)

I think he is Sandy Gray's son. :mrgreen:

*Samdy Gray :grin:

.....it all makes sense now....  :P

that's all the proof i need  :D

Fuck off you cunts, it's been a long day  :evil:

Time for a rant:

1) Yearly shortfalls:
Previously Mike D has stated he has to find £750k a year. Now we know (well it was obvious anyway) that all 'finding' these funds entails is persuading previous investors to part with more money. I think Where's Wally would be more difficult to find.

2) Character assassination:
Yeah that's probably true - Mike D shouldn't get all of the blame, there are others in the club responsible for the crap that goes on. However, it can't be undeserved. The club continually makes character assassinations of us fans. Whatever the fuck happened to 'the customer is always right' ethos? More like the customer's a little shite.

3) No accounts/cashflow department years ago:
Well where's the evidence they fucking exists now? An unpaid VAT bill, no published accounts for years, CVA payments not being made despite 'funds existing'. Really fucking clever Mr Diamandis, it's quite clear you haven't thought this through.

4) Wanting out of media spotlight:
See above point (3). Little fucking wonder. It's obviously far too taxing for someone of your superior intellect to do this properly before interviews. Heaven forbid!

I could go on, but it would be more wasted energy. Clearly we're all supposed to be bumming the club for finally shedding some light into the situation. It wouldn't surprise me if the board issue another statement slagging off these concerns we all have once again.

Samdy Gray? Really? Sonic has even given me it as a title thingy now. You're all a bunch of fucking cunts.

how do you know it was sonic? 2+2 don't always make 4 samdy

 :Ride On Fatbury's Lovestick:

I love you too Bennett.

it was me muhahaha  :wink:

Cunt, I'll cut you  8)

good luck, i know who you are now

You do?  :shock:

Hang on, I remember - my missus tried giving you a leaflet on Saturday right?

did she  :D  no fucking idea

Yeah, we were stood near the trust office, I was wearing my orange Power t-shirt.

:Ride On Fatbury's Lovestick:

You can shut up Village, you started it fuckface  :evil:

Just listened to this, its great!!

Couple of points:

It may be just my machine but the sound quality is dreadful, it almost sounds like it has been heavily edited, was it recorded underwater.

I think you have all been unkind about the DTI Investigation business, it sounds like they just called Mike up and said that 'would you mind not being a director for a bit - oh thanks'

Equally thye Trust have been very unprofessional as they have not asked what they want or considered the financial costs, they could have looked at the accounts, oh bugger there aren't any!

He understands that Paul D and Andy R 'do something!!'

Its brightening my afternoon!!

That's a dirty lie - neither of us do anything, we're a pair of shiftless ne'er-do-wells, like sonic.

The way he says it he sounds like the bloody queen, 'oh they do something'

Equally what did you say to them at the board meeting he hints that you bored them rigid!!

The contradictions are great on SSW and MW's encounter - 'it wasnt a meeting, it was a coffee'!

We presented the ground redevelopment proposals they're now so keen to slag off; they were extremely well received at the time and we were warmly congratulated by all the board (and non-board) members present, told to keep up the good work etc. Probably did bore them rigid though, that's fair comment!