Thetownend.com

"Mr Carson said the expected funding had not materialised.
"We haven't seen any accounts for more than two years and we want an AGM to change the board and leadership ­ and that's what's going to happen," he said. "It's not a maybe, it's inevitable.
"Swindon Town has always been my club ­ always a family club, but it has lost that flavour along the way and we are going to put that right."
He said that he had always been a soccer fan and "like an idiot" had lent Swindon Town "a load of money" when it was imprudent to do so.
Consortium spokesman, Bob Holt, said: "I can verify that we have contacted the DTI for an AGM. This will be the ideal platform for Mr Donegan to tell the shareholders about the current position. If the club is not put back on a secure footing, the chances of survival are unlikely.
"We feel strongly about the lack of investment that is jeopardising its future."
Pivotal to the company voluntary arrangement with creditors, known as CVA, were the conditions that the debt to the Inland Revenue would be settled and sufficient working capital would be channelled into the club to keep it running efficiently, he said.
"And they have failed on both counts," added Mr Holt. "So they are in breach of the CVA."
The CVA, which is supervised by an independent accountant, is a means of keeping a company trading and out of receivership when in considerable debt. The supervisor of Swindon Town's CVA, Andrew Andronikou has announced that he will be calling a creditors' meeting within 28 days."

Glad to have those days well behind us eh?

indeed. That was a lucky escape wasnt it? :?

Onward and upward

Apparently in 5 years time everythings going to be fantastic.

What happened to 2001's 5 year plan? or was it just a 10 year plan that we werent told about?

Diamandis has convinced the board to spread the 5 year plan over 20 years, to make it more of a realistic goal, just like the CVA payment.

:soapy tit wank:

Ummm this sounds very simular to now really doesn't it, so in theory we have moved backwards as we have gone down the divisions, but this lot are to plain daft to realise.

 Not in theory...in fact,.... presiding over our lowest ever position in Div 3  since its formation  in 58, should be sufficient reason to make fans realise there can be no progress with the current off field management.

 Both  Smarmes and Mickey have let slip interesting snippets on their thinking about "progress"  Smarmes....that the losses could be staunched by a reduction of playing squad and wages...tried last year we got relegated.

  Mickey that....all this seasons financial problems are caused by the generous bonus plan....negotiated by Devlin and no doubt accounting for us having a decentish season......where would we have been with the 5 or 6 loan player  team of last season....no doubt heading for the Conference....if the present Board are still arouind next season will that be the plan again?

Reg I do believe you're failing to recognise the not insignificant achievements of the past five years, you scoundrel you. Martyn will be very hurt.

all you need to do is change the names and it could be todays story!

The only difference is...

"...we want an AGM to change the board and leadership ­ and that's what's going to happen," he said. "It's not a maybe, it's inevitable."

because we are not majority share holders we can't force an AGM, which is why the orange revolution is important - if you simply want to know the truth, force the board to open the books to the consortium by wearing orange

That's exactly what I thought DV!