Thetownend.com

Ben is a cunt

Would someone please cut & paste the text?

Thanks.

Club Statement

The Club is disappointed to read Councillor Martin's negative comments in the Swindon Advertiser recently.

Just two weeks ago representatives of the Club met with officials from the Council's Finance Department to discuss the position with the CVA. At that meeting the Club clearly outlined the CVA Supervisor's rights and obligations to vary the schedule of payments.

It should be remembered that when the CVA was agreed 5 years ago, the Board of STFC and St Modwen committed £3.5m without which the Club would have ceased to exist.To assist the Club re-structure its debts, by supporting the CVA, the creditors generously voted away their rights to full payment. Swindon Borough Council was one of those creditors.

Under the terms of the CVA creditors are entitled to a distribution of around £98,000. The CVA document also scheduled a payment of £900,000 from the Club this summer. However, this assumed that a successful redevelopment of The County Ground during this time period would have generated sufficient funds to settle the final CVA instalment.

The County Ground

Despite the strenuous efforts by the Club, the redevelopment of The County Ground has not progressed as hoped. Swindon Borough Council must realise that they have a major influence on this and must surely recognise the effect this has on the Club's finances and therefore its resultant ability to make the final payment as originally scheduled.

When the current Board assumed responsibility for the Club in 2002, finances were in a perilous state and for the last 5 years the Wills family and their management team have continued to support for the Club financially, without which it is unlikely the Club would have survived today.

Swindon Borough Council must have a degree of empathy with the Club's position having been, in the past, categorised as a 'Failing Authority' and for sometime were in 'Intensive Care'. Thankfully under the guidance of Rod Bluh and Gavin Jones are the Borough are now on the road to financial recovery.

Recently there have been several positive meetings with the Council and Club along with its development partners St Modwen. The objective of these meetings has been to establish a framework and a mutually beneficial way forward for the Club's future development. Given the cordial and constructive nature of those discussions the Club are confused by Councillor Martin comments.

Last year, members of Swindon Borough Council were invited to Reading FC to see first hand the impact the development of a football stadium had on both the town and the Club.

The Board of STFC recognise that co-operation with the Borough Council is paramount and that the Club and the Council must work together to integrate the development of a football stadium and other sports facilities with the Council'soverall regeneration vision for Swindon.

Councillor Martin's comments are not helpful in this regard but the Club remains confident that under Rod Bluh's leadership, the Council will work with the Club to resolve any differences that may exist and produce a satisfactory solution to The County Ground redevelopment.

if teh club cannot pay the CVA what money would it take to buy the club taking on the CVA?

Proof that this board are completely out of touch with reality and are living in cloud cuckoo land.

The original offer I believe was based on the assumption that the consortium would be responsible for paying the CVA

Why couldn't they wait til tomorrow!  :x

Having a day out at the seaside to spend the last of the petty cash!! :wink:  :wink:

The original offer I believe was based on the assumption that the consortium would be responsible for paying the CVA

"Swindon Borough Council must have a degree of empathy with the Club's position having been, in the past, categorised as a 'Failing Authority' and for sometime were in 'Intensive Care'. Thankfully under the guidance of Rod Bluh and Gavin Jones are the Borough are now on the road to financial recovery"

Using their own logic then if they fucked off and let Power and co in we would be on the road to financial recovery.  Its nice to see that these morally deficient simpletons have now moved on from just pissing off their customers, they're now going for local resident groups and the council both of whom will need to be brought onside for any future ground devlepment.

Maybe the money to pay the CVA is in Bowden's head and that as he is such good mates with Rod Buh they will accept this as payment.

And not ONE single word regarding the so-called investor, when this would have been a very good time to reveal all.

I've got this recurring vision of Nick Martin sat in his office reading that statement and also licking the end of the biro that he is just about to sign the "STFC Winding Up Petition" with.

Don't joke. I think it's nigh on certain that we'll have one winging our way inside 2 weeks

I wasn't joking my friend. The vision was horribly real.

yet they still won't talk. This could be it....the time they take the club down with them instead of hand it over

Right I'm confused. The board have shot themselves in the foot but what does this all mean?

If the current board can't pay the cva the club get wound up, yes?

If the club does get wound up then what happens? How can we prevent it being wound up?

NO HIGH COURT JUDGE WILL WIND THIS BUSINESS UP WHEN THERE IS A VIABLE RESCUE PACKAGE ON THE TABLE TO SATISFY CREDITORS

Love Fred

And not ONE single word regarding the so-called investor, when this would have been a very good time to reveal all.

The simple thing is: we're fucked. 9 days to go and they've just taken about 1,000,000 steps backwards.

I'd imagine the club would look a better investment
opportunity if the CVA is renegotiated first.

Yeah, granted Freddo.

That doesn't stop the council or HMRC banging in the winding up orders though, does it?

it seems the 'mystery investor' is about as real as rocking horse shit judging by recent suggestions that dunwoody's current guise (d460 or something) were to provide the so-called investment

ha.

I would have to agree, fuck me ...

I would have to agree, fuck me ...

NO HIGH COURT JUDGE WILL WIND THIS BUSINESS UP WHEN THERE IS A VIABLE RESCUE PACKAGE ON THE TABLE TO SATISFY CREDITORS


Love Fred

it seems the 'mystery investor' is about as real as rocking horse shit judging by recent suggestions that dunwoody's current guise (d460 or something) were to provide the so-called investment

ha.

I really don't beleive that "I can't beleive it's not Dunwoody Marketing" (D460) are or were ever behind any investment though.

Well that's the point - if it were CVA460 or whoever there isn't an investment, just a formalising of the "STFC, wholly owned subsidiary of ..." position we've been in for the past five/six years dressed up to look like an investment. Financial engineering, I believe it's called.

i like how they've shoved the statement underneath the giant auctions article.

I would have to agree, fuck me ...

soryy, I meant going behind the clubs back, so people effectively pass their debt on to you.  I seem to recall from my educational days that a business can sell money owed to it to another company.  Or am I nuts?

I've got this recurring vision of Nick Martin sat in his office reading that statement and also licking the end of the biro that he is just about to sign the "STFC Winding Up Petition" with.

Take a deep breathe kids it's not all bad news.

This statement means the board have:

1) Held up their hands and admitted they've got fuck all money and can't pay the CVA
2) Tacitly admitted that any "new investor" was either a complete invention or has had a sniff around and done a runner
3) Demonstrated once again that despite the accusations they've thrown around about others meddling in the affairs of the club without understanding the technical details of the CVA it is them that repeatedly misread the terms of that agreement. WE CAN ALL READ. The only reference to the ground redevelopment in the CVA is to suggest that "the dividend paid may be ENHANCED" if its successful NOT that it is dependent on it.
4) Confirmed once and for all that the reason they're blowing up this smoke screen about shares being issued for BP's money is because they can't afford to pay it back

All that, coupled with the fact that their public pronouncements over the last 6-9 months seem to have been calculated to systematically alienate anyone that they might need to get on side, must surely mean that the current board is finished and will lose control of the club.

Sadly it now seems that Wills, Diamandis and company are too bloody minded to do the right thing even at this late stage.

BUT, Fred's bang on, the club won't be wound up with Bill waiting in the wings ready to pay the creditors and take it on.

The only thing slight doubt in my mind is the question of this "mystery investor". What occurs to me is that in their position, faced with a club up to its eyes in debt, weeks, or even days away from a winding up order, I might keep my money in my pocket and wait for an opportunity to do a Ken Bates and swoop in with a take-over that allows me to slip out from under that debt.

In that case Bill and Phil might have some competition, and competition that may give the current shower an opportunity to stay connected with the club.

mike, i think that for once the fans of stfc won't begrudge the council if they refuse to renegotiate/accept no payment.

i've never liked nick martin having read plenty of his diatribes about this football club in the adver over the past year or two but i'm sure all of us understand that councillors first concerns are for their residents and taxpayers, not a bunch of directors who live in cloud cuckoo land.

i hope you guys continue to talk with the trust and realise that there is a group and a man waiting in the wings who can pay off the debt in one fell swoop, pleasing everyone in the process

Will the Council ever express a preference for a takeover (if they believe that this would give the people of Swindon the best chance of recouping the £900k)?

personally, i would prefer someone running the club who could pay the cva, on going bills & for a new ground (on the current footprint &c).

cannot speak for sbc as would need to be leader of the council or get a motion to full council.

The only thing slight doubt in my mind is the question of this "mystery investor". What occurs to me is that in their position, faced with a club up to its eyes in debt, weeks, or even days away from a winding up order, I might keep my money in my pocket and wait for an opportunity to do a Ken Bates and swoop in with a take-over that allows me to slip out from under that debt.

it's called debt factoring.

The Ken Bates situation had crossed my mind as well. What if the current board are planning to let this run down to the wire, put the club into administration and then buy it back (as D460 or whatever) and wipe out all the debts in the process. Would Bill & the Consortium even get chance to put an offer in? There were supposed to be other investors waiting at Leeds but Bates still got away with it.

As for pissing off the council, I can't really see that bothering the board. I still think they have their hearts set on Chippenham if they remain in control. Diamandis has probably got some land lined up to build a stadium, housing, retail etc and stands to make a fat profit, why else would they still be hanging around? He could even do a Kassam and then sell the club but stay as owner of the land, making STFC rent the new ground from him (is that what Kassam did?). Its a worse case scenario but I wouldn't put it past him.

it's called debt factoring.

The club is already effectively in administration, so it's not like the Leeds situation (although I thought it was until corrected).

If the CVA fails then it's liquidation via an Official Receiver.

So they either pay the CVA, or face getting wound up and investigated for fraud. Brilliant.  :D

NUFF SAID

That was a sneaky little edit there Frederico  :D

Don't worry the club won't get liquidated, also i wouldn't call their statement a attack rather it is a retort. If they were so limp as to let a counciller attack the club without a response then i'd be concerned. We have just paid £50k for a player, would the club do so if it was about to go under? I doubt it, i could be wrong but i very much think i'm not.

It's all posturing as far as i'm concerned from all involved, granted the Board are quick to defend themselves too quick sometimes but until deadlines are reached or passed and until court orders are brought or not, everything we read is pure journilism and conjecture. Therefore Glos bobin it cannot be the same old rubbish from me only you, as you seem so certain the end is nigh! I on the otherhand believe it will take extraodinary events for such to happen. If the worst comes to the worst i wonder whether you will be applauding the council for being those that put the club out of business, i for one would hope if that was the case a demonstration outside the town hall would be in order and not the other way round.

You can critise the board as much as you like but they are the current incumbants at the club and have put in far more than they have supposedly taken out, if a truely realistic take over had been tabled it would have been accepted but that has not happened so live with it.

I will be sad to eat my words if i am wrong, as that will mean the demise of the club i love so much, but i will certainly do so. Would you feel the same if your proved to be wrong?

....i am still involved as one of the main players in the finances of the council.

- but if they owe the people of Swindon £900k & will not pay up what are we to do -

Why the fuck did my dad take me to the County Ground in 1963 ...? Did I do something really wrong prior to this ???

 :)

I think you may want to check this figure? Not that the amount alters the argument though.

Michael, at the risk of going over old ground, you know that person is there, ready and waiting.  We just need to get this corrupt lot out!

i'm having the scoreboard.

Will that give you the chance to learn how to operate the fucking thing?