Print Page - Players not been paid

Title: Players not been paid
Post by: Power to people on Wednesday, October 3, 2007, 07:39:36

Apparently (not seen it yet) the adver is reporting that the players have not been paid for September as of yet as neither side was willing to pay the money out.

Don't I remember them getting paid late for Aug as well ?

Title: Players not been paid
Post by: Batch on Wednesday, October 3, 2007, 07:45:08

I think the non playing staff were paid by cheque in August to give the club a few extra days to realise some cash.
http://www.thisisswindontownfc.co.uk/display.var.1730848.0.little_deal_is_killing_us.php

Quote

JIM Little has revealed complications over Town's debts are a factor in the stalling of the County Ground takeover and admits the protracted deal is even causing him sleepless nights.

The Swindon Advertiser understands Town players' wages for September have been delayed, as dark financial clouds continue to hover over SN1, but chairman designate Little insists he still has full confidence the takeover will go ahead.
Sources close to the ongoing saga at the County Ground have revealed the Portuguese-led consortium are still desperate to take full control in Wiltshire but, as their lawyers continue to find holes in the terms of the deal, talks are still at a fragile stage.
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It is believed Town's playing squad, who lost 2-1 at Swansea last night, will be paid in full today after meetings between the current and potential owners yesterday.

But with significant debts still outstanding, Best Holdings are wanting to be convinced there will be nothing else coming out of the woodwork once the deal is signed before completing the takeover, believed to be worth in the region of £6million.

Speaking before last night's 2-1 defeat by Swansea at the Liberty Stadium, Little admitted everyone is working tirelessly to try and find a solution.

He said: "It is killing us at the moment. Both sides are still going over tiny points at the moment and of course we are working every minute every day to try and resolve this because both parties want to put this to bed.

"It is just taking a longer time than any of us thought. It is keeping me up at night. We were in a meeting until after midnight last Wednesday and there were more meetings yesterday.

"I am confident we will be able to say something soon about the final completion though because both parties really want it done. Unless something dramatic happens we still believe it will happen.

"The debts the club have are an important thing to resolve.

"We want to make sure the company has a balance sheet when we take full control and by that we have to make sure the issues over the debts are resolved. It is far to say the debts are part and parcel of the delay."

A potential £1.2million owed to former backer Bill Power is believed to be part of the problem with the prospective new owners keen to make sure they are not hit with extra costs once the deal is done.

8:13am today

Title: Players not been paid
Post by: TalkTalk on Wednesday, October 3, 2007, 07:51:17

Looks like the Bill Power money "that Mike is taking care of" is causing a few problemos then...

Title: Players not been paid
Post by: redbullzeye on Wednesday, October 3, 2007, 07:51:19

This is becoming a total pain in the arse but given what a lot of people were saying last season about the potential nasties that would be dug up it comes as no surprise. But please get the fuck on with it :evil:

Title: Players not been paid
Post by: fatbury on Wednesday, October 3, 2007, 07:52:31

Ive heard the takeover is off ..players arent being paid

God knows whats happening with the CVA .. it still hasnt been paid

I still pray for a Power Takeover

Title: Players not been paid
Post by: STFC_Gazzza on Wednesday, October 3, 2007, 07:54:33

DOOOOOOOOOOMED!

Title: Players not been paid
Post by: ghanimah on Wednesday, October 3, 2007, 07:54:57

not to worry though, it's all just 'minor paperwork'

Title: Players not been paid
Post by: Chubbs on Wednesday, October 3, 2007, 07:58:21

stop being such busy bodies...and do some work.

Title: Players not been paid
Post by: pauld on Wednesday, October 3, 2007, 08:13:18

Quote from: "TalkTalk"

Looks like the Bill Power money "that Mike is taking care of" is causing a few problemos then...

It's more than just the money owed to Bill, it's the scale of the debt as a whole and whether or not the board are prepared to sign off on an agreed figure. ie slightly more than "minor paperwork".

Title: Players not been paid
Post by: red macca on Wednesday, October 3, 2007, 08:26:12

Apparantly Diamandis was very reluctant to guarantee that no debts would resurface after the takeover took place.

Just to add though at least someone has finally came out and let us know what is happening

Title: Players not been paid
Post by: RobertT on Wednesday, October 3, 2007, 08:33:59

It's all par for the course. Dunwoody filed a load of debts last time we went into a CVA (the first one I thnk) according to Peter Rowe (who was cleared in court and got Diamandis to pay compensation as well!). They magically managed to create a marketing contract that had previously been terminated and got it included in the debts, or somethng like that, so it's not out of the blue to find the same sort of thing causing the delays here.

Presumably Diamandis' financial re-enginerring at the turn of the year has a large bearing on the current situation.

Title: Players not been paid
Post by: STFC_Gazzza on Wednesday, October 3, 2007, 08:35:56

I would like to think its just how the club has meesed about with debts etc for years and now the full extent of it is coming to light ie. the club declares £3.5M in debt for example but has found another £1.5M in loans/other debts with other companies, current debts, not historical ones included in the CVA etc

ON A POSITIVE NOTE: Does it not give supporters a bit of optimism though as atleast it looks as if this new consortium are doing their work and looking through all the debts etc , more and more it looks nothing like a spin due to fact they will actually come out and say the current board have not mentioned all the debts etc which is good news atleast. It looks like they actually have the clubs interests in heart in terms of finances?

***The figures are used for illustrative purposes only

Title: Players not been paid
Post by: RobertT on Wednesday, October 3, 2007, 08:50:27

although the fact they have gone public on the finer detail may suggest real issues that need resolving. Go public and force their hand, especially after the clubs "the ball is in BEST's court" press coverage on Friday suggesting they had everything they needed.

In fact, why is Little having to advise us of our cashflow problems? and if players haven't been paid you can bet your life others haven't withint or beyond the club as well. Wonder how creditors will see it given they are being told they'll get paid within a few weeks (a few weeks ago).

Title: Players not been paid
Post by: Sussex on Wednesday, October 3, 2007, 08:54:05

Good 'ere innit.

Title: Players not been paid
Post by: Lumps on Wednesday, October 3, 2007, 08:55:26

So basically BEST have finally realised that the club is up to it's eyeballs in debt and pissing money down the drain like there's no tomorrow month after month.

Why didn't they just ask us? We could have told them that months ago.

Title: Players not been paid
Post by: STFC_Gazzza on Wednesday, October 3, 2007, 09:06:00

The fans probably have more clue about the clubs debt than the people in charge it would seem.

Title: Players not been paid
Post by: chalkies_shorts on Wednesday, October 3, 2007, 09:59:15

Well if I was a creditor named in the CVA I'd be slapping in a winding up order. CVA not paid, players not paid but we still find money to bring in Painter and McGovern. Our squad size is the biggest for years - we're hardly mitigating our losses are we? If we were anything other than a football club we'd be out of busniess and the directors charged with running an insolvent busniess.

Title: Players not been paid
Post by: Peter Venkman on Wednesday, October 3, 2007, 11:14:32

I dont blame the new owners for stalling, if I was about to take over a club for a vast amount of money I wouldnt want new debts resurfacing a month or so down the line and I actually found out that due to non disclosure of previous debts that I would have to pay more large sums of money out that I did not know in advance.

I am afraid to say that if Mike D is the manager of the club "as has been stated by him and the previous board" then if there is any non disclosure of previous debts then the previous board must be made to pay the old debts in full when they resurface and not the new owners.

I think that this may well be one of the stumbling blocks, the previous owners want to rub their hands in loads of money and run away from it all with nothing to touch them after they leave...leaving all previous debts to the new owners......have thier cake and eat it.

If Mike D "as is quoted" cannot guarentee there will not be more previous debts resurfacing then by all means walk away from the deal and put the blame fairly and squarely on the shoulders of those at fault....Mike D and the previous board....Its just so frustrating that there is a light at the end of the tunnel for the long suffering Town supporters and then its snuffed out again, get the fucking deal over with, surely after nearly 5 months all this should have been sorted by now?

Title: Players not been paid
Post by: Lumps on Wednesday, October 3, 2007, 12:19:41

Quote from: "chalkies_shorts"

Well if I was a creditor named in the CVA I'd be slapping in a winding up order. CVA not paid, players not paid but we still find money to bring in Painter and McGovern. Our squad size is the biggest for years - we're hardly mitigating our losses are we? If we were anything other than a football club we'd be out of busniess and the directors charged with running an insolvent busniess.

Is that what's fucking up the finances of the club, Sandy having the painters in?

Title: Players not been paid
Post by: Power to people on Wednesday, October 3, 2007, 12:42:40

Quote from: "chalkies_shorts"

But while there is still hope I don't think creditors will want to hurry to slap in the winding up order as if that happens they may end up with less money or even none, so why there is still a chink of light inthe far distance they may hold out withe hope rather than risk losing the lot.

Although to be fair someone must be keeping HMRC uptodate as surely they don't take an interest in a potential takeover, they surely just look at it in black and white and see a defficit on the balace sheet that is owed.

So they are still at the due dilligence stages then and not as far as long as they have led us to beleive if they are haggling over debts.

Just someone make a decision one way or another, although I suspect this can drag on for months arguing over this debt and that and the current incumbents aren't going to want to tel lthe portugeezers no deal as they will be under serious pressure as they club probably wouldn't survive with the debts MD & Co have racked up.

Title: Players not been paid
Post by: Chubbs on Wednesday, October 3, 2007, 12:48:00

Quote from: "Lumps"

Quote from: "chalkies_shorts"

Is that what's fucking up the finances of the club, Sandy having the painters in?

ye, they painted one of the stands didint they

Title: Players not been paid
Post by: Phil_S on Wednesday, October 3, 2007, 13:37:26

I really think it's time for behind the Arkells protests.
It always comes back to one man.
Fortunately, now the Amigo's must realise the truth about Diamndis & cronies, so hopefully if the takeover happens they will boot them out of our club for ever.

Title: Players not been paid
Post by: Batch on Wednesday, October 3, 2007, 13:41:41

What would be the goal of the protest? I don't think it will influence the takeover one way or the other?

Title: Players not been paid
Post by: stfctownenda on Wednesday, October 3, 2007, 14:01:18

Quote from: "Phil_S"

I really think it's time for behind the Arkells protests.
The cancer in the club, is still killing it. It always comes back to one man.
Fortunately, now the Amigo's must realise the truth about Diamndis & cronies, so hopefully if the takeover happens they will boot them out of our club for ever.

I have been a firm protester throughout but I don't really want to go behind there just the 50 or so of us again. I don't think we can realistically protest again until there is substantial numbers and I am not sure we could get that unless the club was in immediate danger of going under or they forced Sturrock out. It's hard to see what our options are with regard to all of this and as much as I hate to say it I feel we may just have to wait and see how it all pans out.

Title: Players not been paid
Post by: red macca on Wednesday, October 3, 2007, 14:10:17

Quote from: "Phil_S"

Will it be a serious protest ?

will the trust support this.

Im all for getting this sorted as every other fan is im sure but the last protests did nothing

Title: Players not been paid
Post by: Fred Elliot on Wednesday, October 3, 2007, 14:17:15

And protests this time will .....................................

do nothing !

Title: Players not been paid
Post by: red macca on Wednesday, October 3, 2007, 14:18:48

Agree Andy thats my point, Waste of drinking time

Title: Players not been paid
Post by: flammableBen on Wednesday, October 3, 2007, 14:22:25

Yeah, There's not enough fans who give a shit for protests, not until something major happens anyway, and by then it'll probably to late.

So basically it'll be Swindon fan's fault when the club goes tits up. You cunts.

I think I'd still choose the drinking time.

Title: Players not been paid
Post by: red macca on Wednesday, October 3, 2007, 14:24:51

Title: Players not been paid
Post by: red macca on Wednesday, October 3, 2007, 14:31:53

Title: Players not been paid
Post by: Ardiles on Wednesday, October 3, 2007, 15:59:26

There needs to be an initial critical mass for a protest to work - I'd suggest something in the region of 300 to 400. At that point, I am sure things would snowball.

In order to get those 300 to 400 people involved, you would need a definitive trigger. Perhaps a statement from Sturrock that he felt his position was being threatened, or a deadline imposed by the creditors for payment of the CVA.

In the absence of that trigger, a protest wouldn't work. You would have 50 or so hardy souls (and I was one of these last season) gathering behind the Arkells Stand complaining that they weren't very happy with the general situation - hardly a slogan that would inspire the masses to join in.

I am resigned to the fact that the fans are unlikely to be able to influence this directly. Unfortunately, we will need to wait for events to resolve themselves, frustrating as that is.

Title: Players not been paid
Post by: Fred Elliot on Wednesday, October 3, 2007, 16:10:30

Completely agree Ardilles

Anything below 200 voices would be a balls-ache of a waste of time

Title: Players not been paid
Post by: herthab on Wednesday, October 3, 2007, 16:14:38

'We're not very happy with the general situation!'

Hmm, could work, but we'd need a catchy tune...............................

Title: Players not been paid
Post by: herthab on Wednesday, October 3, 2007, 16:16:06

How about T-shirts with 'We're not very happy with the general situation' emblazoned on them?

Might be a bit pricey though.....

Title: Players not been paid
Post by: genf_stfc on Wednesday, October 3, 2007, 16:22:31

http://content.answers.com/main/content/wp/en/c/c6/FATHER_TED_Down_with_this_sort_of_thing.jpg

Title: Players not been paid
Post by: herthab on Wednesday, October 3, 2007, 16:28:04

I can picture the scene :D

Title: Players not been paid
Post by: Iffy's Onion Bhaji on Wednesday, October 3, 2007, 16:47:30

Quote from: "Fred Elliot"

Completely agree Ardilles

Anything below 200 voices would be a balls-ache of a waste of time

Yes. What got me last season was the fact that 50 of us were there every home game protesting yet about 200-300 people on here were constantly moaning about the board. Where the fuck were the extra 250 people? They could have made all the difference.

Title: Players not been paid
Post by: sonic youth on Wednesday, October 3, 2007, 16:52:55

can you count rich? the only people at the protests last year were people on the forums! i don't think we even have 200 regular posters on here.

haven't read the thread properly but i get the impression the board aren't being particularly forthcoming with the truth and jim etc have had the wool pulled over their eyes. i find it encouraging they're doing their homework though...

Title: Players not been paid
Post by: Reg Smeeton on Wednesday, October 3, 2007, 16:58:24

Quote from: "Rich"

Quote from: "Fred Elliot"

Completely agree Ardilles

Anything below 200 voices would be a balls-ache of a waste of time

They were aliases of STFC Bart.

I don't think there's really ever many more than 50 people who post on here regularly....of those, you get the likes of FB who don't go to games, SY and Gazzza who supported the board, and numerous exiles who go maybe once every two seasons, but enjoy the site for keeping them in touch with reality.

Throw in the incurable drunks and a turn out of 50 is mighty impressive...I've kind of gone past the stage of caring. I suspect it will be a case of serendipity if we survive at all.

Title: Players not been paid
Post by: sonic youth on Wednesday, October 3, 2007, 17:00:19

Quote from: "Reg Smeeton"

SY and Gazzza who supported the board

hurry up and die old man

Title: Players not been paid
Post by: Reg Smeeton on Wednesday, October 3, 2007, 17:02:44

Quote from: "sonic youth"

Quote from: "Reg Smeeton"

SY and Gazzza who supported the board

hurry up and die old man

I'll outlast you with your smoking habit...

Title: Players not been paid
Post by: herthab on Wednesday, October 3, 2007, 17:03:39

Did you protest Reg?

I walked past them a few times and didn't see an elderly gent there.

What does your carer look like? She might have been hiding you from my view......

Title: Players not been paid
Post by: Iffy's Onion Bhaji on Wednesday, October 3, 2007, 17:04:30

Quote from: "sonic youth"

True. But i'd say there was more than 50 on here moaning about the board all the time towards the end of last season.

Title: Players not been paid
Post by: Reg Smeeton on Wednesday, October 3, 2007, 17:09:04

Quote from: "herthab"

Did you protest Reg?

I walked past them a few times and didn't see an elderly gent there.

What does your carer look like? She might have been hiding you from my view......

I was there for a couple, although remember missing one because of another commitment.....good fun they were too.

Title: Players not been paid
Post by: red macca on Wednesday, October 3, 2007, 17:13:57

Hilarious Reg

Title: Players not been paid
Post by: pumbaa on Wednesday, October 3, 2007, 17:58:29

Quote from: "Reg Smeeton"

Quote from: "Rich"

Quote from: "Fred Elliot"

Completely agree Ardilles

Anything below 200 voices would be a balls-ache of a waste of time

Cheeky sod, I haven't been to the CG for about 4 years, so stop stereotyping me :soapy tit wank:

Title: Players not been paid
Post by: BANGKOK RED on Wednesday, October 3, 2007, 20:12:22

Quote from: "genf_stfc"

http://content.answers.com/main/content/wp/en/c/c6/FATHER_TED_Down_with_this_sort_of_thing.jpg

:Ride On Fatbury's Lovestick: :Ride On Fatbury's Lovestick: :Ride On Fatbury's Lovestick:

So would we be protesting against this St. Diamindis fellow then Ted?

Title: Players not been paid
Post by: redbullzeye on Wednesday, October 3, 2007, 20:54:02

"DOWN WITH THIS SORT OF THING" has got to be the best placard ever :Ride On Fatbury's Lovestick:

EDIT Note to self - Don't drink a litre and a half of French Country white and expect to be able to spell

Title: Players not been paid
Post by: Fred Elliot on Wednesday, October 3, 2007, 20:58:51

It would be if you could quote it properly you pisshead !

:wink:

Title: Players not been paid
Post by: redbullzeye on Wednesday, October 3, 2007, 21:11:29

BURP! :beers: I can't see the misquote :beers:

Title: Players not been paid
Post by: Batch on Thursday, October 4, 2007, 07:42:24

Mr Power offers club an escape route should one prove necessary, though it is my personal opinion Diamandis would rather go on a diet than take it.

http://www.thisisswindontownfc.co.uk/display.var.1733768.0.swindon_town_stop_gambling_with_club_says_power.php

Quote

BILL Power insists his Town rescue package is still on the table and has pleaded with all parties involved in the takeover saga to stop gambling with the club's future.

The former investor at the County Ground provided the financial backing for the fans' consortium's failed bid to buy the club over a year ago but, with the Portuguese deal still shrouded in uncertainty, Power claims their interest has never faltered.

Yesterday's revelations in the Swindon Advertiser that the players' wages for September had been delayed, due to a stalemate between the current board and the prospective new owners, highlighted the gravity of the financial situation at the County Ground.
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With immediate debts running to more than £3million, including a three-month overdue Company Voluntary Agreement, Power has urged everyone involved to stop playing games and secure a deal that will safeguard Town's long-term future.

He insists he would be "over the moon" if the Portuguese consortium completed the purchase of the club successfully but warns time is running out with creditors and the football league watching the situation with interest.

The former QPR chairman knows a third spell in administration, the likely outcome if the £900,000 CVA bill remains unpaid, would bring the very real danger of a winding up order.

He said: "You get into a game of poker and play until everyone's money runs out.

"The problem is there can be no bluffing in football.

"If these Portuguese people are here and have the money then I would plead with the club to take their money to save Swindon Town.

"I love Swindon Town and of course I am interested and am willing to speak to the club.

"We have not got £6million like the others have but we are still here and want to keep the club running.

"If the deal with the Portuguese people does not go through I can't see they have many options left.

"The problem is the club have never indicated any interest in dealing with us."

Power is currently in the middle of a legal battle against the club, after claiming he is owed £1.2m which the current owners deny, but he insists the past should not deny Town a future.

He said: "When you get divorced, you don't stalk your ex-wife you just get on with your life.

"But if they show interest in listening to us of course our offer is still there.

"We have never gone away to be honest.

"The football club is a lot of people's lives and everything has to be done to make sure it keeps going.

"I hope everyone is of the same attitude."

Thetownend.com

25% => The Boardroom => Topic started by: Power to people on Wednesday, October 3, 2007, 07:39:36