Thetownend.com

Anybody?

BBC saying he is at the game tonight.

Ex-footballer part of a consortium that tried to take over, surprise surprise, Luton.

Into sports publishing.

Was Chairman of Cambridge Utd - left in a huff to take over Rushden and Diamonds (did well there, then).

Seems another jobs for the boys merchant joining the STFC gravy train

All aboard!!!

Looks like he has been involved with companies that have gone bust in the past!

Power worked as a football agent, before joining forces with Lenny Drake and setting up the sports publishing company CRE8.
In May 2003, Power was part of a consortium aiming to take over Luton Town. The proposed move was not well received by Luton fans, particularly as it involved sacking the popular manager Joe Kinnear.
He subsequently joined the board at Cambridge United and took over as chairman of the Conference National side in August 2006. In September 2006 he acted as caretaker manager following the dismissal of Cambridge manager Rob Newman and his assistant Tony Spearing.
On the 22 January 2008, on the same night that Cambridge United beat Droylsdon 5–0, Power resigned as chairman of the club, citing personal differences with fellow board members as the chief reason.[1] In April 2008, Power joined the board of Cambridge's Conference rivals Rushden and Diamonds.[2]
Power is also a racehorse owner.[3]
[edit]

Sam Morshead ‏@SamMorshead_SA 42s
McCrory told the Adver: "He’s definitely not a new owner, he’s contributing towards club and going to be huge part of club going forward."

Club confirm:

"Swindon Town Football Club can confirm Lee Power is an investor in the club and the 40-year old is at The County Ground tonight #STFC"

First proper confirmation of any investor since Jed & Co took over.

Hmmm. Benefit of doubt but can't help but have a glance at where Luton Town are now in football terms.

How much wonga does he have?

And Cambridge and Rusden/Diamonds.

Ju-ju

Considering he never was actually with Luton, I don't see how that would be relevant.

http://www.telegraph.co.uk/finance/newsbysector/mediatechnologyandtelecoms/8488199/Premier-League-football-teams-lose-millions-on-printers-collapse.html

So how does this fit in with them selling up?

Smoke and Mirrors. He's stuck a fiver in the till and been labelled an owner.

Perhaps that rumour could have been a misunderstanding? Although if this fella becomes the biggest stake holder it could be considered a takeover in a sense.

Swindon Town Football Club

A home for shysters.

Jesus, and I thought things couldn't get much worse we get landed with another fucker

Sam's tweets suggest he will be taking on the football side of things, so that could be interpreted as such.

Nice of the board to tell us these things themselves though, that's the second addition to the board of directors that hasn't even been acknowledged let alone announced by the incumbents.

Still waiting to hear from the carbon credits chappy.

Sam tweeted that he thought the board/ club wanted to wait for next week before announcing anything just BBC Wilts jumped the gun...

That's the way I read it anyways.

Any relation to Bill?

Not to mention Hooper.

The whole thing is starting to worry me more and more if I'm honest

Was said on BBC wilts pre-match that it came from Jed. Perhaps he has decided to deal with BBC Wilts first, then tell the club PR people.

Fair enough but I won't be holding my breath for a statement on the OS :)

Anyway, isn't there an old Wiltshire proverb warning against men behind failed printing companies?

 http://www.sportsjournalists.co.uk/other-bodies/football-writers/celtic-and-rangers-ask-fans-for-power-cut-over-magazines/

Interesting read....

Looks like a shark..got a bad gut feeling

Have you considered pepto-bismol?

http://www.youtube.com/watch?v=_FkI69t9eIY

things going from bad to worse in the boardroom

http://www.telegraph.co.uk/finance/newsbysector/mediatechnologyandtelecoms/8488199/Premier-League-football-teams-lose-millions-on-printers-collapse.html

 :suicide:

http://www.london-gazette.co.uk/place-notice/corp-insolvency-winding-up-court/petitions-companies/Lee-Power (http://sharp-end-training.co.uk/wp-content/uploads/2011/01/Del_Boy_646078a.jpg)

 :cry:

 Well this is a bit left field, even by our standards.  Reminiscent of Dunwoody Sports Marketing. Looks like Duke's thing isn't happening then... :(

 

Hmmm.
First thing I thought too. :(

Is this the ex-Norwich striker?  if so, he was great in Championship Manager 3, pre dating the name change and year dating systems.  Worked wonders in a front 3 in the good old 3313 formation.

That's him....I did wonder if he'd been involved with Cambridge, when they appointed firstly, Claude Le Roy and then Herve Renard as managers....2 fellas usually seen as bosses of impecunious Francophone African Nations sides.

It's just about possible..in which case could show some promise as a football progressive.

Get the feeling BBC Wilts arent very popular after the Johnson fiasco

Seems as if Jed is mates with every dodgy character in the business, and they're all being offered a place on our board.

I dread to think how bad the histories of the benefactors who want to remain secret are based on the histories of those who are willing to be named.

At least we havent had a 30 point deduction or expulsion from the league as we were threatened with then eh

I suppose given our history...there's a certain inevitabilty, that we'd end up with a bunch of chancers.

Where has that come from?

is this related to Bristol city :toocool:

Really

Care to elaborate ?

Well it appears that we've gone from a pub landlord, to somebody who's company went bust owing large amounts of cash.  In my view that is going from bad to worse

And to think that I threw away my Orange hat. :(

http://www.thisisswindontownfc.co.uk/news/10359173.Town_s_net_financial_Power_boost/


This quote worries me..Somebody tell me I'm reading too much into it, we have other investors and that Jed isn't making it up as he goes along.

Thats what the FL said if we went into admin a 3rd time. Mcrory told us.

Put it this way, I wouldn't be inclined to buy any plane tickets off Mr McCoy

So Mr Power didn't want to get involved with the club because of Di Canio who was doing so well in the league....hmm.

Once again something just doesn't add up.

Roooaaarr...

Sounds more like didnt want to get involved when there was a risk of legal action..

I wouldn't have thought legal action bothered him much . From the kinks posted, it sounds as if he has had lots of experience of legal action being taken against him and at least 13 of his companies.

still is a risk of legal action. PDC is still suing us.

So, have I got this right.

Jed and associated cronies take over the club and somehow pass the fit and proper persons bollocks.

Then, when happily in charge they can then invite any old lag with dodgy business background onto the board who doesn't have to also pass said test.

How anyone (fans) can be happy at the people who are now residing in the boardroom is beyond me.

With the new fella's history of failed businesses where the money disappears and leaves creditors with fuck all, does anyone really think the same will not happen at STFC sometime in the future

seen this mentioned a couple of times. was this stated on the radio yesterday?

Think you got the wrong end of the stick there. Come to think of it, I think you got the wrong stick entirely.

Why doesn't he take his stupid fucking green hat and his stupid fucking jacket and his stupid fucking sun glasses and his stupid fucking smug face and fuck off.

He's got his big job at a big Premiership club, where the cameras are going to love him, and the Sunderland people are going to love him and he'll be getting media exposure that he will feel he deserves.

What does the silly fanny need to sue us for? Move on you stupid tit.

Great idea.

http://www.youtube.com/watch?v=eEep67akIn4

Mcrory told us.

Spencer is still trying too.

Of course, not having a club at all is a much better scenario.

I will see what they do in the close season before judging them.

It doesn't make sense for PDC to sue us. Its never been confirmed or denied. He surely will have his mind on sunderland now.

His contract was so watertight allegedly, it covered everything and anything

So McCrory was lying to Tans than?

We all know what Tans is like...

For what it's worth I don't doubt that an agreement has yet to be reached between Di Canio, Spencer and the board, and that the threat of legal action is therefore still hanging over the club.

However, is the idea of a football club chairman lying to supporters really so unbelievable? It happens every day up and down the land, and has certainly happened here many, many times.

No, it isn't and I am under no impression that we should take their word for everything.

What I do find hard to believe however is that anybody would make up quite serious allegations that could easily be exposed in a moment by the other party.

 :clap:

 So have I got this right...the Board is currently...Jed, Murrall, Hooper, Rice, Power...then the Holding Company Board has Hall and King?

 Or when Jed says that some didn't fancy it because of issues around the club....have some of these sloped off unnoticed.

Don't think King is officially involved anywhere but is acting as a consultant or advisor (shudder) to Jed.

I see...hopefully got to be better than Diamandis' Grima Wormtongue  to SSW's Theoden King.

We've even got our own individual with a failed printing business.

Next season our programmes will be printed on single sheets of A4, and will be flogged for £4.

We can soon look forward to one of those terrible sack cloth shirts, that were apparently made by dgi, whoever they are/were.

I've got one with Sabin on the back  :) 

If Jed did say that about PDC still suing, surely it contradicts what he was also saying about Power being one of the investors in the background who was pulling away due to the 'Paolo Di Canio incident' but who's now willing to come forward?

Surely there's a pretty clear implication in that adver article that Powers coming forward was predicated on the threat of Di Canio suing passing?

Don't think he said anything about Power pulling away.


Can't see the contradiction myself.

Dare I suggest some sort of board statement now might be a good idea, rather than the current chinese whispers that we seem to be having?

Perhaps he can't say too much about the PDC issue for legal reasons but it would be nice to have clarification.

Although in saying that, last time we had one, they got ripped to bits because of this 1957 debt thing, so perhaps they are wary?

Dodgy as fuck

There doesn't seem to be one credible, successful, reliable businessman amongst the lot of them, and they just keep adding to their number. I don't like the sound of all this.

I wish I could disagree!

Agree, to say I'm worried would be an understatement!

Think you need to understand the psychology of the businessman/chancer.

Think for them, the important thing is to have numerous deals going on...most of them will fail, but some might succeed. The laws are stacked up in your favour, so you can generally avoid personal liability, when it goes tits up.

Always on the edge when it comes to paying tax and respecting employment laws. 

Think the reason why SSW, used Diamandis, was because he realised that football was a murky world, and you needed somebody versed in the dark arts to operate in it. Jed is hinting that Power will be this man for us...the previous regime eventually used Spencer.

You don't think there's an implication there in Jed trailing those two sentences one after the other: naming Power as one of the background investors, then saying some of the background investors were pulling away due to concerns about Di Canio but Power was now willing to come forward?

Considering the context in which he has finally come forward (soon after Di Canio takes the Sunderland job), and with what we've been told about the embargo saga supposedly stalling on the concerns of some background investors about putting money in with the threat of Di Canio suing hanging over the club?

Maybe I am just reading too much into it. But if he and his entourage do want to sue I don't understand what's taking them so long.

Sam:


https://twitter.com/SamMorshead_SA/status/324464270807015424

[url width=800 height=519]http://i5.photobucket.com/albums/y154/Reg__Smeeton/power_zpsacaa3a53.jpg[/url]

Not sure this is what we had in mind on that sunny spring day 6 years ago.

The problem with the 'wait and see' scenario is it will probably be too late by then we would have been sucked dry.

I realise there is fuck all any of us can do anyway - apart from prepare for it

He can allegedly spill it all to tans in the pub though?

 :hmmm:

Hoping this is not the takeover / selling "bit" referred to. Not exactly mind blowing or reasons to be confident, quite the opposite.
Try and get more.......(w'kend).

Good man...we need to be as vigilant as possible.

Juddie mentioned on Twitter yesterday that he knows Mr Power quite well.

Can you change your screen name to "secret squirel" ?

It must be killing you.  ;)

Jed has to go a long long way to convince me.

I don't trust this current board at all.

Every single member of the board are fucking wrong'uns... how we've fallen.. the club was almost perfect not along ago at all.. Paolo, Fitton, Watkins.. The list goes on!

Ray Hardman was vilified in the early 90's, he was in charge when we got promoted to the top table.  External competence and wealth need not equal success, and a lack of both does not equal Diamandis.

So, if you've come over to the darkside Flashheart, doesn't leave a lot of Board apologists. All of which begs the question, what is to be done about it?

No Reginald.

While they may well appear to be a shifty looking bunch that does not necessarily mean they have ill intentions. It does not mean we should buy into all the conspiracy theories and unfounded rumour either, at least not until we have something of substance.

I agree entirely, there is so much anti-board stuff flying around that is without substance but has become fact that I am tired of it all.

I am still waiting for someone to explain how the new board are planning to fleece us of millions when as it stands the club doesn't earn enough revenue to actually pay its bills each month, doesn't own the ground and has a playing squad where the majority of value are out of contract come the summer?

Now I am no businessman myself, but the only way I could attach ineptitude to them so far is the fact that if they were planning asset stripping and making millions they could have chosen a considerably more attractive proposition than Swindon Town Football Club.

If they are planning on fleecing the club, they are either geniuses with a cunning master plan or a bunch of complete fucking idiots.

I suppose (and I'm not suggesting this is the case) that they could just pocket all incomes, like gate receipts, prize money, TV money, transfer fees, season tickets, then disappear leaving us in administration? That's the only way I can see them milking any money whatsoever out of the club (in the guise of wages and bonuses), but I have no idea if, or even how, that could be possible. Football clubs don't generally make profit, so it's the only scam I can come up with!

Ineptitude is just as dangerous as malign intentions....I don't think SSW had a master plan to screw the club over.

Surely the first thing is to find out who exactly the mystery investors are, if they're still around or if they've been scared off and to obtain clarification of the role of Power, whether King is still lurking and why he is involved but not named officially and what happened with Gregory Hall.

Beyond that I'd settle for something vaguely resembling a long term plan from the board beyond holding concerts.

Don't forget the gig money...

Unless, of course, you don't worry about paying bills…

But you're right, it's all conjecture at this point (although from the links in this thread, it is clear that not paying bills is a route at least one of these gentlemen has gone down before, and it's a route that has almost fucked this club before, so it seems to me those are grounds for legitimate concern).

Wasn't this the whole point of the infamous bond that they had to place with the FA before it was all agreed, so they could not do this??

I am in no way a board apologist, but equally I would like facts before I light the flaming torch. A lot of the links to Luton do worry, but equally in at least one case didn't he (cant remember which one of the merry band it was) actually bail precisely because the dodgy stuff was happening?

[url width=350 height=310]http://24.media.tumblr.com/a24c9bab104ad6b4fe6bff522a01ea02/tumblr_ml8d7xlsT21qiip6uo1_400.gif[/url]

Yeah, probably... i was just musing aloud with regards to what the motivations could be, as I get the impression that they're dodgy, but have no idea what they hope to get out of it!

I'm thinking they saw an opportunity to pick up a football club in a good position, bide their time for a bit without spending much and sell it on at a profit.

I wouldn't be too averse to that provided they looked after it in the meantime. If that is their plan, it would be in their best interests to look after it as well.

Ironic that our most useful asset here seems to be our lamentable lack of assets.

Perhaps building an evil lair under the pitch?

We shall see, they have not really done a great deal yet to judge either way

This, although as I have suggested before I would expect that Black has put some form of covenant on the sale that means he gets a share if they do sell at a profit within a certain period.

Indeed.

They could be planning on doing a Kassam/Ricoh on us, but that would surely come at great financial risk to them?

What I do not understand if PDC & Spencer are still wanting to take the club through the courts why Jed & Co have not said anything about this publically only in the pub to Tans, is there a reason he wont speak publically about it.

But surely also with PDC taking over at sunderland if this made it into the press that he was suing his old club then it wouldnt go down well

Cannot see how they can do that as I can't see them getting their mitts on the ground freehold, there is always the possibility that they could pull the wool over the Councils eyes with some sort of deal but if the Council have got any sense they can control sub-leasing etc via covenants.

We should sue Spencer for assisting in bringin in 76 players through a revolving door whilst paying him a pretty penny to bring in and release the vast majority of them.

Useless half-witted buffoon.

Comment down the juicer is somewhat lower key than a public pronouncement I suppose?

I am surprised that it didn't make the mainsteam when they were trawling for muck to fling (incidentally it has bought home to me how much the saying about todays news is tomorrows chip paper rings true, two games in and nothing more said!) but we shall see. I was looking back at some stuff earlier and forgotten that Paolo was essentially making announcements about the cub and board in November time which I would suggest were in breach the other way (for instance the suggestion that Brookhouse was standing down which he just dropped in to an interview).

Anyway if Spencer gets the same control there he got here he won't have time to sue he will be spending his new wealth.

Wasn't there a comment in the recent Daily Mail article from PDC's lawyer, referring to the fact that STFC are considering a counter claim against Sunderland for compensation and it can be settled amicably and Sunderland are now his priority?

Here towards the end

http://www.dailymail.co.uk/sport/football/article-2305127/Dont-fall-Paolo-Di-Canio-youll-end-Bomb-Squad-theres-way-there.html

Mel Goldberg?

PDC has a Jewish lawyer?

Oy vey.

It has been suggested that while Bodin is taking the club to an employment tribunal citing/naming Di Canio, Di Canio cannot persue the club himself.

No legal eagle myself but I'm sure there are others more qualified than myself to confirm/deny that supposition.

Sam Morshead ‏@SamMorshead_SA

Jed McCrory tells the Advertiser that Lee Power is set to put £1.5million into Swindon Town in an "equity partnership" #stfc

Does an "equity partnership" mean we give it straight back to him?

"Is set to" means he hasn't actually put money in yet. And what the fuck was the Gregory Hall thing all about.

Trying to stay positive, but its all becoming very, very concerning right now.

Speaking of Dunwoody, it seems Power and Dunwoody are good pals

http://www.thefreelibrary.com/Football%3A+Power+and+the+glory+is+winner+for+Dunwoody.-a079100096 (http://www.thefreelibrary.com/Football%3A+Power+and+the+glory+is+winner+for+Dunwoody.-a079100096)

I think this is my first post on here. AKA mug? on the Adver site.

Also still seems to be involved with the GG's and publishing, at least in Feb 2012

http://www.sportspromedia.com/notes_and_insights/racing_plus_to_relaunch_ahead_of_its_kempton_race/ (http://www.sportspromedia.com/notes_and_insights/racing_plus_to_relaunch_ahead_of_its_kempton_race/)

People need to stop making up their own facts and give them all a chance. Looks like there will be a trust/fans forum. So I for one will wait and see for a bit before lighting the stakes.

What the cockney said.

I don't think Dunwoody himself had anything (more) to do with Dunwoody Sports marketing by the time it rode into Town. In fact, I think Dunwoody tried legal action to get his name removed from it all.

http://www.questia.com/library/1G1-86175246/dunwoody-saddled-with-name-problem-sports-agenda

Whether the budget gets rejigged in the summer or not, this (should?) alleviate some concerns that they are all penniless and using the ST money to cover football expenses and leave us in the shit...

Quote from: Jed McCrory

So what are these previous running costs which are due to come down? Is it good that we'll be reducing our running costs?

If it's a partnership in the true sense, it should mean 50%.  So, is he's putting in 50% equity it means that the current board have put in £1.5 million.  This then means that Power will "own" 50% of the club, which leaves the other four with 12.5% each or however their equity was dibbed up.  He would only need another 1% to become the owner.  Somehow I doubt this to be true, whatever their past they would protect themselves better than that!!

Presumably it was the high cost of the wage packets of the Italian mob and Spencer.  There is no way that KMac and Cooper are on anything like waht PDC was on without adding all his entourage!

Sorry for the repeat post, but I thought it was worth putting in here too:

As reported in the Adver, representatives of the Supporters Trust - as well as the Supporters Club - should be meeting Jed next week.

As I understand it this meeting won't be open to all, but if people have questions they'd like to see asked, they should tweet @TrustSTFC or visit www.truststfc.com and use the 'contact us' tab to drop the Trust a line.

The Trust believes in fan representation and wants to speak for as many Town fans as possible. I'd also encourage people to join (it's only a fiver) as the more fans the Trust represents, the stronger and louder its voice.

Then why would they still be ongoing?

To be fair he doesn't say anything about costs coming down, that is my speculation. We know however that the club was spending more on wages etc that it was taking in, which Black and then the Ritchie sale was covering. These costs haven't gone away and will for now be met by Power. Unless I'm missing something that is what McCrory has said.

Ongoing or short term?  I have no idea but if it is not the previous managment's costs it can only mean that we are going to see a big turn-round in players wages this summer - and a first team primarily made up of youth team players and loanees next season.

Nowhere has anything of the sort been suggested. Asides from unfounded rumour and speculation.

Doesn't really need to be stated...the whole course that the club has been running since the turn of the year tells us that spending will be coming down.  The only question is by how much....the main cost is wages, assuming that the deals to pay up the likes of Risser, Cibocchi et al have all been settled, so it's axiomatic that you look to natural wastage. Which means players out of contract mostly having to leave, to be replaced by something cheper.

Or, you no longer budget tp pay PDC and Spencer a combined total of probably over 7 figures a year.

Every little helps...but it would be interesting to know what remuneation the magnificent 7 are receiving, for services rendered.

If the budget is coming down. Why does it mean that 'it could only mean' a team full of youths and loans?

He's just fishing.

It doesn't (that's Ronnie's take)...we'll have certain obligations, which have to be met, like TAH and Lee Cox, who hopefully will be fit to play, but the general tendency will be towards cost cutting where possible.

Well furry muff.

It makes sense to cut down on wastage. Some can be very over dramatic about it all though.

Well the way Jed expressed it clearly seemed to indicate current running costs were higher than he wanted.


Given that I assume we've lost the salary costs of Ritchie and Dux's mafia, and most or all of Benson and Cox's salaries, and replaced any cost associated with Bostock, Hollands etc with two kids, then I'm not sure how much more he's expecting to cut running costs.

Maybe he meant a continuing provision for legal costs associated with the previous regime, but that's not what he said.

Nobody could have been happy with PdC's player wastage rate (except Spencer, of course), so there is nothing wrong with looking to cutting costs/waste.

Whoever is right about what direction the club is going under this new regime it will become apparent soon enough.

The quality and/or number of incoming transfers and the sort of players already on the books who will be shown the door/sold off will be the true test.

Has this actually been stated anywhere?

And should we not be looking at cost cutting as the club is (and has been for god knows how long) failing to wash its face in terms of sustainability? There are a number of ways to potentially do this, reduce ground rent for instance, but to immediately say as fact that it means a team of youth teamers does seem to be scare mongering a little.

No, it hasn't.

If anything it's been said that the money available and the budget will remain the same. Jed has said something along the lines of being more realistic in spending (can't find the quote now). That could be open to interpretation, but it has not been said that costs will be cut.

I would imagine our biggest cost over the last couple of seasons has been paying off contracts for failed signings, so hopefully next season we will immediately have less of a drain on resources.

I see KMac as a "project" type manager, who needs to be able to build a young team over a couple of seasons. As others have said, Walsall show that you can assemble a competetive team from free signings, loans and youngsters in the lower leagues.

And paying the Agent who made those signings an Agent's fee?

What with that and the management salaries that would be a great saving, whilst I accept that PdC's salaries etc have disappeared what about Spencer, wasn't he on some sort of retainer so unless he resigned that with PdC (why should he) I imagine we have got to pay until it ends or pay some form of severence fee - that quite possibly is why the costs are still too high for now as suggestd by Jedders? - I have no evidnce to support this, but then again thats seems to be the norm with the new lot!

I don't think it needs to be...you don't have to sell your main asset to a competitor, to get you through to the end of the season, to know the current situation is unsustainable...at no point have I said a team full of youth, we still have a nucleus of players contracted for next season, who won't attract other clubs....this will form the nucleus of the side, and then some loans and youth players, pretty much as it is at the moment, but a bit extra.

5
 T

what would you consider to be an excessive salary?

Anything...outside of some expenses.

good point, well made.

Wrong thread >>>>>>>>>> http://thetownend.com/index.php?topic=51289.0

For fuck sake I need to stop putting my phone in my pocket without looking the keypad

I agree I suspect this is the plan. Opportunities to buy a football club for next to nothing at the top of a professional league near the end of a season don't come around very often, Andrew Black's desire for a quick sale helped them achieve this.

On the subject of Lee Power Cre8 Publishing (and it's predecessor Cre8 UK) have upset a lot of football clubs. Apologies if this link had already been posted.

http://www.thedrum.com/news/2011/05/03/cre8-publishing-liquidation-leaving-creditors-including-arsenal-old-firm-owed-more

:D

So to confirm the clubs owners should pump money into the club and take nothing out, and the executives should work gratis, which means most likely that they are going to have other jobs to feed their families and thus spend little time on the club.

This paranoia that they are fleecing this cash cow of STFC which cost Black £10+m in 4 years baffles me.

Presumably you didn't live through the Donnegan/Bletchley era then. They ran a closed shop and were spending without investing. This is probably nothing like that (I hope so!), but once bitten twice as shy.

FWIW : My biggest paranoid thought isn't that they are purposely taking the club to the cleaners. Its that they don't have the cash to keep us from getting into another mess.

In any case I'd hope a meeting between the supporters groups and the board would let Jed set out his stall and give people a better understanding of things - a positive step!

I'm a shareholder in STFC, only a few hundred, but if the company made a profit, then I might expect a dividend. Similarly for a major shareholder.  The club should employ a clerk...to do the  bean counting etc. 

Ron Morse did it for years quite successfully without too much fuss.  If, the bean counter happens to be a Board member than so be it...he'll need to be paid. However, I would prefer it if the job was opened up to a proper process of recruitment...rather than being a job for your mates...

There's some interesting stuff recently come out about the eye watering sums, that Directors and CEO's pay themseves in te greed league...so for example Niall Quinn took 2.4 mill from PdC's mob in 2011/12.

I don't suppose this sort of largesse will have escaped the notice of our lot...who probably think it entirely right for them to get their snouts in the albeit much smaller trough.

The only feasible scam I can think of is that they could borrow against the club and spend that money for themselves. I really don't think that plan would work for long though as they'd soon have a load of orange hatted town fans asking what the fuck is going on.

So, essentially, you think it matters not who owns the club - human nature will decree their first instinct is to turn a personal profit whether it fucks the club or not.

I don't doubt for a minute that every owner in our history (and any club for that matter) is looking after number one first.

We need a (wealthy) benign dictator

For most of our history, we didn't have an owner, but shareholders, based on the Rochdale Co-Op system. It was until the height of the Thatcherite 80's that the rules were changed, to allow wealthy individuals to put money into the club. The hope being of course, that they would be benign. What lessons from history tell us, is that it ain't necessarily so.

But if you've pocketed a few quid in the meantime, driven around in a nice car for a bit and had some fun being involved in a Football League club along the way maybe you don't care…

As always, that's pure conjecture, but none of the people who have traceable business histories have a history of long-term business success and could be viewed as being from the make what you can and then wind it up school.

This is why the board needs to be so much more open with the supporters. Hopefully that starts next week…

No I have lived through the misery of Donegan, Brady, Diamandis etc

I suppose the point I am making is that they have lodged a bond of £1.2m with the FA if (or as many on here think when) it goes tits up. Therefore if they fleece us they will lose this, so the first £1.2m of any scam will essentially be their own money, combine that with our lack of assets, insufficient revenue etc I just don't see where this money is going to come from.

I may be wrong and this is based on sheer speculation on my part, but as I have said before if they are scamming they are either bsuiness geniuses or very misguided.

But what assets can they borrow against, we own next to nowt and don't have revenue streams that cover bills even now, unless they engage in some clever borrowing with Wonga I just don't see it happening.

Well we don't actually know where the 1.2M came from, or what it costs. Based on what I have read it seems it was going to be Greogory Hall, but he left so now its either Power or someone else. The bond could have been Powers money, could have been Jed's, or a loan or even bridged from ST money while investment was sought.  Who knows

But the important thing is I think we need to keep an open mind about Jed & co, but that keeping an eye on things is merely prudent.

I didn't feel this way when Fitton and Co took over. Could be because of the relief then from not going down the shitter, but they came in, spelled it out clearly then did what they said. I've not been to impressed by how its gone so far under the new board, though that is clearly only personal opinion.

And FWIW my expectation is not that they keep on going where Black left off. That's wishful thinking. Just that we don't deviate back to the brink of self destruction while maintaining league status.

But you don't have to cover the bills if you're not worried about keeping the business going. We've just had well over a million quid come into the club in season ticket sales, so no need to borrow to make money.

I really am not saying this is what is happening, but just because there is no money to be made from Swindon Town FC if it is run honestly, does not mean there is no money to be made from Swindon Town FC full stop.

Some open answers from Mr McCrory next week could do a lot to sooth any such concerns, let's hope he takes the chance.

I think my concerns with the current board are similar to a few others expressed within this and other treads already, and can be summarised in one word - competence.

The business track record of the board members collectively and individually is hardly sparkling, and any hope that the "shadowy money men" might be bigger guns with more about them has had the legs kicked from underneath it if Lee Power is one of them. His business history makes the rest of them look Bransonesque in comparison. I'm not massively comfortable that my club looks like it's going to be funded at least in part with money extracted from the creditors of one or more of the 13 failed business this fellah has left in his wake.

However, I'll say again, doubts about how competent and effective they might be, an whether they have the resources required to make the level of investment required to really grow the club are one thing, and accusations that they're a bunch of fraudsters out to gut the club and do a runner are another, and I wash people would stop hinting at the latter.

I keep reading forum posts about "paying themselves fat consultancy fees" with nothing to back them up. Other posts suggest that the board are collecting income but not paying bills to build up a cashbox to pay themselves wages and fees, again seemingly plucked out of someone's arse.

All such suggestions basically amount to the same thing, that a group of slightly wide, but perfectly law abiding, as far as I can tell, business people, have entered into a criminal conspiracy to purchase STFC and effectively run it as some sort of "long firm" con. Using the club to collect income which they leech out whilst making purchases on credit, staving off paying bills etc. until the whole thing collapses.

One little point. The long firm con relies on a couple of things:
- A firm with a good reputation that suppliers will give credit to and cut some slack to if bills are a bit overdue
- Nobody noticing the con as it runs

If you were a conman, do you think a football club with a history of financial irregularity, one HMRC investigation, a couple of fraud cases, a court case over ownership, two periods of administration, a recent threatened third administration, annual losses of over £1m, no tangible assets, and a fan base that having been caught out by the Brady/ Doneghan period, and been fucked over by pretty much every board since, now spends its time poring over the track records of anyone that thinks of getting involved with the club, would look like an attractive proposition for that sort of game?

Having touched on the Brady / Doneghan era, it's worth pointing out that not even the chancers that ran the club then came here with the intention of leeching off the club. Those people were more interested in property development, and the clubs role was pretty much as their key to unlock the front garden site.  When Brady worked out it wasn't happening and walked Doneghan took the chance to hang about and see if he could revive it and play at being football club chairman at the same time.

To my mind what we've got in the boardroom now aren't crooks or conmen, they're just not very effective, slightly small time business men, who liked the game and fancied having a go with a bigger club. My hope is that they get lucky, we get promoted via the play-offs and, as a Championship club, we attract someone with a bit more about them, in all senses to take over, or take a prominent role in the clubs affairs.

Fingers crossed.

I personally feel that the board think they can run the club without having to put their own money in. However if they are to achieve this then the wage bill will have to be reduced dramatically from it's current level. With that in mind we would struggle next season whatever league we are in.

I like the idea of being sustainable without someone else's investment but the business background of this lot does worry me. I'm also concerned that cutting the wage bill isn't going to be easy given that we have plenty of players half way through 2 year deals who aren't exactly going to be earning small wages. They will need to find an investor willing to cover that shortfall or sell.

Judging by the recent Adver article i'm still not convinced Jed has enough investment on board or lined up. I think he has a plan for the club but that plan relies very heavily on who is willing to jump on board and support it.

So basically my thoughts are that in the long run this lot might not be a bad thing but the issue is we might not get to the long run as the short run is going to need a lot of investment to ensure the club keeps going.

I just hope if the board do cut the playing budget and spend relatively low figures on fees and wages from next season they then also slash the ticket prices and food etc.

Sustainability works both ways.

Not quite sure it works like that!

Not really, for the past 3 or 4 years an individual has been subsidising the cost of your season ticket.  Sustainability = spending no more than you receive.  I'd actuall expect there to be a bit of an adjustment both ways over the next year if we stay in this league - a bit less on players a bit more on season ticket prices.

Your first paragraph echoes what I feel. I have this 'orrible feeling that relegation beckons next season irrespective of what division we end up in. God I'd love to be sssooooooo wrong but that is how I feel.

You have to be very naive to think the only way to make money out of the club is if it turns a profit.

The club has been making big losses for years but lots of people have made money during that period. Players, managers and agents for a start. Mike Diamandis didnt do too badly for himself either!

Not saying the new owners are seeking to line their own pockets as I have no reason to believe this is the case. No harm in keeping a close eye on things though.

The whole thing is getting silly.  Power will probably just vanish like those other dudes.  Then some other random dude's name will leak and repeat all over.

Bill & Ted?

Excellent!

I would like to see Stratton Bank utilised more next season ie £10/3 a ticket for those not fussed with soft condititions.Who knows 10k everyweek which should be the norm in my mind.

This is my view but I suspect this lot are a bunch of shysters. no real evidence just based on hunches.

Nobody is being naive in the slightest because we are trying to dig away at possibilities of how they may be trying to fleece us.

Resurrected this on the news that Power had joined STFC. People’s opinions at the time.

Thanks, the conclusions I am drawing are

a) I actually spoke some sense back then;
b) I posted a hell of a lot less before I started working from home;
c) Sadly I think it just reinforces that for one reason  or another we have seen the last of Reg, he would be loving the present situation!

IF we were to get relegated this season, I make it 4 out of the 9 seasons with Lee Power as owner that we'd have spent in Division 4, and that is more heavily weighted to the back end of his time here. A downwards trend.

His ownership has been a ruddy disaster hasn't it

The lows have been, in Swindon terms, pretty ruddy low but there was early promise.

2013-14: Good - Should have done better
2014-15: Great - Unfortunate final couple of months
2015-16: Average
2016-17: Awful
2017-18: Bad - Stuck in L2
2018-19: Bad - Stuck in L2
2019-20: Great - Promoted
2020-21: The worst

He would indeed.  

We had not a care in the world as we used to mock his predictions of Conference football.

Bloody hell.............. Surely the FA / FL must see STFC has been played like a fiddle and realise enough is enough.

Good honest hard working football supporting people are openly being screwed over by opportunists who are vetted by the governing bodies of FA/ FL as fit and proper people. 

Surely we must hold the FA /FL responsible for their actions and claim against these organisations for not supplying "Fit for purpose" service to the Swindon community.

COYMRs :badmood:     

I don't know if this has been posted on another thread, if so apologises.

On Twitter National Self Build & Renovation Centre have publicly withdrawn their financial support for the club siting
the way in which the club is being run on and off the field.

OK, it maybe no great financial loss, but it is the principal and the fact that they are prepared to do this publicly.

ً Retweeted
NSBRC
@NSBRC
·
15h
It is with genuine disappointment that we confirm we will not be renewing our sponsorship of #STFC next season. We have expressed our concerns around the lack of vision, communication and transparency. We encourage fans to follow
@TrustSTFC
 and
@STFCSupClub
 This is our club. 🔴
NSBRC

Not sure where to put this taradiddle but here goes.

Just back from pub and had an odd conversation with a communal drinker (no STFC affiliations at all) who had this to regale us with.

Apparently a colleague/friend/workmate was asked to get out to Beversbrook today and paid £200 just in case there was a problem with fans turning up to cause problems. Whether there were any problems the communal drinker did not know.

He also said that same c/f/w/ attended the Rochdale game but was not allowed entry as not being on the official list but was paid £100 to "look after" a Rolls Royce. This Rolls owner often comes up from London on a regular basis and has a Reg. Number on one car of PIG 1 and another of PIG 2, and is rumoured to be putting money into the club for a player in the team.

This could of course could be the 80% bollocks of the forum, but the communal drinker has no real idea what is happening to STFC, has no real interest, and I do not think it is bulls*t, but then again. 

 

The same vehicle that turned up at Fleetwood and the same people inside.

Got to be Curran’s old man surely ?

So what happens if/when Power gets banned from football by the FA? Will that automatically force him out immediately from the club?

Yep.

It’s the collateral damage that could already have been made.
I hope he gets his comeuppance for sure.

I still can’t see what the attraction is for the Yanks. A lower league club, fractured and pissed off fan base, in need of an input of cash to be competitive.

Playing devils advocate, that could be levied at any potential owner.

American ownership might be a good thing.  They could bring some
much needed fresh ideas.  I imagine that there might be some push back when proposals come to light regarding a name change.  Swindon Soccer Robins might not go down too well.

And if there any harm in moving the franchise to Newquay?

From what I have found, a guy called Andy Curran?

Quite.

It's not necessarily that they are interested in STFC per see. It might be that they want to get involved with English football and STFC is a current opportunity to do so. Or it might be something more sinister. We'll just have to wait and see (if they even buy the club).

But the fact they are willing to facilitate Power’s shenanigans is a NO from me.

Either that or it’s Phineas I. Godwinn.

The number plate is PLG1 and its a Mercedes Benz AMG 220.

Premier League Giants

Aaah, that's why the MOT history site  couldn't find it (yes its taxed and insured  :) )

Can't find PLG2 though

Yeah there is no PLG2 or PIG1 or PIG2

Are you kidding? The opportunity is huge for this club. With the right investment and restoring faith back into the local community, this club could be a top League 1 team pushing into mid-table Championship aspiration.

Renovate the County Ground, opportunity to develop into the beating heart of the Swindon business community with functional facilities offering, facilities to host exhibitions and conferences with a bar/ pub with decent food that locals willcome outside of match days to eat and drink. It's not like there are actually many decent places to go eat or drink in Swindon these days!? Accompany all of that with a hotel and local gym on-site... Really develop the commercial offerings of the club.. Bring the fans back, focus on developing that match day experience..

The opportunity and attraction to grow Swindon Town, rich with history, it's a sleepy tall person waiting to be awoken. We might not be Premier League but Championship is easily obtainable, consolidate, grow the youth development and set a new vision from there. It's not like in the north where you've got 4 or 5 big clubs within walking distance to each other.

I totally agree the potential is huge if we could only get the right owners to take us forward. The population of Swindon is nearing 225,000 with lots of new families that have moved here and last seasons 13,500 sell out against Exeter on a cold January day after Xmas is proof of what we could get on a regular basis plus more if we had first class facilities.

I'll have what he's having

I though that but I didn't want to get pelters for suggesting that STFC might not be one of the other 40 or so self proclaimed 'sleeping giants'.

Of course the potential is huge at Swindon, but what makes anyone think that ABLE would even consider  the club in its plans? they are literally JUST a property developer, they are not interested in the football side of things at all they will buy the club, buy the ground with an inflated value to the council with no involvement of the trust.

And then buy out the debenture that is in place for a fee of about £1m (I think was quoted), liquidate the club in so the club cannot continue in the football league or any league, they get kicked out like Bury and they have an area ready to be developed with no football club to interfere with thing and Power gets his little bit extra when this all goes through.

Yeah loads to be excited about!

That's a strawman. I don't think I've ever seen anybody say that once.

You've already answered your own question.

They are 100% not interested in football potential or fanbase potential they are only interested in the potential sale value of the land and ground

That is unfair. Today it is way out of reach. In a few seasons with the right backing and stewardship very obtainable. Lest you forget we got to the PL. ok that ended badly but it is still possible.

Why would you think the council would renege on their decision to offer 50% to the Trust?

Personally, I’d love it if someone popped up from nowhere with £1m and progressed the CG purchase with the Trust.

I don't exactly trust able either - but a few people already seem to be coming up with their own 'facts'

It’s easy to see why. They are already tainted by being Power’s favoured exit strategy ergo they’re just as dodgy.

I completely get the mistrust, but still...

Able or Clem, I don't see the attraction of investing in STFC itself.  

New ground ideas with spin off activities etc sounds great.  But who would benefit from such spin offs?  The buyers and developers of course.  No way would this ever truly benefit STFC unless the investor was also a philanthropist with some connection to the local area.  In exchange for financing the economic running of a lower league club, the investor seeks a return from property development (eg multi-putpose training pitches, the main ground) and transfer activity profits.  

Nothing is easy.  We'd love a Lansdown or a Madjeski.  Clem might do for us but expect more bumbling at best.  Good enough for me if STFC is well run but with our "potential" we offer sufficient advantages to be a respected L1 club rather than a L1/L2 yoyo club - or worse.

This for me too.

Very few buy a football club for anything other than vanity or the chance to make a quick buck.

A fair few on here always disputed his on earth Power could make anything out of us. Well, we know now.

PLG1

Power
Lee
Geneva

??

PLG - Promoting Lolly Gathering

Hate the term sleeping giant. Only have to look at Bristol City who often get the same label. City spent £45M on stadium redevelopment and many millions more chasing the dream, yet sit midway in The Championship. A reality check may be in order, we can all dream big but as a club it feels every season we fall further down the pyramid on and off the pitch.

Last season was great. The fact it was in L2 makes not a bit of difference

Sleeping giants=napping midget.

Update on court proceedings from Adver guy. So far so good:

https://twitter.com/adver_tseaward/status/1384185654490243076?s=21

Much like the people who claimed McCrory and Co couldn't be asset strippers because "we haven't got any assets". They still found a way.

It won't be long before these two are sniffing around😀

"Judge says Town is a car heading for wall with CM/MS and LP with hands on opposite side of steering wheel"

We're in the back seat. :crash:

Nope, we are on the front bumper like a 1990's Red Nose.

Did you know that a swop of his initials give you Pee Lower.

And if you look at Lee Power for long enough, he looks like he's morphing into 1990s legendary Kids TV car "BRUM". Which had an episode called "Runaway Ball" IIRC :eek:

How that didn't have a Birmingham accent is beyond me.

So I guess we’ll see how serious Clem really is. Assuming he stumps up the money provided to keep us afloat and meets whatever pathetic demands Power puts in place.

Let’s hope he really wants it, is really serious, and is a little bit minted.

Indeed the bloody fraud. Probably tried to make out it was from Worcester and was privately educated or something  :D

Which is also why it might turn out that both "BRUM" and the current owner of STFC in situ, probably have much more in common :)

 :clap: My kind of post. How did we not see this before?

The summary of todays court case from the Trust
https://truststfc.tv/court-hearing-update-power-v-standing-axis-football-investment/

‘ What we do know is that Able paid #STFC a £100k non-refundable deposit for their interest, which Mr Power's legal team claimed went into the running costs of the Club.

The Judge was a bit unsure as to why this had happened.’

Just gets weirder!

I assume that any sale of Able will be dependent on them passing the necessary FL tests etc, which is going to bring things out the woodwork possibly, he suggests hopefully.

rumours that power will be at the ground tonight. interesting

Hopefully it's just one last nostalgic look before he f***s off

Hence the ‘heavies’ already parading around the ground.

Is there actually a protest arranged tonight?

I fucking hope so.

He'd be mad if he turned up surely

I'd love to hear 1 last radio interview with him though, it would probably be comical

It will not matter. Fans can't get anywhere close to the stadium with fencing and security down there. Will not bean exaggeration to say the closest will,be the CG garden

Are we able to buy programmes from tonights' match? Asking for a friend

Hes at every game anyway.

This wont bother him, if anything, he’s likely to be dancing through the crowd with his entourage giving all the protesters the finger!

Or shout out the boardroom with a megaphone :Ride On Fatbury's Lovestick:

Indeed, the security today is very strong with nobody allowed anywhere near the stadium, they have been there since 1pm.

Have they been told they may have to wait for their financial dues?

another banner outside the county ground

National coverage today.

https://www.joe.co.uk/amp/sport/swindon-town-fans-on-the-brink-271083?__twitter_impression=true

Please take a second to like, retweet, amplify in anyway possible.

based on the trust twitter post within the article it seems like the trust is asking the fans to speak up and show discontent for the owner. Why haven't they raised their voice and rallied the fans properly. Instead of asking for bedsheet photos they should be asking for numbers to show up for true coverage and effect.

a bed sheet in the tower centre or a rallying cry for a 3/4 figure protest. 

All fair comments but right now, with covid restrictions still in place, and the fact that any direct action could lead to minor disturbances, the Trust aren't currently in position to formally organize protests this weekend.

That said, as individuals, if fans mobilize they're entitled to protest in which ever way they see fit.

And then potentally getting arrested. Leaving the Trust free of culpability or responsibility...  :hmmm:

It seems the fans really need an official voice, more than ever right now, not one that is going to hide behind them.

I understand the difficulties RE: covid but they have an opportunity to win a good bunch of fans backing here with a very good publicity stunt. The drone idea and/a tennis ball machine/launcher are both good ideas that the Trust could arrange with little organisation. Maybe all the tennis balls should just say "Power Out" on them. Or the drone, carrying 1879 Red & White balloons (admittedly I haven't tested this payload) with "Power Out" on them to then be dropped into the stadia on match day.

Or even hire the "Trump" blimp, and get a huge print out of Lausanne Lee's face tied to it, whilst wearing a huge "Power Out" Tee.

Come on, there's tons of stuff that could be done that don't need plaquards and pitchforks. Get creative. Make the cunt look stupid to some degree. Humiliation is better than tanked up/beered up rage/anger any day  :pint:

I'm really not sure how you can take umbrage at me saying people have the right to protest in any way they see fit. A grossly unfair accusation that we're in some way hiding behind fans rather than working endlessly as a group of volunteers to represent them.

If fans were at games this would be very different but the current climate and the sheer workload that the Trust is dealing with right now, added to the information we have, led us to a unanimous decision that trying to organize a Trust-backed protest this week wasn't the best option. 

Its fine to disagree with that, but please do so respectfully and don't use your weird issue with me to offend the others on the Trust board who are doing a phenomenal job in their spare time.

Spot on

Not shocked to see another late night weird post on here

I don't think the weird issue is just with you.

Keep up the good work

both the tennis balls and drone idea would be illegal and the individuals could face charges. As said I'm very much up for something if organised correctly but obviously the trust wouldn't be able to support illegal acts.

I would say that being a few days before the last game that nothing can be done anyway and power would have safely made it through the season.

I genuinely think that if this was a first time event at another club the rising would have been greater. the fact that this happens to us so often there's a more of an acceptance

Really? Under what law?

Trust membership is up to 1,000. now. Hat's off to them for the movement. Starting to make Power's mocking of it previously look a little foolish.

I tried to sign up but couldn't - because PayPal can be a bit of an idiot at times.

I know I've been critical of the trust in the past, but this lot seem capable and active.

Trust in the trust   :)

Good piece, but eh?

'There is a frustration, Pierce says, that the club appear to be haemorrhaging money, in spite of crowds being unable to attend games.'

As an aside how did this story emerge did the Trust approach them or vice versa, I suppose my point is that Sports Joe is a bit niche, and no disrespect to the Trust but why isn't this sort of thing being reported in the Advertiser and/or the BBC?

Did I miss it, wasn't there talk of a story being published in The Athletic?

Drones- fly within 50 metres of people and/or property that are not under the direct control of the drone user;

Tennis balls- although sounds stupid (especially after an attempt last week) we all know how football fans are treated different and if the ball hit someone on its way over it could be assault or come under public order order act. It would be a far fetched charge but wouldn't be something for the trust to recommend.

Hundreds of power out balloons if you could get the wind in the right direction😀

We all know which way the wind is blowing from the CG - and it don’t smell too good

#
99 Red ones

Fart spray? Or Flash  :)

As the man quoted, that's a slightly strange line from the journo, and jarred when I read it too. Ultimately the point is that we are not any more impacted by the pandemic than any other L1 club, yet here we are.

Re how the article came about... It's a joint effort from everyone at the Trust, and wider, to connect with as many journos as possible. We think there is a piece in the works from The Athletic but the Super League sort of blew up. It's always hard to get national press coverage in what is a tiny issue outside SN1. We've just got to keep trying, and JOE are a great start (perhaps not niche for those, ahem, younger than you or I).

 :pint: :pint:

You're correct if a camera is recording data. Basically look where it states anything regarding drones that aren't recording data...it doesn't. Which opens up a number of routes. Always look at what isn't written, rather than what is. This means drones without a camera/not recording or just a GPS tracker are exempt from this as long as the drone is within 500m of the operator. But also certain weighted drones (minus payload) are exempt from much of what is covered in Rule 166&167.

Further because it's not an invasion of privacy or surveillance as isn't recording "personal data" (filming). There's plenty of ways to get around it though because you can take still images of anyone in public in the UK and it's not an illegal act.  Being a photographer this is something I'm generally aware of and usually keep up to date on. The "rules" around drones are still emerging properly - and there are very many different drones, so sometimes the rules can get conflicted/overlapped etc. for some, causing confusion.

~~~

Seems Panda Paws has overreacted or got some form of complex and made my response all about him. I've always been mostly tongue in cheek with you (mostly down to the Panda and Bamboo reference) apart from when you're being a cunt (this is the TEF after all). And I'm the one with the insecurity on here?! Fucking hell mate. Get over yourself.

I was making suggestions that the Trust could easily pull a publicity stunt to add more humiliating pressure on Power, and gave examples of some ideas they could do. Get that fucking Trump blimp ordered.

Whoever said "...another late night post"....it was posted at 11pm you fucking moron. Talk about a relevant bandwagon  :Ride On Fatbury's Lovestick: If some of you lads are going to give me shit, I'll give it back as good as I get.

Does Mr. Chips still post on here btw?

Believe it or not, I nearly added on "with 99 Red Balloons" playing as it approached the stadia.

And Batch, I take "weird issues" with people who jump on the bandwagon to bash me here. That's all. It's like they will always try and seek out the bad parts rather than any good. Well that's with them I guess. Maybe their life would be more full if they focused on some of the good. Following the Town I guess does these negative things.

But you're talking to the TEFs most insecure man here so please, don't take my advice.

Off for a pint. I might post again on here at the ungodly hour of something like 10:59pm or maybe really go nuts and post at 11:09pm. How nawty!

:pint:

OK mate, you crack on.

It's fair to say most people can see who's being reasonable and who's not, but I'm always going to defend those on the Trust that do a lot more than you or I to try and save our club.

Completely baffled by whatever it is that just happened....

Bamboo happened, again.

I'm not, I don't read the posts  :)

Hopefully back on track here. I presume some knowledgable chap on here will know.

Does Clem as a minority shareholder have any say in Power selling to Able for £1? As it would, obviously, be hugely detrimental to him does he get any protection from Power’s antics.

And, are Able willing to buy the club other than for Power’s Pound and/or out of Admin? What’s happened to their offer of £7.5m which was in the Letter Power said didn’t exist.

Seems to be some sort of passive aggressive Face Off....

I assume it's buy the club for £1 but put in £7.5m to pay off the debts, that way surely both Clem & Standing lose out on anything for their shareholding.

Until we know how much debt the club are in surely its not quite clear what powers game is.

I cannot comment in great deal but its way beyond my area of expertise but simply I don't think Clem will have much of a say as he will be greatly outvoted, unless of course Standing can prove his ownership (and this is what I don't understand Powers game is as he has accepted that Barry owns 50% so what is the difference) and come over to the bright side as under that system Power will only control 42.5% or possibly 35% so in either case Standing and Clem could out vote.

On the Admin issue however I can comment in more detail as my then employer went into admin about 9 years back and was pre-packed to the old directors, albeit for bit more than a quid. Coincidentally I was clearing a load of emails the other night and came across the final report the Administrators had to complete and send to creditors which basically justified the process they had followed. In that they had to state and show that they had marketed the business and sought offers on the open market for it (including releasing accounts and financial statements to any interested parties (subject to them signing a NDA obviously) to allow them to form a judgement as to whether it was worth making a bid), in this case as the company had been royally fucked up the only offer received was from the old directors, but this process had to be laid out in writing, including the marketing process followed and the final price paid.

I assume this would have to be similar and thus I don't see how any Administrator can ignore a bid for even say £100 over one for a £1 let alone £7 odd million. Also worth emphasising that the Administrator is supposed to be acting in the interests of the Creditors, but to flip it all on its head if Power is the main Creditor and the deals usually only need x% of creditors to accept Power can basically vote to benefit himself in the long run and fuck the other creditors!

Here he is. Bandwagon Quaggy ffs  ::)

Ok pal.

Ahh see you're twisting it. The Trust has my full support. I was highlighting an issue in isolation (I will save writing it again), which as adults we should be more than capable of doing so. That doesn't mean I throw out all of the good work of the Trust just because there's an area that I feel they could be doing better in. Constructive criticism, I'm sure you've heard of it.

I was being totally reasonable until you decided to interpret the post as some kind of vendetta against you. Nope, that could never be you - that's my good mate FH  :soapy tit wank:

Just because the Trust may be doing some good things, that doesn't mean they can't do more and be even better...surely? That isn't an attack on the Trust as explained above.

I think the bottom line for most of us here and where we'll all likely agree is that the sooner Lausanne Lee has fucked off, the better Town can start to turn the corner and look toward something more positive.

You'll never see one of those in Ice Hockey  ;)

Do you ever wonder why your posts get misinterpreted so often Bamboo? I don't think you're a bad guy but your unwillingness to back down when you've clearly said something you don't really mean makes you look like one more often than not. It's fine to say something daft and apologise, God knows we've all done it  but constantly going on the attack and making it out like people are targeting you does you no credit.

Oh at times genuinely yes, I will realise this and know I have. But nearly every time fella? Come on, that's just people responding to the account name rather than the content and it happens. Regardless of what is written. So of course I will defend it. I could write "you're all genuinely really lovely people" and someone would respond in a negative way. Sometimes, there just isn't any point in posting at all because I know this will happen. The louder voices get heard. Those that tend to agree but know they may get shouted down won't post because of said louder voices. Maybe I speak for some of those silent people (at times).

Anyway, I'm quite conscious of the fact this thread could become sidetracked and I genuinely don't want that. I want it to be a discussion at least loosely linked around Lee Power (as the thread suggests). All I was bloody suggesting was ways the Trust could possibly do more and someone took great offence to it.

I did a quick google on the subject of minority shareholders and found this. God knows what it means but I hope it means can’t do something that is detrimental to other shareholders.

https://www.jacksonlees.co.uk/protection-minority-shareholders

Somebody a few pages back gave the names in a case where the judge decided who a company was sold to - to prevent minor shareholders from being ripped off. So, a court can do so and there is a precedence.

It makes a lot of sense that Power (or any director) should not be allowed to make decisions that cause his shareholders to lose out just so he benefits himself.

one would hope that if power did sell for £1 that Clem would get his rightful 15p. All in coppers or 2 silvers would show how petty or not power is.

Thing is, I can see Power hanging on until there is no option but to put the club in admin. There are legalities about trading if not solvent. Just how long will Clem or whoever be willing to fund the club until something gets sorted.

Considering Power has already told the court he wants to put the club into admin, or sell to able, I would not be surprised if that decision can be taken out of his hands.

I hope so, but he seems an obdurate twat. If others are picking up the tab for running costs there’s not much pressure on him to sort things.

Hopefully, the court can and will force his hand.

:D

Interesting comments about the rights of a minority shareholder........

In a previous life I was founding member and Director of a then small software IT company with a 49% shareholding. The company grew to having offices in Auckland Sydney and agencies in Asia and London. As with many fledging companies the fun started and trust honesty and initial ideals went out the window. After a melt down at Board room level legal representatives arrived and that was the beginning of the end for me.
As a then 20% shareholder of a multi Million dollar company I was advised the rights of a minority shareholder is basically f#ck all.
These comments were proven 100% correct.
Yes, you can fight and wriggle as much as you like however, experience has shown just recover as much as you can from a bad situation and move on.
Tricksters like our one will pull everything and everyone down to their level and they don't care who and what they destroy in the process.
 :badmood: :bye:   
       

Out of interest RNZ, how did you go from being a 49% Shareholder (I take it just two of you) to a 20% Shareholder? I am assuming you did cash in/sold 29% of your share at some point or am I looking at that with hopeful eyes?

Probably the same way Black managed it here, by diluting the minority shareholding.  For the all the positive comments they get, they pretty much stitched up every fan of Swindon who had ever purchased shares in the club.

Including me.

Apologies if someone has linked this before, but this reads that it could be. God knows how long proceedings could drag on for though;

https://helix-law.co.uk/business-law/shareholder-and-partnership-disputes/?keyword=unfair%20prejudice%20minority%20shareholder&gclid=Cj0KCQjwsqmEBhDiARIsANV8H3aJuILgsicE9FGyXqcD1vp5sd9qS9fpsivokdjw5n70vhB2X27zclwaAgT5EALw_wcB

It sounds to me that as the company grew more capitol was required. Either you borrow it, finance it yourself (keeping the share cap the same) or you issue more shares for the Capitol invested thus diluting the original share cap.

In the UK, the companies act includes the concept of "Unfair prejudice" which protects the rights of the minority shareholder.   It stops them being screwed in this manner.

CM has offered to buy Power out and take on all creditors in full so the judge will find in favour of him if Power is only willing to offer him 15p!

This is not a concept in NZ or Oz so would not have saved Robinz

So its d-day where LP has to give Morfuni documents.

Do we reckon he will or not?

Anyone know What are the likely consequences if he doesn't comply ?.

At the very least, it would surely mean the judge refuses to lift the injunction?

Contempt of court.

.
https://youtu.be/z_tVlMprhKM

I don't think it's in his interests not to comply.  I imagine he will leave it to 23:59:59 to press send.

Court orders typically refer to a deadline of 4 pm on a particular day

Businesses tend to either expand or retrench and for these reasons this creates a feeding ground for moneymen. These sharks rip the guts out of nearly all businesses they get involved with.

That said, what goes around nearly always comes around.

The problems that STFC are experiencing today were started many years ago and possibly the last chance for real stability and success was when Bill Power and Mark Devlin left the club after the Saturday when they crashed their helicopter.

Another chance was when Andrew Fitton seemed a dream come true and with Andrew Blacks investments we were back in the saddle until PDC just pushed every boundry. Great experience but a car crash waiting to happen.

Andrew Black must take lots of responsibility for the present situation and in my opinion is / was the problem as he encouraged the Sharks to take over and rip the guts out of Swindon Town Football Club after he supposedly sold the club for just 1.00 pound   

I just hope all ends well for the club and especially the many thousands of true STFC supporters like me who live locally and around the world. Stay well

 

Clearly there is money to be made out of our club, after all we seem to have had a succession of questionable owners in recent years whose words of ‘five year’ plans etc have ended up dying in the embers of another funeral pyre at SN1. I suppose though a number of you will disagree with what I am about to write but it is a forum after all and we’ll not all agree on everything.

My worry is that clearly we have been owned and stewarded by people on the make one way or another and until we do have considerate and wealthy owners ready to invest in as I said the other day both infrastructure and playing staff to get to at least a sustainable championship level (how much that will cost and how long that will take is open to conjecture) we’ll suffer regular bouts of Groundhog Day owner events.

As well meaning as Clem comes across, he is clearly looking at ground development. In other words to make a Buck or five, or millions, who knows? Which brings me to the current situation with Clem, Standing and Barry, again they’re all in it for wonga and lots of it. So for me if it goes tits up spectacularly I’ve only lost a club which has bought me much happiness and much sadness, they will have lost a fuck load of money, which they may or may not be able to afford, well tough shit.

I can always go and support Supermarine and still have live football to follow, they cannot replace their lost money. Not the same I know, but for me a good substitute and when I hand my money over the turnstile at Supermarine I at least know the club is not run by a bunch of crooks on the make. What’s more, it would be a fantastic journey to see Supermarine do a FGR or Salford on modest means and not ‘buy’ league status like the aforementioned appear to have. For the record, I do not want STFC to fold and end up disappearing from the record books going forward but I am getting fed up of lining the pockets of financial chancers.

Supermarine are a great little club with a chairman who is very visible and approachable and actually very likeable.
I think they will achieve promotion within the next 3 seasons to the one under conference. I'm not sure they have the clout to go further with stfc around. But what they have done over the last few years is sustainable. It's incremental growth.

If the structure of the investment is sound and for the benefit of both the club and the individual then I've no problem with an individual making money on the back of the success of the club.

The ground does need a wedge throwing at it, the town end is over 100 years old ffs.  The problem has been that the council won't develop it and no leaseholder would ever spend millions increasing the value for the freeholder so the shared ownership option seems to make sense.   Ground development can then happen and value of club will increase as will revenue (if done correctly).

By the trust owning 50% it's hard to see how anyone can make a quick buck on the ground.   However my understanding is that Clem wants Axis to build it (therefore receiving the construction income) which means he's not really financing the build so gaining asset value without incurring additional investment.   

It seems a sensible use of the resources available to him, so long as the terms are at a commercial rate of course.

You say that there must be money to make. I’m not so sure. We all know that football beneath the PL is a very difficult business. Even more so when you can’t drive non matchday revenue from your ground. Even more so again when that ground is 25 years past when it should have been redeveloped, means that just to get on an even level with the rest of the pack, we have to redevelop our ground.

I’ve thought for some time that the dirty secret of lower league football is that less reputable owners “buy” a club, and finance it through loan facility A, which may be secured against their own assets, and then put in place loan B, where they loan a similar amount to the football club. The interest and other terms of loan B will be far more favourable to the owner than loan A. This allows people like Lee Power to take on a club with very little risk. At the same time, the profit generating aspects of the club - such as player sales - do not go to the club, but to Power. So they take the upside, limit risk with the potential downside, make sure they win and the club never can.

Would the future training ground development (incl stables, houses, etc) be included in any club sale or is that a separate entity?

I doubt the land + planning permission will be part of any club sale. That’s the juicy but for Power. The training ground sounds mythical to me - an attempt at keeping the fans on board until all these skeletons came falling out. I don’t believe for a minute what Power said about a peppercorn rent that the club would pay - he would have screwed us just as Kassam has screwed the piss stains over the rent they pay him for the triangle.

Maybe he’d sell that portion of land supposedly set aside for the training ground separately to whoever ends up buying the club.

Tbh, I just want him gone, accept whatever shit comes our way and start again.

Can't come soon enough. COYR COYR

I’ve posed this question before on a couple of occasions. I cannot see there being a deal without some reference to the training ground. The club has NIL/NO value at all and massive liabilities. Why would Able buy it for a £1? I can only think of three reasons, 1) the training ground is involved (though not necessarily implicated in the deal on paper) 2) there could be some sort of kickback to power for Able to take on the club and it’s liabilities and thus sidelining Standing and Morfuni off the creditors list if and when the club goes into admin. 3) honest Lee is acting in everyone’s interests and taking one for the team himself while acknowledging his own short comings.

2

There is no training ground, though. There’s just Power’s golf course that happens to have a bit of land Power waffled about building one on. Even Power couldn’t have committed the club to leasing a non existent training ground. If that is what he wants - to extract copious amounts of rent - he’ll have to build it first.

You are correct, there is no training ground and you and everyone else knows there fucking isn’t going to be one either. That’s where the money is though isn’t it, not in the training ground but the houses that will eventually go on the ghost training ground.

Well, yes. But I don’t see what Power owning some land for a housing development/stables has anything to do with STFC. He probably bought the golf course with money generated by the club but that’s about it. I think it’s a complete red herring and is not a factor in him selling the club, who owns the club or all the other bollocks surrounding it.

Wha happened to the Nigel Eady money?

Sadly you are correct.
Notwithstanding Power also pays himself a sizeable salary from the club.

All safe and ring fenced despite the parasite wanted to get to it.

Roooooarrr payed himself 10k a month, Christ  (or his banker) knows how much Lee Power pays himself?

What a surprise, not.

There is no training ground, though. And there won’t ever be one while he hangs around. There’s just Power’s golf course that happens to have a bit of land Power waffled about building one on. Even Power couldn’t have committed the club to leasing a non existent training ground. If that is what he wants - to extract copious amounts of rent - he’ll have to build it first. Which he won’t. The only thing going on there is housing, which in my mind is why Able have appeared on the scene like a fairy godmother (well for Power anyway) but in reality is a Trojan Horse for the rest of us.

May be I’m being a bit thick, but I still don’t see what the golf course has to do with the club at all. Power owns it. If Able want it they can do so without having to buy STFC.

Btw, the company name that Able are purporting to use in connection with buying the club doesn’t exist anywhere. It’s not listed nor does Dr Google recognise it.

I doubt you’re anymore or less thicker than anyone on here. Your points are as valid as mine or anyone else’s. You know none of us has a clue what’s really going on behind the scenes and we’re all second guessing and adding two plus two and getting the square route of fuck all. My point really is although you and maybe others are happy dismiss any notion of the Highworth site being in anyway linked to the club sale, you cannot rule it out or in 100% can you? You know as well as everyone else that he is capable of anything.

It’s just that I don’t see how the golf course affects anything to do with the club.

I assume people think his plan was to lease the land to the club under the pretence that it was going to eventually be our training ground but he’d never actually build a training ground citing numerous excuses.

Works (I think) whilst Power is in Power but doesn’t work once he’s no longer in charge.

What If he's here for next season as there are no guarantees that he will sell up

I'd assumed that had been spent a long time ago.  Good to know.  Trustees doing their job well.

Still be no training ground. 😁

I thought it was used for the FITC on the CG Extension?

Wonder when we’ll hear something about either

The FA charges
Club Sale
Club ownership
New manager
Someone being banged up

Soon

Define ‘soon’

Some of it, not all.  Some of the funding for that came from the Premier League and Lottery etc.

Makes sense, cheers Berni

Sound.

https://www.swindonadvertiser.co.uk/news/17434050.nigel-eady-trust-donation-helps-get-swindon-town-charity-facility-plans-moving/

https://www.swindonadvertiser.co.uk/sport/16272370.nigel-eady-legacy-not-funding-swindon-town-training-base/

If Cowley knows enough to say we’ll know something soon, could you give a “thumbs up soon”, or a “hide, and don’t come out all summer” soon, just to save us checking on here constantly in the blind hope that we’re being bought by someone honest....

 :beers:

Skeletons will tumble out of the closet....

I really hope you are right!

Mid May and we should know what is likely going to happen.

skeletons - I'd imagine clem is currently scrutinising the books that I totally believe Power will have provided without issue on time

Gay skeletons?

Nothing would surprise me with Power

Bonophobe.

 :hmmm: :hmmm:I what have U2 got to do with this ?

:D

I know you're trying to be humerus 4D but for once it isn't on my radius, what you're ulna bout...


No arm done, I suppose!













*Don't worry, I put the coat back on before I even contemplated writing that!

So, all things being equal - Power has gone, we’ve got a middling to top end budgie and a new manager.

How many points deducted could we overcome and stay in L2?

I reckon 10-12.

2018-19 under Brown/Wellens we finished 23 points above the drop
2017-18 under Flitcroft/Brown 22 points above

Two down means you have to be really quite bad to go down. Not that I don't think we could manage it in the right circumstances.

Still achieving 55-58/9 points could prove difficult

Last season, we finished 12 points ahead of 8th. A margin that would probably have been wider if the season had finished.

Why assume not going down should be the aim? And we don't even know if we will be deducted any points at all, so we're jumping the gun a bit here.

So the information Power was required to give Clem, has indeed been shared.

At which point Clem looks at it and thinks ‘fuck this’

Been leaked on Twitter as well....

(https://media.istockphoto.com/photos/scrawled-on-the-back-of-an-envelope-picture-id172965461?s=612x612)

That's good. Is this in the public domain or is it grapevine stuff?

edit: https://twitter.com/TrustSTFC/status/1389478789982347266?s=19

As I have noted many times whilst there might be money to be made out of lower league football clubs, there are a damn sight easier ways of making money, without the risk or associated public scrutiny, still don't get the appeal.


In playing a longer game the training ground land could be worth a hell of a lot more than it is now with a little bit of investment to make it 'the training ground'. To me the Houses site is the short term return, the training ground is a longer term investment and the stables are Powers plaything funded by the other elements.

But if a club sale is imminent, surely Power can’t commit the club to renting some mythical training ground of him that is, at this moment, just a field.

Its not that, with a bit of nous and some careful strategy he could uplift the value hugely through playing the planning system cleverly.

I’ll have to leave that to those with knowledge of said system. It’s beyond my ken.

Surely, realistically, the easiest way to actually make any money from a football club is via the main asset which is the ground. i.e selling it to a supermarket or similar for redevelopment. Obviously LP can't do this but as you say, the 'training ground' appears to be his money maker.

TBH I was being more generic than that, but to use Swindon as an example, in theory it appears that Power/Standing or whoever is into the club by about £5-7.5m, yes he might have made some cash back by player sales etc but in terms of assets his investment has left him with the square root of very little tangible, there are many ways that you could invest that sort of cash (commercial property for one) and have a steady income stream plus an asset available.

I still don’t get the training ground issue. If Power is gone within the month (Praise de Lord!), the golf course is his to do with as he chooses. He can build the most fantastic training ground if he wishes, but there surely is no commitment upon the club to rent it off him.

I’d imagine Clem would rather eat his own spleen than to have any sort of connection with Power.

Am I imagining it, or didn't the Trust suggest that Standing (an other) also have cash tied up in the training ground site. I am sure that when the planning application was first submitted they completed Certificate A suggesting that the applicant (STFC) owned the land, this was later amended and a second certificate served stating L Power was the owner.

Power really needs to get a training ground built (with our without a tenant) for minimal cost to unlock a load of cash.

Or not bother with a training ground at all and just sell the whole lot to a developer to build houses on. Which is where the money is

Not necessarily....

Maybe power wants to put the training ground/land usage in as a condition of sale which able are happy with (hence lower bid) and axis aren’t. I don’t know, thinking out loud

That’s where I’m coming from, if Axis are for real. Or a stalking/Trojan horse.

Able?

Just guessing, but I imagine that having a loss making business that someone else is funding opaquely comes in handy in avoiding further taxes, which he has a penchant for.

Stable?

UnAble

Yes, of course Able, my bad.

https://www.bbc.co.uk/sport/football/56988691

I see there is no league we can't finish bottom of!

Amusingly that's only for 2019-20 so before things got really shit!

Also a bit harsh when Wellens was encouraging community outreach stuff (I'm so glad Reg - RIP - isn't here to jump on this) and we had a new social media guy who was doing good work. We were really worse than every team in L2? Below Macclesfield who I imagine stopped engaging completely after they went bust? Kinell, it's like losing a boxing match against a corpse.

https://fanengagement.net/fan-engagement-index/

Digging into the detail, Town scored 0 for dialogue and transparency, 10 for governance. Each category is scored out of 80 on various criteria. It looks like one guy's passion project, so it's quite possible that things were just missed occasionally.

I actually don't think Town should have 0 for dialogue, because there are basic things like "having a Twitter account" that should score. Obviously things like structured dialogue with fan's groups are gone now, but I think there was at least some over the proposed CG purchase.

Transparency seems like the fairest 0 - no fan forums, minutes of board meetings etc.

Oh to have this level of transparency (25% fan owned)... Their accounts run to 40 plus pages each year! https://find-and-update.company-information.service.gov.uk/company/00175280/filing-history

https://cumbriacrack.com/2021/05/05/carlisle-united-financial-results-2020-21-figures-show-impact-of-coronavirus/

Looking at pictures on Twitter there seems to be some quite extensive work being done on the pitch, so someone must be paying for that!

Must be contractors brought in or is our groundsman now out?

Getting things on credit, depends what actually needs to be bought though, it may just be re-seeded which Marcus does every year so may have a job lot of seeds in the shed, and may have borrowed the rotavator.

But equally, I'm sure the groundsman (the one we have on loan) has a budget, he wouldn't have been brought into not do anything with the pitch.

Wasn't there work or investigation that needed to be done on the drainage of the pitch though ?

I cannot see anyone extending credit to a company where the owner has public stated they are skint.

https://twitter.com/EcosolTurfcare/status/1389931877688094723?s=20

Could this be a reason why Power is so keen to sell to Able for £1 rather than Clem for £7.5m?

https://www.swindonadvertiser.co.uk/news/18463345.swindon-towns-lee-power-taken-court-club-sale/

Court documents show share sale agreement was signed in June 2018, with Morfuni’s company Axis agreeing to pay £1.1m in return for 15 per cent of the shares in Swinton and 15 per cent in Seebeck.

The cash was paid by the end of December 2018. Under the terms of their agreement Power should have sent his new business partner documents confirming the shares had been transferred and Axis registered as a “member” on the companies’ paperwork. That is yet to happen.

In early 2019, Power flagged a problem. The court heard he told Morfuni he was worried he could face a substantial capital gains tax bill on the sale of the Swinton shares. He asked for the “consideration” in the share agreement to be revised from £1.1m to £1. Axis’ lawyers drafted a revised share agreement and another contract for a £1.1m loan between Axis and Swindon Town.

Judge Thompsell mentioned during the last court hearing that he could see why Power wanted to sell for £1 as Michael Standing would only be entitled to 50p. It was definitely said but my brain was already frazzled by that point.

At what point will we reliably discover if Able are real, independent investors or just a complex corporate structure designed to return some profit to Power at a later date? Personally I find it hard to find them plausible at this point.

This has probably been covered and I've missed it, but what does Morfuni's (?) £7.5 million offer actually cover? Is the debenture to Black and land in Highworth included in that sum, or is it purely that high a figure just for Power's (& presumably Standing's share?)

The £7.5mwas actually Able’s Supposed bid - according to the letter that never was.

Clem has said he has offered in excess of that figure. The Highworth golf course has nothing to do with the club sale.

I do find it difficult to see what anyone actually gets for £7.5m though.

If the club is sold for £7.5m it would see Power and Standing getting £3.185m each - if Standing does, indeed, own half of Power’s share.

Doesn't Power now hold the debenture that Black formerly had, this being after telling Standing that he paid it off with the Richie money which he didn't, despite asking Standing for more cash to cover it.

But, then, Power would also only get 50p. As opposed to more than 3.5 million if he accepted clem's bid and split it with Standing.

Unless there's a load of other debt we're not being told about, but would that value of that debt necessarily be affected by how much the club is sold for. My brain is also a bit frazzled.

He would get 50p plus any debts owed to him.  As he is (reportedly) the clubs largest debtor, any money that he "loaned" to the club (which was probably proceeds of player sales) would be due back to him.

That's how I see it - but I am no business matermind

Power has also bought Blacks £2m debt, for less than £2m. But he of course would be owed that in full from any future sale.
He knows what he’s doing.

OK, thanks. The £7.5m ish figure I suppose roughly corresponds with £1.1m for 15%, Morfuni could end up Bill Power for a new generation. As you say the figure doesn't relate to the tangible assets, turnover or any normal metric excepting all us idiots goodwill.

Maybe Morfuni should have offered to pay in CGT free gold, that goes down well in Switzerland I understand.

It's hard to see how Power 'wins' the court cases - he seems to agree that either Standing or Barry own/are owed half and has handed over Morfuni's share but it seems to me that he still holds all the cards while he still runs the clubs finances and I have no clue who is feeling more pain with the court case

Especially if he didn't front the cash...

Would the debenture have been cancelled had the club been taken into admin?

“He knows what he’s doing.” Of that you can be sure. I’d cover that by adding so do Standing, Clem, their Barristers and the judge. I don’t believe Power is fooling anyone further up the greasy pole.

I think he was 'being' clever until a) he got Clem involved as he has proven a rather belligerent investor unlike the back of envelope spit in palm ones we seem to have had previously and b) covid struck which fucked it all up.

What I see now is someone desperately trying to keep plates spinning whilst trying to rip the radiators off the walls.

Very much my thoughts.

Are you suggesting someone else has paid it?

Best guess, Standing paid most of the Operating costs.  A sale for a quid but with the debts being honoured possibly provides Power what he needs to avoid a CGT bill but also protection of the income for the debts.  Standing then has to get in line to sue him for any money he thinks he channeled in.  That's Powers best exit.

Having a co-owner creates a problem - they can decide against that sale and go for one that gets more money upfront and probably go through the Courts to get a decision.

No. I'm not suggesting anything.

But if you can buy a £2m debenture for £200k of someone else's money, say, and finance that by promising said someone £400k of the £2m... it's a pretty good deal.

Makes sense, i thought the full stops at the end of your post meant you knew something. My bad

Maybe the net is closing.

Wherever the money is coming from at least they are doing a proper renovation of the pitch and sorting out the drainage issues.

https://twitter.com/ecosolturfcare/status/1390287193596473345?s=21

that bloody lee power has even stripped us of the county ground turf. power out

Good one, excellent to start the day.

Assuming next weeks court case is to decide the ownership issue, lets hope this has given Clem enough time to analyse the accounts and come up with a suitable offer, this hasn't given him long though, under 2 weeks, although I believe he told the court he believed he would only need about a week.

Lets hope there isn't one last card for Power to play.

there's doubt on whether there is a case next week from what I read on Twitter

this thread

https://twitter.com/MrBraindown/status/1390310731686494210?s=19

Week after next.

He'll find something to delay proceedings in order to continue milking this club for every last penny.

I think the cow is barren now, no milk left I should think.

Payne, Twine, Odimayo, season ticket sales (if he dares). Always something left to squeeze out

Let’s see how that pans out.

Not sure if this is the right place to put this but a friend of mine put in a dispute with Natwest about his season ticket money and, after a few weeks, they've refunded him in full and given STFC 45 days to respond.

Might be worth a go for any of you wanting refunds.

I thought it came from the Trust it was this week

Will probably go down this route in the next couple of weeks if we hear nothing, always pay for my season ticket on a credit card exactly for this reason. Not exactly much of a moral argument currently not to get money back from the club....

Steve Anderson no longer a Director of STFC Ltd* as of today. (well actually as of 1st May, but Companies House only updated by way of Notice filed today).

So Power now sole director.

* Remains Director of Seebeck and Swinton for now it appears, albeit its taken them 10 days to update the STFC records so who knows.

interesting

The start of a transition of Power to new owners maybe?

You know the media outlets have pre-prepared tributes ready for the death of a Royal, I wonder what Power’s farewell will be like.

Here’s mine.

https://underclassuk.bandcamp.com/track/fuck-right-off-you-cunt

And mine.  :clap: :clap: :clap:    :cunty::cunty:    :ty: :ty:

Has he gone yet?

When is the next instalment of court proceedings due?

Think its next week at some stage.

I’m all Powered out with the shenanigans. What’s the next court appearance supposed to address?

How things have gone downhill faster than you on an electric bike?  :)

That fast!

Steve Anderson sfill CEO according to the adver

The ex marketing lady was going off on one last night on facebook about him, ‘biggest twat ive ever been around in my life’ was mentioned

Having had some involvement with those that worked for him that seems to be a constant theme.

So he is no longer Director for personal reasons, but is still CEO. Um what? Surely the CEO bit is the job. Sounds like crap to me.

Sale of club coming or doesn't want to get done for possiby trading while insolvent*

* which I beleive is what the judge said we were

But that was the same judge who ruled we couldn't be put into admin, so not sure how the club can be clobbered on that count.

I note the Adver broke this about 24 hours after I did on here, perhaps I will get a fee.....

Better, still offer to write their articles as they seem to get most story's from TEF or FB anyway these days, sadly they don't have time to do their own investigations

Give Tans the 'transfer rumours' section

Next week........

 :beers:

Hopefully something positive will happen next week too, however my gut feeling is Power has no interest in selling to Clem and will make this as difficult as possible. Power has made it clear he only wants to sell to Able. Either way I hope it’s sorted way before the new season starts as we could really do with playing staff, coaching staff, office staff and so on.

I think the emoji might be a give away.

Pubs opening?

Why yes, top of the class. Surprised it took so long.

Surprised what took so long? The pubs opening?

Monday.

No, you working it out 😉

So what are the potential outcomes from Monday? I’ve not followed the court proceedings closely enough.

In my layman observation:

The judge might lift the injunction on the sale, which would presumably go to ABEL unless the judge says otherwise.
It seems a judge can say Power has to sell to Axis (there is precedence); whether he does remains to be seen.

Another option is that nothing's decided and we end up waiting for yet another court appearance.

Exactly this - things may or may not get resolved.   

I suspect the following - but new spanners could be thrown!
Assuming the books have been opened to fully Axis, it then depends if Axis are ready and willing to make a formal offer for the club. 
 - If ready then judge will consider it (may need a bit of time to do this) and ask LP Power to provide reason as to why he won't accept it.   Probably the preferred option assuming Clem's intentions are mostly genuine (I'm trying to be positive!).
 - If not ready then we will see another hearing.
 - If not willing then there are a whole host of options - Abel, admin, Standing counter bid, time to find alternative, etc - could get messy and is probably the worst option due to the increased uncertainty.

I’m sure Power wants out as much as we all want him out. On what basis can the judge force Power to sell to Axis if the Axis offer is equal or no better than the Abel one?

Didn't the judge say that the deal had to be in the best interests of STFC and not Lee Power and if that didn't appear  to be the case then he would decide

Previous cases around this area have focused on whether one option over another would unduly damage one or more of the shareholders' interests

He can’t sell to Abel for £1 as it would adversely effect both Clem and Standing. If he sells to Able for a relatively reasonable amount then that would have to be divided as per the shareholding.

This is why he wants the injunction lifted so he can put the club into admin. He would become a preferential creditor through Seebeck and Swinton Reds and get more than he would otherwise from a straightforward sale.

I presume we are not (yet) trading insolvently as that is illegal and the judge would have made a different decision a couple of weeks ago.

Think I’ve got that right.

The judge said we are insolvent.

He used the words 'ridiculously insolvent', or something along the lines.

https://www.swindonadvertiser.co.uk/news/19244300.swindon-town-ownership-wrangle-back-high-court


Thornley described the club as “hopelessly insolvent” and said a court order placing the club into administration could be appropriate if a sale could not take place quickly.

You'd hope that won't be a problem if Clem has the money ready to go. (or if Abel's offer is deemed acceptable).

There is also the Capital Gains Tax issue which led to things all kicking off with Clem....

Can’t say I know the ins and outs of CGT. Does he mean on the £1.1m he got from Clem?

You'd hope that won't be a problem if Clem has the money ready to go. (or if Abel's offer is deemed acceptable).

You'd hope not, assuming he still wants to bid after seeing the books

So assuming Clem's Axis offer is accepted, it could still take a couple of weeks for things to go through as surely proof of funds need to be shown, contracts need to be drawn up agreed and signed.

New CEO appointed

FA / FL need to approve sale & new ownership structure

New manager needs to be appointed as well as backroom team so he can decide on retained list and decide on some sort of pre-season

Nobody knows if there is still a fitness coach, what the lease is for beaversbrook for training facilities

FL loan(s) needs to be paid back to enable us to sign any new players

Assume also a restructuring of the youth setup with the sad passing of Alan Mac will need to be done

If Able's bid is accepted then this will take longer as they are not cleared by FA / FL

Then there is the matter of how the sale funds are split between Power & Standing (assume judge will order for funds to be placed with a solicitor until court case is over)

I just cant see Power making this easy, just waiting for something else to crop up

And what bearing will this have on the FA charges against Power / Standing / Stfc

I don't know why but I don't think it's going to be as straightforward as a sale to Axis or Able (if they exist) or a.n.other. Maybe I am just naturally pessimistic and paranoid. That's what supporting this club does to you

I see what you did there.  Maybe the other interested party is ready and willing...

I don't know if this has been mentioned on here, but I was speculating last night whether the Fowler thing could possibly involve him investing, or being part of a bid to buy Power out, what with his interest in property.

As we're virtually starting from scratch next season, I think we need an experienced head alongside a manager / coach maybe a director of football (not that cunt Sherwood) so as the manager can concentrate on the playing side. An inexperienced manager in their first role would really have their work cut out picking up all the different strands. Whats Paul Trollope doing nowadays.

I think if we're well-funded post takeover, you're dead right. A head of football operations alongside a proper EFL CEO and proper commercial director would be way more important for the long term than any managerial appointment.

I am pretty sure his interest in property is small scale (in size not volume) rather beyond a football ground. I recall ages ago it was noted he owned a hell of a lot of residential property in the north west.

Hence the song, "We all live in a Robbie Fowler house" to the tune of Yellow Submarine sung by the scousers back in the day

There’s been references to Robbie Fowler to being a bit socialist, but apparently he’s a fucking landlord?

Interesting that all the (F)EINs for Able have invalid IDs - not even one is valid, adding further questioning of either their operations or more importantly their transparency in regards to taxation. It might be nothing...  :hmmm:

WILLIAM KERAVUORI - AC MERGER, INC. (Massachusetts (US) 28 Feb 2019-)
WILLIAM KERAVUORI - ABLE COMPANY, CORP. (Massachusetts (US) 28 Feb 2019-)
WILLIAM KERAVUORI - ABLE COMPANY LLC (Massachusetts (US) 23 May 2019-)
WILLIAM KERAVUORI - AC WIDETT DEVELOPER, LLC (Massach'tts (US) 14 Feb 2020-)
WILLIAM KERAVUORI - ABLE MANAGEMENT LLC (Massachusetts (US) 14 Feb 2020-)
WILLIAM KERAVUORI - ABLE COMPANY HOLDINGS LLC (Massach'tts (US) 14 May 2020-)
WILLIAM KERAVUORI - AC ACQUISITIONS LLC (Massachusetts (US) 1 Jul 2020-)

I'm sure there's a few more but these are all the active ones I could find and to me the above actions appear very red flag ish. Seemingly when the Able interest was coming about/possibly being set up (we found out in Oct 2019) in the space of just 16 months, 7 (seven) ABLE/AC companies were set up... :eek:

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

In other news I notice a certain Mr L M P has signed over significant control (75%+ shares) of one of his largest operations (Power Geneva LTD) to his son Jack just last month (6th April, added 21st).

Now just why would he transfer over one of his larger assets/operations? Wasn't there talk that he could '...incur a substantial CGT bill...' in another area of his business practices?! Looks like he's remedied some of that already with a nice bit of Hold Over Relief of shares to JP. Well it certainly looks like that has happened anyway.

He did the same at Waterford. Jack Power is now the General Manager.

The specific Able business named in the last court proceedings, Able Company Swindon LLC aka Able Sports Wiltshire LLC has zero information about their existence.

TBH I wouldn't read too much into it, if they are in property development its entirely par for the course to divide projects etc up into various shell companies so x doesn't bring y down if it fails.

Yeah they were the first two I looked at and officially zero joy on those  :hmmm:

Referring the others as Horlock says...


That does of course make sense, thanks. In some ways my query was more the timeframe and how it sits with their supposed involvement with Mr Power. Setting up several entities in preparation to take over STFC? Especially with the names (I know they mean nothing largely) "merger" and "acquisitions" , the latter being the most recent one too.

I get what you're saying though but the invalid FEIN/EIN on all of them seems a bit odd. Maybe that means very little too but I expected at least one to come through as my understanding is that it's a requirement for businesses to have one for taxation purposes. Does this mean all these companies whilst active are just dormant possibly? Essentially awaiting to be used if needed or if not, subsequently dissolved?

Used to divvy up the ill gotten gains when the ink has dried on all the paperwork.

are they all companies in Massachusetts?
Maybe all the lights went out?

It was reported there was a rather large and sluggish Power out(age).

I sense you have more than a feeling about that one?

Heard Marc Bircham on Talksport yesterday talking about becoming new Waterford boss and seems to be under the impression he'll be getting good backing this season. Not sure if that's just PR or if he's fallen for Power's bs.

Sent from my CLT-L09

Waterford bottom after 10 games.

I'm guessing that their fans aren't happy with the owner.

The hate Power possibly more than we do.

A friend of mine lives just outside Waterford.

Apparently, a delivery guy spotted her STFC shirt and they got talking. It seems going by that chat that Power is really not a popular chappy.

I doubt that. He’s one of their own! Plenty of Power family live in Waterford.

Brave lady.

Maybe proof of funds have already been presented ;)

If Clem takes over I wonder whether Fowler might have an ownership stake. Forgot that he is reportedly worth c.£40m.

There is nothing to suggest any link between Clem and Fowler. Power is still calling the shots as far as anyone knows.

Agreed. Although I’m led to believe that all club running costs are being met by Clem and Standing at present. Hopefully Monday possibly Tuesday we get the news we’ve all been waiting for, a certain someone is playing hardball apparently so may end up being a court decision.

How do you know as all we hear are possible maybes from various posters

Anyone know how to get a link to watch proceedings?

This

After the fiasco earlier this year I hope to god they've finally worked out how to mute people  :D

I just hope whatever the outcome it’s definitive.

On a serious point, I hope that noone interrupts it and has it delayed yet further. It needs to be resolved - but only one way!

Same here! Just want it to go as smooth as possible.

That is the biggest fear, the other is whether the alternatives have positive intent and are better than the current owner. Can’t be any worse on this account and time for a change and a risk.

Down to the Court but feeling a little more positive.

It needs to happen soon as there's players to sign and a team to build😀

can you pass it on if you find one

I see that there is a directions hearing on Monday morning. If this is indeed a directions hearing, it's unlikely that the issues will be finally determined then.  Anyone ITK may be able (no pun) to add some gloss to this.

Wait for a certain Cowley38 I have a feeling he may be able to cast his rune stones down to foretell of significant events.

so what is the normal outcome of a directive hearing?

Directions hearings involve the court saying the parties have to do X, y and z before there is a trial or final hearing. This may have been called a directions hearing on Monday's list but is something else.  I don't think I saw a time estimate which would help shed some light on this.

I have seen the various posts on the forum etc which indicate that LP has applied to vary the injunction which prevents him from reducing his shareholding etc before Standing's trial is heard is a number of months' time. Also, I understand that LP had to disclose certain information/documents to Standing and/or third parties. 

Not being ITK, I don't know whether the judge is going to determine the application on Monday or whether they will order that other hoops have to be jumped through before he can do so.

thanks

So, if you’ve got MS Teams can you log into the hearing?

Something on my mind about admin...

In order for admin to be accepted, the club would have to be able to demonstrate it cannot pay its debts. But would a valid (assuming it is valid) takeover bid mean the club can indeed pay it's debts?

I thought there were rules stating just that - a viable takeover offer meant a company could not be put in administration in preference.

buggered if I can find where I read that

But I bet it gets messier than that. e.g. if the debts are massive administration may be the only route to get a sale and keep us going

The position Derby are in. 3 failed takeover bids. Debts of £60m. Why would any new owner take that on when admin would wipe them out - at least, non football creditor debts.

Wigan got put in Admin this season when viable as a business, didn’t get docked points because of that.

Actually, not sure of that last bit. All got fuzzy with what went on.

wonder where he would rank in the richest manager stakes!

It's not in Power's, Standing's or Morfuni's interest for the club to go into admin, as they are almost certainly, by far and away the main creditors, so I can't see it happening.

Admin would usually happen prior to a takeover to clear the deck for a new owner.   

Are the FA likely to be waiting to see the outcome of the court case before revealing their sanctions? If the court case drags on, what happens if the FA decide to ban Power whilst he’s still owner?

You're right to not be sure, they went into administration last season and were docked points last season which is why they went down despite a remarkable run of form at the end of the season

https://www.bbc.co.uk/sport/football/53649840.amp

‘It will provide key dates by which you and the defendant must complete certain tasks by. These directions will be set out by a judge in a court order and will provide details of all the steps that the judge believes are necessary to progress your case to trial.’

Didn’t the judge at the previous hearing tell them to sort it by middle of May?

Well this week could be very interesting. Keep your eyes and ears pealed and your devices tuned in.

Sorry if i missed it but did anyone have a link for the case today?

^^ what he said ^^^

https://truststfc.tv/ownership-court-case-a-statement-from-the-board-of-truststfc/

The Trust are asking fans not to sign into meeting.

Hi there, the Trust will be attending the event today and will update fans post the case and also on the Supporter Club Monday night panel at 7pm on Facebook too.. Please see article here: https://truststfc.tv/ownership-court-case-a-statement-from-the-board-of-truststfc/
We are trying to encourage fans not to attend the event as unfortunately in the past disruptions and many fans attending have caused issues and it is likely if this occurs again then the case will be halted and re-arranged and none of us want that as we need a conclusion asap.

What's the fucking point in that? Those that would attend and behave properly now likely won't and all the prats will jut ignore the advice.

I guess Town fans are most likely to fall foul of the  bit about 'not discussing online it until its concluded'

That said, we're not children.

Some of us are 6ft5.

Exactly:)

Unfortunately, a reasonable number of football supporters seem to act like they are children most of the time.

What time is the hearing and will there be a NMH style reporting on it here (the secret place), is that allowed?

I think the best report will be the Official Supporters Club  "monday night panel" with some of the trust committe - on facebook at 7pm. Plus whatever the Trust releases online too.

Thanks - but the hearing is much earlier that that isn't it?

it starts at 10:30.

when it finishes is anyone's guess. I suppose they have a set time to conclude by adjurn?

 Anyone?

I hope the adver will be on it quickly enough, in sure the trust may be too

I doubt it will be sorted today unless all parties have kissed and made up

I think the unspoken main point is "if you do ask for a link, do it quietly and don't post in on Twitter for anyone to click on ffs"

You can't report until it's concluded.

So basically the NMH style updates on a forum, or twitter etc are forbidden?

That's my understanding, but I may be wrong.

A bit off to ask people not to watch. Seems they've missed the point.

Ah, well. I think I'll be too buy to watch regardless.

No worries, looks that way from the Trust wording, just wanted to be completely sure, as I have a quiet morning at work and would quite like to watch. Can you get Teams on your phone for nada or is it something you have to pay for?

it's free, but I think it starts at 10 (not 10:30, so may be too late to register).

living myself for forgetting to do so

Was there a link? Probably missed it now anyway.

you needed to register via email for it

Ah ok - show's how 'on the ball' I am!!

Cheers. Will just wait and see I guess.

Some of the analysis provided by the trust has been somewhat lightweight. I will be interested to read the latest offerings.

The word insolvency is being thrown around a lot and is making me a bit uneasy. Seems as if the court may intervene to force a sale if it needs too

Where have your heard "insolvency" from here it has been mentioned that either Able or the Aussie builder will be purchasing ?

There’s a court hearing going on right now

Are you listening to the court case

Getting the feeling it’s goung to go one way or the other today.

Hang on to your orange hats.

No... Where am I able to hear this

Too late now

Has anyone any news ?

It was pointed out it may not be smart to do that. A lot of it is going over my head anyway!

Its very interesting proceedings so far, but as stated nothing can be reported until it is over.

In a positive sense?

Is Morfuni / Standing showing serious interest in taking their offer if any  further ?

Isn't this what the Lounge is for....

Under the heading ‘Tea and biscuits’

Its 11.05pm Monday night here
Why am I still waiting up like a 15 year old teenager

I think it's probably best to keep information to a very minimum until after the hearing. No point in negatively affecting proceedings, even if its with innocuous innocent chat.

You realise nothing can be said until the hearing has concluded right?!

I would go to bed mate. You won't hear anything for a while

No
Was not aware of this situation

You can leave me out of this thank you very much 😁

Thanks for advice and good luck and good night to all

On a slight tangent, I wonder why journo's can live tweet murder trials yet not this?

It doesn't make sense. I reckon somebody has misunderstood something somewhere.

Why not just ban any method of listening in.

My only thought is possibly something to do with commercial confidentiality albeit its not like the club is a PLC....

I wonder if it's more that you can report facts from a trial, but nobody involved (rightly) trusts a bunch of Town fans not to editorialise and say e.g. "Party X says they're above board, the lying bastards" which then is contempt?

Court reporting is a fairly specialised profession, after all.

Maybe our resident legal expert can enlighten us...

‘We’re all doomed’

‘Hello non league’

What if they are all a set of lying barstards... is that not telling the truth  :)

Finally good night and take care

One question which perhaps those listening can answer is whether it looks like any sort of substantive conclusion is likely to be reached today, my understanding is that a Directions Hearing is mainly a procedural thing to report progress and not really the place where anything will be settled?

He's/she's almost certainly too busy giving helpful consumer advice at the moment, something along the lines of 'you should probably cut off the skin and remove the stalk before eating' when someone asks where the cheapest place to buy pinapples are.

Didn’t the previous hearing tell the parties to sort it out by now

He or she may reply separately.  I think you need the permission of the court as a member of the public to report by text/Twitter. The press etc don't have to seek permission.

Yeah, I commented on that above.  No doubt the trust will enlighten us.

When your constantly refreshing twitter / TEF instead of concentrating on work....priorities

Without saying too much, it is not going to be sorted one way or the other today for certain.

I suspected as much, thus why I was taking suggestions that there would be good news this week with a massive pinch of salt.

We shall see......

Correct. We "...are grown men!!"

Tommy Wrong squealing, sometime during a post match slating - after his boss bottled another interview.

The trust could have managed expectations by explaining that today wasn't going to see a seismic shift in the STFC universe.

I've not seen suggestions beyond individual fans on social media that it was going to be?

And brings a close to the case for today.

Any timescale set for the next and, hopefully, final hearing?

without the a resolution fans were hoping for.

just my take:


I'm fact, in summary it's kicked the can/moved the process  on but we are still in limbo

June 15th pencilled in for next hearing.
Trying to expedite to September for full trial.

Unless Power sells to Axis/Able with  Axis permission. Or on 15th  Powers legal convinces the judge the wording of the terms of sales of shares to Clem shouldn't prevent Power from selling unilaterally

The next hearing - 14th/15th June.

Final hearing - September.

Although the judge did make it quite clear at the end that power could choose to sell to AXIS in the meantime if he doesn't want to keep on funding the club for another 3 months.

And there was an off hand comment from the judge earlier in the morning that if Power felt confident of winning September's full trial, he could get Able to fund the club until the outcome of the trial allowed them to buy the club in full. Which makes me wonder if that's why Power is all of a sudden happy to keep funding the club till full trial completes...

What a ginormous crock of shit. Maybe the FA conclusion will kick Power out so he has to sell.

Hows he funding it? He literally said he couldnt afford to?

Just stop fucking around and sell the fucking club ffs

I thought the previous judge told Clem/Standing to fund the club. Has this one told Power to fund it?

What if no fucker wants to fund it? How can we stumble along until September with no manager, no recruitment, no owner?

If my vague understanding is right...Power is allowed to sell between now and full trial under pre emption rights, but I'm not sure what sale possibilities that brings though other than a sale to Axis.

Power wanted them to stump up 600k a month now didnt he?

So, what’s the June hearing going to solve that this one hasn’t - and the one previous to that.

Ffs with this seemingly not looking like it’s going to be resolved anytime soon I really fear for next season now.

Absolute disaster for next season (and beyond). We are absolutely fucked

Even then he'd be allowed to appeal. Would probably make the current situation worse to be honest.

I do understand that the courts have plenty on and that legal stuff takes time, but the timeline of the court and the timeline of operating a football club appear to be fundamentally incompatible here. Who funds the club is one thing, but who makes decisions that will affect the club in the medium to long term is surely an even larger one?

I didn't fully grasp who is actually funding the club. Until he sells though Power is still in charge so any management / player choices will be his I suppose.

Being a football club is irrelevant to the courts though, this a bog standard business case to them.

So, if Clem/Standing say bollocks to continue funding the club but don’t give up on the ownership wrangle, and Power says he can’t fund it, Admin seems the only answer - just what Power wants.

I’m so fucked off

Sure, but in an ownership dispute you'd expect some kind of limitations on the actions that the party running the business could take whilst awaiting trial which would affect the future value of the business? Even if we were a furniture shop, you'd hope the current owner would be expected not to commit the firm to a 100-year lease for a building we'll call at random Taylor Curran House before the trial concluded?

Eh, I'm going to try and tune out of all this for a while. It's not good for anyone, there's shit all we can do about it (with the possible and limited exception of the Trust). Roll on the Euros.

it gives an opportunity to force a sale if power is putting the club on course for ruin.

I don't think that's likely

it will set full trial date.

he gave a list of 5 or 6 things but I didn't write them down properly... sorry

I assume it will just be another directions hearing so an update on any progress made plus to set out what needs to be provided/exchanged before the full hearing. I know its no use to us but this is actually going quite quickly for our creaking and grossly underfunded courts.

Sadly things have been allowed to get to the stage where people thought there would be an outcome today, its got time to run yet.

For those who sat through it, did it appear any progress was actually being made between the parties in terms of sorting it between themselves?

nope. I missed a fair amount but didn't detect a resolution was coming

I think powers brief basically said he didn't trust Clem when staying the reasons he wouldn't sell.

the judge said it was 'less than convincing'. Not that it madea difference.

I don't think that's strictly true given that in a 'standard' business case the trial wouldn't be for another year. It was mentioned several times how the club is a community asset and how any form of insolvency is not ideal at all for anyone.

Looking at the posts on this thread, many were under the impression that today was akin to d-day.

I am no expert but having sat through the last two of these sessions, I would say that Judge Thompsell is slowly but surely edging towards forcing Power to sell to Axis.

However, in terms of the football side of things, we could really feel the impact of the legal timeframes even if the trial started in September 2021 instead of June 2022 and if Axis come out of this victorious.

Enjoy the distraction of pints inside of pubs, Euro 2020+1 and cricket.

Well there's an injunction out to prevent that so I would say no. It was pretty clear that Standing / Morfuni and their representatives + the judge dude (his official term) were of the opinion that administration doesn't work for anyone. Not that it's off the table, but it's being discussed very much as a last ditch thing.

Come September the court may have the power to force a sale to Axis.

Today and now the day in June are just fancy legal catch ups aren’t they??

What you’d call a ‘keep in touch’ in a office parlance

Does anyone know why the Eady trust could be giving up to £3m to Axis in the event of a sale?

In the hope that parties resovle their issues and get a sale done beforehand.

I do think this particular hearing was 'mis-sold' to the fans somewhat perhaps that was in terms of a best case scenario. It was very clear within minutes of the hearing starting today that there wouldn't be a definitive decision today.

You keep on saying this, but the judge himself today said:

A) He does not want to allow admin

B) He might choose to force a sale

This is the actual judge saying it - the person who decides what actually happens.

Admin might be AN answer, but it is FAR from being the only answer.

I thought it was said there is money ringfenced for the club, but the Eady trust wont let the club have any of it whilst Power is still in charge

I was fully with you until cricket!

not 'touching base'

I just hope that by June we are not touching cloth.

Currently it's not even AN answer because there is still an injunction in place which expressly prohibits it, unless that was lifted today. Tom Seaward's update seems to imply it wasn't.

Or that we are able to cut out cloth accordingly.

It's still a potential outcome.

But that's beside the point. The point is that Audrey seems adamant that what's possibly the least likely outcome is the only one to be considered. 

Yes. And FWIW, Tom Seaward has now published his write-up which confirms that the injunction against admin remains in place

"Orders banning Mr Power from placing the club into administration remain in force. "

https://www.swindonadvertiser.co.uk/news/19308963.no-conclusion-swindon-town-ownership-dispute-latest-court-hearing/

Touching cloth?

Guess Cowley was full of shit then.

Shocker.