http://www.swindonadvertiser.co.uk/sport/swindontown/headlines/display.var.1404791.0.swindon_town_consortium_challenge_town_over_investor.phpSWINDON TOWN: Consortium challenge Town over investor
By Andy Cryer
Comment
Andrew Andronikou, Town's CVA supervisor, above, has revealed a major new investor could be set to help Swindon Town Football Club.
Andrew Andronikou, Town's CVA supervisor, above, has revealed a major new investor could be set to help Swindon Town Football Club.
AFTER months of stand-offs and frustration, fans consortium leader Mike Wilks is urging Town to clear up all the takeover uncertainty one way or the other.
While the Bill Power-backed consortium still wait for an Non-Disclosure Agreement (NDA) to be signed to allow talks to begin, revelations of a new investor have thrown their bid into even more doubt.
Wilks insists they will concede defeat if the club can show proof of the imminent deal but warns the clock is ticking if it proves to be yet another false dawn.
Swindon Town released a statement yesterday insisting the deal was well under way but refused to provide details until it had been sealed.
Wilks has urged them to either finalise the mystery deal' and make it public or stop stalling their own takeover bid and sign the NDA to allow talks between the club and the consortium to begin.
He warns any new investor would need at least £5 million to sort out the debts while insisting consortium backer Bill Power is still determined to help invest in the club's future.
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Wilks said: "If they do have this mysterious backer who is about to plough millions into the club, then fair enough. Announce who it is and we will accept that.
"But time is running out fast and if this investment isn't as solid as made out then please start talking to us and trying to sort out the future.
"Paul Sturrock is making noises he will have a small budget for next season and is warning fans not to expect too much.
"Quite honestly they should be investing in this football club, not talking about reducing the budgets. We should be building on promotion. I know Bill Power will invest in players."
CVA supervisor Andrew Andronikou said on Tuesday that the deal would secure the club's long-term future, but Wilks admits he is still wary, citing the club's accounts as a cause for concern.
He said: "The accounts show this club is effectively bankrupt. This is as damning an indictment of a set of accounts as I have ever seen.
"Whoever this mysterious investor is is going to have to have pretty deep pockets because about £5million is needed just to drag it back to square one.
"For me the timing of the CVA is baffling because it states in black and white the last payment is due in June. How does Andronikou figure there is another year to pay it?"
He added: "They have said there is a mystery backer about five or six times already. I really don't know what to think anymore.
"If I was in their position I would be very keen to avoid any disruption for as long as I could because they are about to get a quarter of a million pounds through season ticket sales.
"Why would they pre-announce this now? If there is a serious investor why would they not come out and say who it was?
"The problem we have is they don't want to play ball. We can't force someone to sit down and talk to us.
"Since September 11 when I offered the opportunity to sit down with an NDA, the offer has been on the table.
"It has not changed one iota. Why they feel they are in such a strong position is baffling to me.
"It is the ordinary fan I feel sorry for because they must be wondering what on earth is going on.
"There are a number of people in the consortium who are willing and able to invest the funds needed to stabilise the situation and put the club on a sound footing for the future.
"The fact that Bill Power and Phil Emmel have stuck around for the last nine months shows their commitment to the club and to moving forward."
A club statement said: "Like all complex deals of this nature, although the majority of the issues have been agreed, nothing has yet has been confirmed in writing.
"The club will update the STFC fanbase further as soon as it is prudent to do so."
