CVA Payment

[Panda Paws]

Just reading Ed's report in the 1pm bulletin ...

Apparently it's down to the £900k due next year - the final payment - which the club is saying it's having trouble with.

Club's excuses: Bill Power pulling out money, slow progress in ground redevelopment.

According to Radio Swindon they have also failed to pay the £100,000 due in June 06.

Apparently the club has had "a positive response" from the administrator.

There's a story due on BBC website soon. Will post link as soon as.

[Panda Paws]

So "bang up to date" once again = lying like fuck does it?

Quite a surprise, not.

Or do they mean for the next 900K big one?

See my last post, Batch, with more info.

[STFC Bart]

They are late with the £100k for this June and have asked for more time to pay the £900k next year

Player sales in January anyone?

They are a fucking joke and as soon as this Newbury lot have gone the better

[Batch]

http://news.bbc.co.uk/sport1/hi/football/teams/s/swindon_town/6180548.stm

Swindon are facing financial problems once again, reports BBC Radio Swindon.

The club have failed to pay £100,000 to creditors in June 2006 as part of the deal negotiated when they came out of administration in 2002.

Swindon have asked their administrator for more time to make payments, which also include a £900,000 final instalment in June 2007.

The club says it has received a positive response to its proposals and is confident a deal can be reached.

[Panda Paws]

http://news.bbc.co.uk/sport1/hi/football/teams/s/swindon_town/6180548.stm

[pauld]

This is shocking on so many fronts. For a start, they're gambling with the club's future - six months overdue on a CVA payment means any of the creditors could put the club under at any time.

Second, this basically means that Sandy Gray stood up at the AGM and at a meeting with fans less than a week ago and when asked if we were up to date on CVA etc did not give a truthful (as in correct) answer. Leaving aside the moral aspects of misleading supporters, isn't misleading shareholders at an AGM like this actually quite a serious offence?

Third, what the hell happened to Bill Power's £1.2 million if it wasn't used to pay the CVA? And what happened to the money from the Bryan Adams concert? And what's happened to the greatly increased gate receipts, shirt sales etc this season? Just where is the money going?

At the very least, Gray must go. And the club should call an EGM and this time actually answer questions from fans and shareholders about the true financial state of the club.

Can we actually trust a single word they say anymore? Time to go Diamandis, and take your no-mark lackeys with you.

[STFC Bart]

I urge everyone, join the trust. Get behind the consortium initiative.

[pauld]

Club's excuses: Bill Power pulling out money, slow progress in ground redevelopment.

Christ, it's always everyone else's fault isn't it? What about grotesque incompetence on a grand scale and a regime that couldn't be trusted to tell the truth to fans and shareholders if their lives depended on it?

Gray out!

[Reg Smeeton]

Whoop de do......not exactly a surprise thouigh.    Well the 100K is.   The Board did at least state in public the 900K wouldn't get paid without a redevelopment...as there was no funding for it.

  Whereas as recently as yesterday they stated the other payments were up to date, also at the AGM.

   It still remains imperitive that we get a take over....

[STFC Bart]

I have my own theories of where the money has all gone.

Just dont be suprised to see player sales of anyone who will attract a fee in January unless we get these muppets out.

[Batch]

http://www.swindontownfc.premiumtv.co.uk/page/News/NewsDetail/0,,10341~933207,00.html

Nationwide Building Society has today announced its decision not to continue sponsorship arrangement with Swindon Town when the existing contract expires at the end of this season.

Nationwide has been a sponsor of Swindon Town since 1997 and the building society has supported the club through an extremely eventful period.

Peter Gandolfi, Nationwide's Head of Brand Marketing, said: "It has been a mutually rewarding period for Nationwide and Swindon - we wish them the very best in the future.

"Nationwide recently announced new team sponsorships with England, Scotland, Wales and Northern Ireland for a further four years and football continues to play an important part in our marketing communications mix."

Team Photo

Nationwide announce the end of Town's sponsorship

"However, we will be looking to continue to engage with Swindon going forward to build upon our on going programme of activities based in the local communities."

Swindon Town Director Sandy Gray commented: "We have had a fantastic relationship with Nationwide over the course of a decade and they have stood by the football club through some very difficult times.

"Although we must now secure a new club sponsor, it is great to know that we will continue to have a healthy dialogue with Nationwide going forward."

[pauld]

Chris, can I start panicking now? Aaaarrrrrggggghhhhhhhhhhh!!!!!!!!!!

[Panda Paws]

Leaving aside the moral aspects of misleading supporters, isn't misleading shareholders at an AGM like this actually quite a serious offence?

This is what worries me most ... I didn't hear the exact wording as I wasn't there, but this is just plan bare-faced lying now ...

The worst thing is ... had the shareholders known about this, would they have voted the current board back in?

[Arriba]

i have never fully believed the ground development excuses myself.
its mismanagement in a nutshell.

[fatbury]

can you let Sandy know there's a finance job going at my place? I need an overspend next year