I was the classic fence sitter in the summer before Power left. I thought I would wait for information to slowly creep out and when it did I found myself losing support for the Board. I joined the Trust, who beat the Club hands down in terms of transparency – I guess you’d expect that when something is run for the very people who allow it to exist.
Which is why this might seem like I’m trying to shoot James down etc., but this is just my take on things:
For a start they (Lambert esp.) know you go on internet forums and are likely to tell people what happened. Don’t think for one second they would spend 4 hours with someone ordinarily.
Onto some particular points you bulleted:
- Who are the Consortium? The club would like details of those involved.
I think that’s a fair enough point in all honesty. The same would apply to the current situation at STFC, where it took an age for Diamandis to finally speak out about his role within the club. Transparency of this kind can only be a good thing from a fan’s perspective, as they are able to form views on facts.
- Why has Power changed his mind about investing after pulling out previously?
I was under the impression he wasn’t too happy with someone’s apparent control over the club (am I wrong?).
- Why does Bill believe the £1.2m investment was a loan and not shares? If a loan, he could demand his money back immediately. If shares then he would stand in a better position for negotiation with the board.
Considering that the Club seem unsure as to the percentage amount of shares Bill Power and Phil Emmel own between them, I would disagree. Also, see the bit below about Bill not wanting to buy but the Consortium.
- Why do the Consortium want to do due diligence prior to making an offer, shouldn’t Bill know the financial state of the club a year ago and be able to make a rough offer on that basis? Any offer would not be legally binding as such and they could withdraw it if necessary.
For that very reason. Do you know why companies have to submit accounts on a yearly basis? It’s because a lot happens in a year. Also tax is charged yearly. Moreover, a company can be a going concern one year (able to trade into the next year) to not being a going concern.
I would also say that considering Mike Diamandis has made many claims about the conversions of loans and improving the balance sheet position, what’s to say this hasn’t been done within that year? Any restructuring of the business and its finances can have a major impact.
- If Bill wants to buy the club then why has the offer been fronted by Mike Wilkes?
Bill doesn’t want to buy the Club. The Consortium does. Big difference. Mike Wilks sought the investors, he fronted the potential Consortium when the idea was born and I don’t see why this should change now.
As James says, Mike Diamandis is a figure that is causing problems at Swindon. Clearly Wise was not happy with him for one. But let’s not forget that the Directors act for the company - that is their job, their duty and they are bound to do so. They do not need excuses made for them.
I’ve taken the view that this is no more than a publicity stunt, is an absolute joke to be honest and I think you’ve been taken in quite easily. If three members of the Swindon management team think cuddling up to one person who phoned into a radio show (and fair play for doing so and also keeping an open mind, kudos for that) is going to change years of being kept in the dark and especially more recently, treating fans as if they don’t matter then I think they are being very naïve.
