The board of TrustSTFC have given a cautious welcome to news from the CVA supervisor Andrew Andronikou that Swindon Town are in negotiations with possible new investors, but we still harbour severe concerns over the long term survival of the football club.
Mr Andronikou is quoted in yesterdays Swindon Advertiser as saying the club is close to a deal that would "secure the clubs future for the next 3 to 4 years". A surprising claim given that the Fans` Consortium has had the funds and expertise in place to secure the clubs short and long-term future since November of last year, and as yet the club has still failed to sit down and talk seriously to the Consortium backers about a deal.
We welcome any new investment in the football club, but injections of cash are only half the story. How that money is spent is at least as important if not more so. Over the last few years the club has had the benefit of millions of pounds of investment from the Wills family, St Modwen Plc, and a year ago from Bill Power and Phil Emmell, and yet by any measure the clubs financial position has continued to deteriorate alarmingly.
It has recently been stated that the club has zero value, and loans made to it should be regarded as "wholly irrecoverable". These arent the words of a minority of troublemakers, they are direct quotes from the clubs own auditors, made in the accounts of the clubs holding company. The significance of this is that the auditors are the only people who can in any way be regarded as independent, to have detailed access to the financial records of both companies.
In their opinion, the club is worthless, and has no realistic prospect of repaying the millions of pounds it owes to various creditors built up over many years. If anybody is qualified to make such a judgment it is them.
Given the parlous state of the clubs finances, many fans are understandably concerned about handing over their season ticket money to the club while the future ownership and indeed survival of the club remains uncertain. We would urge all fans to continue to buy their season tickets, Paul Sturrock and his team deserve that backing after their efforts of last season, but we would advise fans to purchase their tickets on credit cards wherever possible, as this means the money is only made available to the club on a month by month basis during the season, and also entitles you to a refund should the worst happen.
The Fans Consortium offer for the club, first made last November, remains on the table, and the Consortium is still committed to entering into negotiations with the present owners, and ultimately to securing the clubs long term future, and keeping the club in Swindon, through a genuine partnership with the fans and local community.
http://www.truststfc.co.uk/news_item.php?id=1077
