Statement Thursday

Quote from: "Ardiles"

Would someone please cut & paste the text?

Thanks.

Quote from: "The Crazy Fuckers"

Club Statement

The Club is disappointed to read Councillor Martin's negative comments in the Swindon Advertiser recently.

Just two weeks ago representatives of the Club met with officials from the Council's Finance Department to discuss the position with the CVA. At that meeting the Club clearly outlined the CVA Supervisor's rights and obligations to vary the schedule of payments.

It should be remembered that when the CVA was agreed 5 years ago, the Board of STFC and St Modwen committed £3.5m without which the Club would have ceased to exist.To assist the Club re-structure its debts, by supporting the CVA, the creditors generously voted away their rights to full payment. Swindon Borough Council was one of those creditors.

Under the terms of the CVA creditors are entitled to a distribution of around £98,000. The CVA document also scheduled a payment of £900,000 from the Club this summer. However, this assumed that a successful redevelopment of The County Ground during this time period would have generated sufficient funds to settle the final CVA instalment.

The County Ground

Despite the strenuous efforts by the Club, the redevelopment of The County Ground has not progressed as hoped. Swindon Borough Council must realise that they have a major influence on this and must surely recognise the effect this has on the Club's finances and therefore its resultant ability to make the final payment as originally scheduled.

When the current Board assumed responsibility for the Club in 2002, finances were in a perilous state and for the last 5 years the Wills family and their management team have continued to support for the Club financially, without which it is unlikely the Club would have survived today.

Swindon Borough Council must have a degree of empathy with the Club's position having been, in the past, categorised as a 'Failing Authority' and for sometime were in 'Intensive Care'. Thankfully under the guidance of Rod Bluh and Gavin Jones are the Borough are now on the road to financial recovery.

Recently there have been several positive meetings with the Council and Club along with its development partners St Modwen. The objective of these meetings has been to establish a framework and a mutually beneficial way forward for the Club's future development. Given the cordial and constructive nature of those discussions the Club are confused by Councillor Martin comments.

Last year, members of Swindon Borough Council were invited to Reading FC to see first hand the impact the development of a football stadium had on both the town and the Club.

The Board of STFC recognise that co-operation with the Borough Council is paramount and that the Club and the Council must work together to integrate the development of a football stadium and other sports facilities with the Council'soverall regeneration vision for Swindon.

Councillor Martin's comments are not helpful in this regard but the Club remains confident that under Rod Bluh's leadership, the Council will work with the Club to resolve any differences that may exist and produce a satisfactory solution to The County Ground redevelopment.