Statement Thursday

[RobertT]

Is there anyway someone/group can offer to pay the CVA and the club then become wholly indebted to them?

Just thinking out loud how to push them out really.  Take on the debt force the bastards to negotiate.

[Ardiles]

You could try, Rob, but they would probably try to insist you were buying shares.

[RobertT]

soryy, I meant going behind the clubs back, so people effectively pass their debt on to you.  I seem to recall from my educational days that a business can sell money owed to it to another company.  Or am I nuts?

[Reg Smeeton]

Fucking statement Thursday....utter shit, to give the Board credit though, it takes some doing to be loathed and despised more than SBC and its minions like Martin, who I hold in complete contempt.

[glos_robin]

And not ONE single word regarding the so-called investor, when this would have been a very good time to reveal all.

I'd imagine the club would look a better investment
opportunity if the CVA is renegotiated first.

it seems the 'mystery investor' is about as real as rocking horse shit judging by recent suggestions that dunwoody's current guise (d460 or something) were to provide the so-called investment

ha.

I would have to agree, fuck me ...

Does that mean you are on the verge of accepting defeat and paying up then Dell?

[mjad]

soryy, I meant going behind the clubs back, so people effectively pass their debt on to you.  I seem to recall from my educational days that a business can sell money owed to it to another company.  Or am I nuts?

it's called debt factoring.

[mjad]

I've got this recurring vision of Nick Martin sat in his office reading that statement and also licking the end of the biro that he is just about to sign the "STFC Winding Up Petition" with.

even though stfc is no longer in my ward i am still involved as one of the main players in the finances of the council

had the 'honour' of reading the press release to nick today.  called him whilst he was in a meeting so could not discuss this further.  but i will call him later to talk it through.

i really don't want to see stfc go to the wall - but if they owe the people of Swindon £900k & will not pay up what are we to do - put up council tax by 1.3% or cut services by the amount (neither are what i want to do)

but then again the club say they have a new backer - so all will be ok in the end  

[sonic youth]

mike, i think that for once the fans of stfc won't begrudge the council if they refuse to renegotiate/accept no payment.

i've never liked nick martin having read plenty of his diatribes about this football club in the adver over the past year or two but i'm sure all of us understand that councillors first concerns are for their residents and taxpayers, not a bunch of directors who live in cloud cuckoo land.

i hope you guys continue to talk with the trust and realise that there is a group and a man waiting in the wings who can pay off the debt in one fell swoop, pleasing everyone in the process

[Ardiles]

Will the Council ever express a preference for a takeover (if they believe that this would give the people of Swindon the best chance of recouping the £900k)?

[Lumps]

Take a deep breathe kids it's not all bad news.

This statement means the board have:

1) Held up their hands and admitted they've got fuck all money and can't pay the CVA
2) Tacitly admitted that any "new investor" was either a complete invention or has had a sniff around and done a runner
3) Demonstrated once again that despite the accusations they've thrown around about others meddling in the affairs of the club without understanding the technical details of the CVA it is them that repeatedly misread the terms of that agreement. WE CAN ALL READ. The only reference to the ground redevelopment in the CVA is to suggest that "the dividend paid may be ENHANCED" if its successful NOT that it is dependent on it.
4) Confirmed once and for all that the reason they're blowing up this smoke screen about shares being issued for BP's money is because they can't afford to pay it back

All that, coupled with the fact that their public pronouncements over the last 6-9 months seem to have been calculated to systematically alienate anyone that they might need to get on side, must surely mean that the current board is finished and will lose control of the club.

Sadly it now seems that Wills, Diamandis and company are too bloody minded to do the right thing even at this late stage.

BUT, Fred's bang on, the club won't be wound up with Bill waiting in the wings ready to pay the creditors and take it on.

The only thing slight doubt in my mind is the question of this "mystery investor". What occurs to me is that in their position, faced with a club up to its eyes in debt, weeks, or even days away from a winding up order, I might keep my money in my pocket and wait for an opportunity to do a Ken Bates and swoop in with a take-over that allows me to slip out from under that debt.

In that case Bill and Phil might have some competition, and competition that may give the current shower an opportunity to stay connected with the club.

[Simon Pieman]

It's all well and good having a rescue package, but what will the FL's reaction be? Chances are after the Leeds fiasco they'll want to make an example of the next team.

 :|

[Ardiles]

Take a deep breathe kids it's not all bad news.

This statement means the board have:

1) Held up their hands and admitted they've got fuck all money and can't pay the CVA
2) Tacitly admitted that any "new investor" was either a complete invention or has had a sniff around and done a runner
3) Demonstrated once again that despite the accusations they've thrown around about others meddling in the affairs of the club without understanding the technical details of the CVA it is them that repeatedly misread the terms of that agreement. WE CAN ALL READ. The only reference to the ground redevelopment in the CVA is to suggest that "the dividend paid may be ENHANCED" if its successful NOT that it is dependent on it.
4) Confirmed once and for all that the reason they're blowing up this smoke screen about shares being issued for BP's money is because they can't afford to pay it back

All that, coupled with the fact that their public pronouncements over the last 6-9 months seem to have been calculated to systematically alienate anyone that they might need to get on side, must surely mean that the current board is finished and will lose control of the club.

Sadly it now seems that Wills, Diamandis and company are too bloody minded to do the right thing even at this late stage.

BUT, Fred's bang on, the club won't be wound up with Bill waiting in the wings ready to pay the creditors and take it on.

The only thing slight doubt in my mind is the question of this "mystery investor". What occurs to me is that in their position, faced with a club up to its eyes in debt, weeks, or even days away from a winding up order, I might keep my money in my pocket and wait for an opportunity to do a Ken Bates and swoop in with a take-over that allows me to slip out from under that debt.

In that case Bill and Phil might have some competition, and competition that may give the current shower an opportunity to stay connected with the club.

Great post.  I'm fairly sure the latter (doomsday) scenario would not come to pass, thankfully.  Let's not forget that Swindon Council are the club's landlords, and the club would simply not get away with dodging their liabilities to SBC and then expecting to continue to rent the County Ground.  It would be like throwing chilli powder in a man's face, then kicking him in the bollocks and then asking if you could continue to rent his house.  Can't see it myself.

I would hope a more likely scenario is the creditors now go behind the club's back and approach Bill P directly...and start to plan from there.

[Lumps]

Ardiles,

That is a very good point, something I'd not thought of.

And it's something positive!    

[mjad]

mike, i think that for once the fans of stfc won't begrudge the council if they refuse to renegotiate/accept no payment.

i've never liked nick martin having read plenty of his diatribes about this football club in the adver over the past year or two but i'm sure all of us understand that councillors first concerns are for their residents and taxpayers, not a bunch of directors who live in cloud cuckoo land.

i hope you guys continue to talk with the trust and realise that there is a group and a man waiting in the wings who can pay off the debt in one fell swoop, pleasing everyone in the process

my view of the trust is not the same as my view of stfc!  this is a view held by other cllrs as well (cannot speak for all 59 though) some in some very significant positions....

i spoke to paul d today, as i have done numerous times in the last few years

i know of the people in the wings waiting to take over - but as it's a private co there is very little that can be done to force a movement on this.  i would love some one with the cash to take over stfc, if this did happen i would arrange the meeting with nick to talk about the new ground myself (hopefully in conjunction with the trust)

[mjad]

Will the Council ever express a preference for a takeover (if they believe that this would give the people of Swindon the best chance of recouping the £900k)?

personally, i would prefer someone running the club who could pay the cva, on going bills & for a new ground (on the current footprint &c).

cannot speak for sbc as would need to be leader of the council or get a motion to full council.