Trust Want Answers

http://www.thisisswindontownfc.co.uk/news/headlines/display.var.1502905.0.swindon_town_trust_want_cva_answers.php

SWINDON TOWN: Trust want CVA answers

By Gareth Moorhouse

TRUSTSTFC chairman Paul Davis has challenged Swindon Town officials to reveal their hand as the clock ticks down towards the deadline for the CVA payment.

Davis remains hopeful the club will "pull a rabbit out of the hat" at the 11th hour, but is growing increasingly concerned about the £900,000 owed to the Robins' remaining creditors by Saturday.

Meanwhile, the Swindon Advertiser understands a new investor has shown an interest in the club, in addition to the previous mystery investor' and the Bill Power-led consortium bid.
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But as the club continues negotiations behind closed doors, Davis wants reassurance the board can meet their financial obligations.

He said: "This blase approach from the club is not doing anything to help or reassure the fans.

"The club may pull a rabbit out of the hat, but we need to hear more than vague talk of an investor coming in.

"We've heard of several mystery investors this season, but nothing has come of it as yet. All we do know is that talk is cheap, CVA's are not.

"If the board cannot pay the money then the fans deserve a proper explanation as to how they intend to secure the future of our club.

"People want to hear there is not a sword of Damocles hanging over Swindon Town. It's a worrying time and if the club have got a plan, we want to hear it."

Davis has accused the Robins' board of alienating themselves from the club's supporters and creditors through what he calls a "incomprehensible" statement posted on the Swindon Town website on Thursday.

He said: "We've seen an extraordinary attack on the council's head of finance.

"We've also heard the CVA supervisor attacking the fans through the press and it doesn't do anything to reassure us.

"That said, to say the bulldozers will move in at noon on Saturday and the County Ground will be torn down is a little wide of the mark.

"There is a degree of latitude, but once Saturday passes those creditors who are owed money can apply to the court to get it back.

"The conduct of both the club and the supervisor in recent weeks will perhaps make the creditors more, not less likely to demand their money back on time."

Company Voluntary Arrangement supervisor Andrew Andronikou has promised fans that a new investor will soon arrive at the County Ground, but despite rumours of fresh investment Davis remains doubtful.

He has challenged the club to make clear their intentions and settle supporters' worries once and for all.

"If the club are going to prepare another statement we would like to see one with a bit more meat on the bone," said Davis.

"We were promised news of a new investor six weeks ago and nothing has come of it.

"If there is to be more news we would like to see some hard and concrete facts."

Davis would also like to see the club re-open negotiations with Bill Power about a possible takeover.

The two parties are currently at loggerheads over the £1.2 million which Power claims was a loan, with a court battle the likely outcome.

Power told the Swindon Advertiser: "I'm still open to persuasion, but at this moment it looks like we're going down the legal route.

"I've spoken to a QC and the documents are currently being prepared.

"I would still love to take over the club with the consortium. If the club were willing to offer the deal we first discussed I would sign it right now.

"But all of a sudden there was a totally different deal on the table. I will not sign that now and I will never sign it."

Power also dismissed claims he was about to launch a takeover bid at Queen's Park Rangers, where he was chairman for two years between 2003 and 2005.

He said: "I still have a lot of friends at QPR and I have dinner with the chairman quite regularly, but I still want to take over at Swindon.

"I've had nothing but kindness from the Swindon fans. I don't want to see their club go into administration again because I know how deeply that will affect them.

"I know what I agreed to, and the difference between that and what the board want me to sign is like chalk and cheese.

"I've been left with no other option but to go down the legal route."

12:22am today