Adver Sportsdesk Comment

[Monkey Butler]

Never posted on here before, usually just happy to read the comments of everyone else, but thought this deserved a mention:



 Adver SPORTSDESK COMMENT

HANDS up who knows the identity, or even nationality, of the new consortium supposedly in the process of taking over at Swindon Town?

Lithuanian? American? Martian? Latest rumours seem to suggest this takeover may have its origins in Portugal.



But that's just the point.

Why are supporters reduced to a guessing game when it comes to finding out who could soon control their beloved club?

Did the Glazers remain anonymous while their bid to take control of Manchester United progressed? George Gillett and Tom Hicks at Liverpool? Or Thaksin Shinawatra at Manchester City?

Not at all.

Their identities were in the public domain long before formalities were completed.

Yet all we hear are that new investors' are progressing with due diligence with a view to taking over within eight weeks.

With many financial issues to be ironed out maybe this time is needed. And due diligence is, of course, a process that takes place away from public gaze.

But there seems little logical reason why the identity of this new consortium needs to be kept a closely-guarded secret.

Surely it just invites suspicion that this takeover is not quite what it has been claimed to be?

The need for transparency is especially pressing in the light of the letter sent to the club's creditors regarding the issue of the CVA (Company Voluntary Arrangement) balloon payment last week.

Administrators urged them to defer the payment of £900,000 by up to another year, no later than May 2008.

It is clear Town are requesting the extra time in the belief that this takeover will throw up the funds necessary to settle all outstanding debts.

But having seen the club fail to meet its CVA requirement at the end of last month, are creditors not now entitled to more hard facts and information as to just how the club are going to settle these bills before agreeing to such a deferral?

Reading some of your excellent responses to our back page story last Friday, it is clear you feel as much.

That feedback also threw up a number of questions the Town hierarchy and administrators should be answering with extreme haste, such as:

Should negotiations with these new investors break down, how are Town going to meet their responsibilities?


Why have the club not provided evidence of the identity of these investors and their ability to repay the CVA to creditors, to aid them in making their decision?


If Town are relying on new investment to help pay off the debt, why has the administrator not made any official mention to creditors of the fans' consortium takeover proposal, which also pledged to settle all CVA debts some months ago?


Could this deferral proposal be classed as a renegotiation of the CVA, leaving Town open to the possibility of a 10-point deduction under the Football League's rules?

The new investors could also do their bit to ease concerns.

Accepting that much of the nitty-gritty must stay behind closed doors for now, how about a strong statement of intent to reassure fans and information about their identities and backgrounds?

As well as providing a much-needed update, it would surely show creditors there is a better than decent chance of their money being paid back soon.

In the absence of this, and given what has transpired in the past, why wouldn't any self-respecting Town creditor move to have the club wound up next month?

Meanwhile, the perplexing arrival of Rufus Brevett as Sporting Director' has merely added to the mystery?

Putting aside what that role actually entails, is there not a danger - with due respect to Brevett - that this appointment could undermine the good work of Paul Sturrock?

How often has appointing anyone over the manager's head ever worked in football?

There are plenty of questions to answer - in addition to the ones posed by one of my colleagues earlier this month.

Announcing the new consortium's proposed involvement earlier this month, club director Bob Holt proclaimed: "This is fantastic news for all the loyal supporters of Swindon Town Football Club.

He went on to add that the move would "disperse forever the dark financial clouds that have for too long hung over the County Ground.'' If true, great. But as one of our correspondents observed last week, "trust us, it'll be alright' does not cut it any more.''

[tans]

oops ive posted this aswell  

[lebowski]

go on adver, get stuck in my son!

[Monkey Butler]

yeah guess we both had the same idea!! Doh

[mattboyslim]

Was just about to post this - good to see a well constructed challenging question from the Adver.  Perhaps all I would have added is raising the issue of the keeness of the FC to unveil its investor, now the boots on the other foot we're getting some serious silence from SN1.

[lebowski]

i prefer this thread to the other one, as the title is more descriptive.

welcome on board gaw1978.

[tans]

gaw wins

[Monkey Butler]

Cheers Lebowski, been browsing for ages and thought today was the time to contribute!!

[Dazzza]

Top piece again from Owen.

Should generate a statement this week as a result.

[glos_robin]

Top piece again from Owen.

Should generate a statement this week as a result.

Whether the statement contains any actual information is another matter, I would imagine something vague and dodging issues...

[lambourn red]

I would imagine that the statement is being penned as we speak, probably something along the lines of "The local media continually giving the Club bad press could seriously jeopardise the takeover and SSW will take his ball home and no one will be able to play so there"

[glos_robin]

See Mike Wilkes just posted this on thisis as well....

I know how frustrating this must be for all of you, it is the same for me most of the time! The situation is complicated by ongoing legal action and the consortiums ability to communicate with anyone is severely inhibited by this fact. My response on TEF was a general one in relation to a specific question asked, and was not intended as an update as such.

I can say however that we remain commited to bringing an open and inclusive regime to the football club with direct supporter representation and a professional management team in place.

[herthab]

Well I'm going to continue my stance of blissful optimism and ignorance.

If this new consortium turns out to be a pile of shite, I'll be as miserable and pissed off as everyone else.

But until then..................

[Summerof69]

See Mike Wilkes just posted this on thisis as well....

I can say however that we remain commited to bringing an open and inclusive regime to the football club with direct supporter representation and a professional management team in place.

Well that Sandy, Mike B, Bob and co. out of the door then !!!

[RobertT]

I imagine the Sportsdesk were listening to Chef's Chocolate Salty Balls when writing it.