Open letter to acting chief executive Martyn Starnes
Dear Martyn,
We are concerned to see that, nearly two weeks since the Swindon Advertiser wrote to the club with a list of questions regarding the proposed new investment in the club, none of those questions have been answered.
Clearly the club's silence in this matter only serves to fuel the climate of suspicion and doubt among the club's fans.
While we accept that confidentiality agreements may, as you claim, prevent the club from revealing details of the investors' identity, there are still a number of key questions regarding the club's future which are of great concern to fans and we see no reason why any such agreement should prevent you from answering them.
To end the present cycle of rumour and counter-rumour, we would therefore request prompt answers to the following questions, all of which are of vital concern to fans of the club:-
Will Paul Sturrock remain as manager of the team?
Will he retain full control of all aspects of the football side of the club including team selection, and the buying and selling of players, free from inteference from any third party?
Both the club and Andrew Andronikou have said that this new investment will bring financial stability to the club - aside from paying the CVA in full, can you confirm that the proposed deal would enable the club to meet it's current liabilities, meet the projected shortfall for the next three-four seasons and provide Paul Strurrock with additional funds for the playing squad?
The club have spoken of an eight-week timeframe for due diligence, which coincides with the timeframe Mr Andronikou set out for holding a creditor's meeting. Will this proposed deal then allow the CVA to be paid in full by that time?
If this proposed deal does not come off, is there a back-up plan to meet all of the club's immediate liabilities including the CVA?
If the CVA cannot be paid in full, has the club had any discussion with the Football League regarding the possible extension of the CVA, to find out how they would interpret such an action under their insolvency rules?
Will Swindon Town Football Club Limited still be the holding company of/major shareholder in the football club or will the majority shareholding in the club be vested in another vehicle?
Is this a complete takeover or will the Wills family and their "General Manager" Mike Diamandis remain involved in the running of either the football club or any associated property company after the deal is completed?
Will the club remain at the County Ground, or at least within the conurbation of Swindon?
There has been considerable talk of a split structure, similar to that proposed to Bill Power a year ago, where the new investors would take charge of the football side and Mike Diamandis, along with elements of the current board, would see through the proposed ground redevelopment. This raises the prospect of a similar scenario to that endured at Oxford where the owner effectively built himself a new stadium, the profits and revenues from which benefited him alone, including the money paid out by the football club for the privilege of playing at "their" stadium. Can you reassure fans that the profits and revenues from a ground redevelopment would be put into and be legally under the control of the football club?
As none of the above questions can have any bearing on the identity of the investors, and given your stated eagerness to reassure fans that the club will be in safe hands on an ongoing basis, we look forward to recieving your answers on all the above points at your earliest convenience.
Yours Sincerely,
The Board of TrustSTFC
http://www.truststfc.co.uk/open_letter_30_07_2007.php
