NEW INVESTMENT PARTNER SECURED

[ReadytoGo]

NEW INVESTMENT PARTNER SECURED
Posted on: Tue 16 Oct 2007

Swindon Town Press Release

16th October 2007

The Club acknowledges the concerns of its supporters and would like to make the following statement in relation to the proposed acquisition by the new investors.

Today, the Club are pleased to announce that a new investment partner has been secured. An agreed payment to HMRC has been made which will stay any potential legal proceedings whilst a period of due diligence takes place. This assurance has been confirmed to the supervisor of the Club's CVA, Andrew Andronikou, by the Inland Revenue.
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The Club would like to take this opportunity to thank Best Holdings for their considerable interest in taking over the ownership of the Football Club, but regrettably the two parties have been unable to conclude the deal.

The Club would like to take the opportunity provide the supporters with an update, details of which we have not previously been able to make public due to confidentiality arrangements.

On the 14th August 2007 a contract was signed with Best Holdings enabling them to acquire a controlling interest in the Club. This contract was due for completion by 31st August 2007 and provided for the CVA payment and the Club's outstanding PAYE liabilities to be settled in full.

Contrary to the front page article in The Swindon Advertiser dated Tuesday 9th October, there was no provision in the contract of August 14th to make a payment of £8m directly to the Wills Family. An amount of £3m was ascribed to the shareholders; this was allocated for the repayment of monies owed to Shaw Park Developments, arising from the rescue of the club six years ago, and to cover litigation and legal costs.

The Club is willing to make available for scrutiny, by the media, the August 14th contract with Best Holdings which was signed by Jim Little, Jorge Rubenstein and James Wills.

It has been well documented that dialogue continued between the Club's shareholders, Best Holdings, and their respective legal representatives in an attempt to finalise the agreement. Throughout August and early September the three main representatives of Best Holdings; Jorge Rubenstein, Rufus Brevett, and Jim Little, regularly attended meetings at the Club to discuss strategy and budgets for the 2007/2008 season. As recommended by Best Holdings the Club proceeded to sign three foreign players thecost of whom Best Holdings in good faith agreed to underwrite.

During September 2007 the Shareholders and the Club's CVA Supervisor Andrew Andronikou of Hacker Young began expressing concerns at the time being taken to conclude the deal with Best Holdings.

In view of these concerns exploratory talks were initiated with another interested party. The Club has now been able to grant this alternative investment group a short period of exclusivity to negotiate the purchase of the Club. In exchange for these rights, the potential suitors have made a substantial "lock-out" payment which Andrew Andronikou has used to reduce the Club's Inland Revenue liability and stay the possibility of any legal proceedings.

Over the last two months, whilst the Best Holdings talks continued the Wills Family supported the Club as they have done so for many years. However they accept that it is now time to pass on the responsibilities for so doing to new investors. Every effort is being made to achieve this aim. However, the negative media coverage and the type of protests held at the ground on Tuesday 9th October are not helpful to this process.

Today's announcement gives the Club renewed optimism for the future. We appeal to our loyal fan-base to remain positive over the coming few weeks whilst contracts with the new investors are finalised.

The Shareholders, Directors and staff at the Club understand the concerns of supporters. Everyone at STFC is striving for the same objectives, namely the successful transfer of ownership, financial stability and accompanying success on the pitch.

The Club would like to thank all Swindon Town fans for their continued support during this difficult time and look forward to everyone getting behind Paul Sturrock and his team on Saturday, when a win could take the team back into the Play-Off places.

[ReadytoGo]

Just came across this release (above) on official site

Sorry didn't see the link posted before!

[yeo]

Hmmm so Best are gone and there is now a new "mystery" investor

[Sippo]

The board are scared shitless i reckon and just releasing this after the meeting last nite. Or maybe I'm wrong?

[magicroundabout]

The board are scared shitless i reckon and just releasing this after the meeting last nite. Or maybe I'm wrong?

i hope your wrong but i'm glad Best Holdings have gone.

they sounded worse than Diamond Mike

[Samdy Gray]

SSDD.

[ghanimah]

The board are scared shitless i reckon and just releasing this after the meeting last nite. Or maybe I'm wrong?

I think the timing is 'interesting'. Maybe they've realised that they won't be able to pass off Sat protests as the work of 20-30 busybodies

[herthab]

I really hope this statement is true.

SSW has decided it's time he fucked off (Taking diamond mike with him) and we get new investment.

I really hope it isn't more bullshit.................

[dell boy]

The board are scared shitless i reckon and just releasing this after the meeting last nite. Or maybe I'm wrong?

Cant see how they could come out with a statement of a new deal has been negotiated with the Inland Revenue without one actually being made.

[RobertT]

Hmmm so Best are gone and there is now a new "mystery" investor and someone has paid the inland revenue,but who?

Given them a slice of their cake, suggesting a figure below £1m I would think.

How long before we get to know who?

How long before we get to proper due dilligence?

How long before we get the nearly now statements?

How long before we get the "we seem to have fallen out" statement.

I'd be interested to see if BEST go public now on their real thoughts.

[Power to people]

Haven't we heard this before ? :shock:

And what about showing this "contract" to everyone not just media

[Colin Todd]

Is this good or bad?  

I cant even figure out how I'm supposed to feel with all this shit anymore.

[larwood]

Was waiting for the board to come out with a statement like this.

Its all a load of utter rubbish,realeased to make everyone who was planning on protesting to think again,bet everyone falls for it all as well  

[magicroundabout]

The board are scared shitless i reckon and just releasing this after the meeting last nite. Or maybe I'm wrong?

Cant see how they could come out with a statement of a new deal has been negotiated with the Inland Revenue without one actually being made.

good point

if thats the case surely something has been tied up.

wish it was BP though

[RobertT]

I see they don't refute the £3m to buy the club itself then.  The only figure out of everything quoted in the Adver that they have an issue with is the £8m to Wills.  I wonder if they only cover that because it's something that someone has to agree to liability for as opposed to pay up front for.