Adver News: Town release Ritchie statement

[News Monkey]

Town release Ritchie statement
           
           


  SWINDON Town have released the following statement regarding the transfer of winger Matt Ritchie to Bournemouth.

           

http://www.thisisswindontownfc.co.uk/news/headlines/10198285.Town_release_Ritchie_statement/?ref=rss
           
           
           

[4D]

Dosh

[Arriba]

Why did this all have to be done now? Why call the debt in half way through the season? Doesn't look like the clubs interests are the important issue to me.

[sonicyouth]

Why did this all have to be done now? Why call the debt in half way through the season? Doesn't look like the clubs interests are the important issue to me.

this is what puzzles me most.

we all knew Black wanted out ages ago but why is there all of a sudden a total refusal to continue?

[Bob's Orange]

I was thinking this before as well. Black has a 98% stake in the club, is clearly loaded and has bankrolled us to the tune of a lot of money. He has said he is not a football fan so I don't totally understand why he got involved in the first place? Did he think he would become a football fan if he bankrolled a football club? Or was he just doing it as a favour for his mates?

And then there is the timing, which could not have been worse.

[RobertT]

Maybe it's not all of a sudden, maybe it goes right back to November when he said I'll give the money now to get some in on loan, but that's it, no more cash at all.  At that point the deadline is set by the Transfer deadline being now - no further chance of getting cash in, so we probably had enough to cover until the end of this month.  Next step, without a certain owner or funding had to be to call in Administrators as we'd have about 4 months with no new income other than matchday revenue.

[suttonred]

Maybe it's not all of a sudden, maybe it goes right back to November when he said I'll give the money now to get some in on loan, but that's it, no more cash at all.  At that point the deadline is set by the Transfer deadline being now - no further chance of getting cash in, so we probably had enough to cover until the end of this month.  Next step, without a certain owner or funding had to be to call in Administrators as we'd have about 4 months with no new incolme other than matchday revenue.

Spot on ( conjecture on my part like everything else tbh)

[No Longer Posh Red]

this is what puzzles me most.

we all knew Black wanted out ages ago but why is there all of a sudden a total refusal to continue?

Maybe he had said 6 months ago that the end of January was it.

And for whatever reasons its taken until now to get a deal done.

[RobertT]

In some ways, as bad as it feels to lose a good player, we were in a situation to avoid Administration even without a backer (which is where we have found ourselves for a few weeks possibly).  That is a good thing, and if it all goes well from now on, we should also be all but debt free.

[sonicyouth]

Maybe it's not all of a sudden, maybe it goes right back to November when he said I'll give the money now to get some in on loan, but that's it, no more cash at all.  At that point the deadline is set by the Transfer deadline being now - no further chance of getting cash in, so we probably had enough to cover until the end of this month.  Next step, without a certain owner or funding had to be to call in Administrators as we'd have about 4 months with no new income other than matchday revenue.

that would indeed fit with Patey's arrival, fair point.

sounds like the administrators have already arrived though!

[pauld]

Maybe it's not all of a sudden, maybe it goes right back to November when he said I'll give the money now to get some in on loan, but that's it, no more cash at all.  At that point the deadline is set by the Transfer deadline being now - no further chance of getting cash in, so we probably had enough to cover until the end of this month.  Next step, without a certain owner or funding had to be to call in Administrators as we'd have about 4 months with no new income other than matchday revenue.

That all makes sense Rob but as of yesterday afternoon, we were being told that the takeover deal was done pending FL approval. So why could the new owners not have deposited £400k in escrow as insurance in the event that the FL did not approve the deal? (Which is the scenario under which we could, theoretically, be forced into Administration due to not having operating funds if the takeover does not go ahead). Because they haven't got it, maybe?

[pauld]

Incidentally, I trust FlashHeart, sonic et al will be sending off their apologies to Chris Wise at their earliest convenience

[Family at War]

Perhaps it was because until the deal is approved they are not the new owners. I think they would be pretty poor business men if they had done this, would you lend money to a business you don't own yet and if it all went tits up would have little chance of getting back. Negotiations with Andrew Black must have been pretty torrid and none of us know how much money this is costing these gentleman (or ladies!).

[Coca Fola]

So if he'd have funded February we'd still have Ritchie. He could have done a deal with the new consortium to cover February and have them pay him back when the takeover was approved.

[Flashheart]

Incidentally, I trust FlashHeart, sonic et al will be sending off their apologies to Chris Wise at their earliest convenience

Why?

Was it true the club were considering administration to wipe 13m debt. I must have missed that part.