New beginnings - 25% Truth, 80% Bollocks

[Bedford Red]

But in February the following year, when the loan was due for repayment, Mr Power called Bill Keravuori, Able’s boss, to say that the club’s financial position had worsened and that he couldn’t repay the money.

“It was agreed the money could be treated as a deposit against a purchase,” Mr Deacock told the court. “It was also agreed it wouldn’t be deemed repayable in the event [Able] pulled out, but it wasn’t agreed if the company couldn’t or wouldn’t sell, it could keep the money.”

Clem Morfuni was to later buy the club, despite Mr Power wanting to sell to Able, he added.

Mr Eaton Turner then moved onto a statement made by Mr Keravuori, in which he said “preliminary due diligence” began over purchasing the club in November 2019, and was agreed in early December. The club paid £100,000 to progress this.

http://www.ablecompany.us/team/

I hadn't heard of Bill Keravouri before, so did a search and found this. Why on earth would he be interested in purchasing Swindon Town (apologies if i've missed info on this before)

[STFC_Manc]

Went to every home and away game last season.
Busting a gut to go to Harrogate as return from holiday the same day.

No intention of going to a friendly but hey ho this is the way they want to treat their loyal supporters that make a 160 mile round trip to every home game.
Sure I get there are winners and losers in every decision but this decision wrong on all accounts from the Club.

Slowly starting to get fucked off with the Club.

I don't see any issue with this, it's a new season and they are trying to encourage as many fans to go as possible.  It my not be helpful to you but the club needs to think about the wider fans.

[Bob's Orange]

http://www.ablecompany.us/team/

I hadn't heard of Bill Keravouri before, so did a search and found this. Why on earth would he be interested in purchasing Swindon Town (apologies if i've missed info on this before)

He was the random American fella from Boston that was linked and supposed to be 'Able' I think.

[The Million Pound Man]

I don't see any issue with this, it's a new season and they are trying to encourage as many fans to go as possible.  It my not be helpful to you but the club needs to think about the wider fans.

Deffo a troll.

People like DoB spent £1000s following Town all over the country, battle through all sorts of conditions. Its just basic courtesy to look after them and very easily done- they have everyone's purchase history.

[Shrivvy Road]

AC Sports Wiltshire LLC, also known as Able.......................I wonder what AC could stand for

[RJack]

AC Sports Wiltshire LLC, also known as Able.......................I wonder what AC could stand for

Actual Cunts 🤭

[Cheltred]

An agreement that saw an American company “loan” Swindon Town £100,000 was a “sham” and was actually a “deposit” to purchase the club, a court has heard.

Swindon Town FC is currently defending itself from a winding-up petition brought by AC Sports Wiltshire LLC, also known as Able.

It claims the club should have repaid the money, agreed by former chairman Lee Power in November 2019.

Mr Power had agreed the £100,000 loan to reimburse himself after he was forced to pay staff wages, Adam Deacock, on behalf of the petitioner, had said.

But in a virtual hearing at the Insolvency and Companies Court in London on July 7, representatives for the club hit back and claimed that the deal was a “sham” and actually a “non-refundable deposit” to place a bid to buy the club.

Deputy ICC Judge Stephen Baister will consider whether the matter is a “triable issue”, and hand down his ruling in the next ten to fourteen days.

Earlier, he had been told by Mr Deacock that the loan, signed off by former STFC chief executive Steve Anderson at Mr Power’s behest, was to pay staff salaries and other overhead costs, but must not be used to pay other creditors.

But in February the following year, when the loan was due for repayment, Mr Power called Bill Keravuori, Able’s boss, to say that the club’s financial position had worsened and that he couldn’t repay the money.

“It was agreed the money could be treated as a deposit against a purchase,” Mr Deacock told the court. “It was also agreed it wouldn’t be deemed repayable in the event [Able] pulled out, but it wasn’t agreed if the company couldn’t or wouldn’t sell, it could keep the money.”

Clem Morfuni was to later buy the club, despite Mr Power wanting to sell to Able, he added.

Representing the club in the four-hour hearing, David Eaton Turner said that the agreement wasn’t followed to the letter as the loan had been used to repay Mr Power for the payment of the ages, who would be considered a creditor.

He continued: “We are faced with the situation a loan supposedly made to the company was adopted by Mr Power for his own purposes. It came in and went straight out again for purposes we don’t know of.”

Mr Eaton Turner then moved onto a statement made by Mr Keravuori, in which he said “preliminary due diligence” began over purchasing the club in November 2019, and was agreed in early December. The club paid £100,000 to progress this.

“We aren’t talking about a different £100,000,” he said.

“This casts serious doubt about what is being said about the loan or the deposit. This is the clearest evidence of what the £100,000 went to.”

But he added that the court was “putting an impossibly high onus on the company” to provide documentation, considering Mr Morfuni and his team “found the cupboards bare” when they took over.

Judge Baister is not deciding on the petition at this stage, simply whether “sufficient doubts” have been raised by the club.

Mr Eaton Turner claimed in his submissions that a winding-up petition was not suitable for this dispute, adding there was improper motive and that the purpose of the petition was “to get control of the club”.

But Mr Deacock hit back: “This is the only way we’re ever going to be paid.

“[£890,000] has been pumped into the company to pay everyone bar us.

“The fact of the matter is they have picked and chosen who they wish to pay.

“We as creditors wish to secure our rights, because we have an undisputed debt.”

If, as they claim, they have the money, why not just pay it and move on?

[Swindon Please Win]

If, as they claim, they have the money, why not just pay it and move on?

Agreed, no idea why they would fight a case for what looks like a very dodgy £100k payment.

[MangoRed]

I don't see any issue with this, it's a new season and they are trying to encourage as many fans to go as possible.  It my not be helpful to you but the club needs to think about the wider fans.

Yes stfc manc. There’s no issue at all is there. It’s very fair isn’t it? Let’s ignore the ones that did 18 hour long days to get barrow last season, and Tranmere on a Tuesday night, on the one opportunity where we can actually recognise and reward their loyalty.

Instead, let’s do this great idea where we have a massive cash grab and tell people pay £15 for yourself to be in the raffle to get the Harrogate tickets. That’s what this is, you’re paying for a raffle ticket for a Harrogate ticket.

Very fair!

[Berniman]

Cheers Tans for posting, only just caught up

[STFC_Manc]

Deffo a troll.

People like DoB spent £1000s following Town all over the country, battle through all sorts of conditions. Its just basic courtesy to look after them and very easily done- they have everyone's purchase history.

I disagree with you and I'm a troll? I'm sure the vast majority of people who go to Barrow or up and down the country will go to the friendly anyway.  It's not ideal for DoB but he is just one person, I'm trying to give a bit of perspective.

[derbystfc]

Did anyone see the article in the adver about town being in the top 10 investible clubs in the country?

I only read 2 paragraphs because of the adver paywall

[Benzel]

Did anyone see the article in the adver about town being in the top 10 investible clubs in the country?

I only read 2 paragraphs because of the adver paywall

Yeah I saw that, no doubt people will be demanding to know why we aren't receiving said investment if that's the case soon enough. 😬

[Shrivvy Road]

I remember Macanthony said the same as well. I would love us to stabilize then have someone come in and take us to the next big level

[Peter Venkman]

I remember Macanthony said the same as well. I would love us to stabilize then have someone come in and take us to the next big level

Looking at Crawley's recent sale those sort of football investors are still out there if the club is marketed well enough and the owners WANT to sell.