New beginnings - 25% Truth, 80% Bollocks

[RobertT]

There are at least two separate transactions involved, so it would be tough to put such onerous terms in.

The Joint Venture has two shareholders - the fans of STFC and the club.  That Joint Venture then wholly owns the Freehold of the ground.  The club is then the sole Leaseholder of the ground from the Joint Venture.

As I understand it, the only place they can really apply such limitations is on the change of ownership of the JV itself.  So if the club tried to sell their share in the freehold, they'd need unanimous consent from the Board of Directors.

[Audrey]

So, if and when the club is sold, if the Trust don’t like the cut of the jib of any prospective new owner they can put the kibosh on the sale of tge 50% of the ground the club owns.

[JoeMezz]

My summary on statement:
- Trust aren’t being as involved as they should be or want to be
- Club haven’t done what they told the Trust they would do (surprise surprise)
- Reading between the lines, players weren’t paid on time
- Trust seeing if rumours of potential buyer are even accurate

Have I missed anything?

[RobertT]

So, if and when the club is sold, if the Trust don’t like the cut of the jib of any prospective new owner they can put the kibosh on the sale of tge 50% of the ground the club owns.

No.

The Club is a business, a separate legal entity, and it is the club that owns the 50%.  Any change of ownership of the club is not material.  The Club cannot sell it's share to another company or individual without approval.

[welshred]

No.

The Club is a business, a separate legal entity, and it is the club that owns the 50%.  Any change of ownership of the club is not material.  The Club cannot sell it's share to another company or individual without approval.

Which considering that's the only thing of value for any prospective buyer, that's a good thing right? Nobody can take ownership of the JV shares unless its approved first?

[ThreeDrawsMentality]

My summary on statement:
- Trust aren’t being as involved as they should be or want to be
- Club haven’t done what they told the Trust they would do (surprise surprise)
- Reading between the lines, players weren’t paid on time
- Trust seeing if rumours of potential buyer are even accurate

Have I missed anything?

Interpreted it moreso that the Trust had heard rumours themselves prior to Whelans story of interested parties but hadn't been able to validate the rumours as of yet.

[Batch]

- Reading between the lines, players weren’t paid on time

I did think mention of HMRC was interesting too.

If I were a betting man I think payments to some staff and HMRC were delayed from the normal date, but not enough to make it "late".

Whether that's correct or not, the underlying issue of looking like we have a cash flow crisis doesn't go away. I'm not sure what a "cover up" would achieve.

[Nemo]

Yeah the statement says people were paid by the 31st. Which isn't technically late, but if they'd normally be paid onf the 27th or something it would certainly raise eyebrows.

[Ƭ̵̬̊: The Artist Formerly Known as CWIG]

If you're paid a day later than your usual pay day then you're paid late.

I've got a shit load of direct debits that come out the day after my pay day and I'm sure the shop staff and the like are all the same. Might not be so bad for players who are more flush.

[ron dodgers]

Its definitely pure speculation, but when you have a convicted drug money launderer hanging around along with one of the countries biggest convicted drug dealers

I've forgotten, which two are these?

[Mooneyraker]

If you're paid a day later than your usual pay day then you're paid late.

I've got a shit load of direct debits that come out the day after my pay day and I'm sure the shop staff and the like are all the same. Might not be so bad for players who are more flush.

I’d be wary of the assumption that most players at this level are “flush”. A young player renting away from home and giving a cut to his agent might not be much above an average salary. Some obviously will be but not all.

[RobertT]

I've forgotten, which two are these?

Austin - convicted of Money Laundering drug money, spent time inside as a result
Hart - was one of the Uk's most wanted, drug dealing basically.

[Formerly Drummer Boy]

We still do, Former Drummer Boy is on the board. Not a regular poster but does post. Think a few of the others have accounts too.

 

Sorry for the late reply, it's been an intense and interesting couple of days...

If anyone wants a chat, including Thekston and Mooneyraker, just to say hi, I'm a season ticket in the Town End and run the socials for the Trust so give me a shout of the Trust Twitter DMs and we can organise a catch-up face to face - no dramas at all

[Ƭ̵̬̊: The Artist Formerly Known as CWIG]

Sorry for the late reply, it's been an intense and interesting couple of days...

If anyone wants a chat, including Thekston and Mooneyraker, just to say hi, I'm a season ticket in the Town End and run the socials for the Trust so give me a shout of the Trust Twitter DMs and we can organise a catch-up face to face - no dramas at all

Amongst all the criticism. I do get the impression you lot are grafting to try and get to the bottom of all of this and at the end of the day you've got lives outside of this basket case football club. Fair play.

[Formerly Drummer Boy]

Amongst all the criticism. I do get the impression you lot are grafting to try and get to the bottom of all of this and at the end of the day you've got lives outside of this basket case football club. Fair play.

Appreciated. We all want the best for the club and I can understand the frustration from some. Swindon Town FC has always been a rollercoaster ride!