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Swindon Town preparing statement over winding-up claims

9:23am Monday 16th November 2009 in


TOWN are set to release a statement this afternoon responding to national reports that the club faces a winding-up order.

According to the Guardian newspaper, the County Ground club face a winding-up order from property company St Modwen over the non-repayment of a £2.45m loan dating back to 2005.

The article states that Swindon were lent £1.45m from St Modwen in 2005 to pay a VAT bill, and that a grace period agreed with chairman Andrew Fitton's consortium for the repayment of the loan when they took over the club in January 2008, ran out in the summer.

The report further claims that three weeks ago St Modwen issued a statutory demand for repayment, but has received no reply, and is claiming the original loan of £1.45m plus £1m in interest.

The Advertiser understands a statment is expected from County Groud chiefs this afternoon, which they hope will settle the issue.

Comments(26)

Wonder Strike says...
9:42am Mon 16 Nov 09

I'm sure the club have it sorted. They aren't going to invest £7.5m to then lose it all. No need to panic. If it was the old regime that would be another matter.

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largey says...
9:52am Mon 16 Nov 09

Wonder Strike wrote:
I'm sure the club have it sorted. They aren't going to invest £7.5m to then lose it all. No need to panic. If it was the old regime that would be another matter.
Agreed, the 2 year grace period was probably to figure out a way to avoid paying it.

I'll refused to panic until the statement is released later.

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Lars says...
9:57am Mon 16 Nov 09

I think congratulations are in order for the Adver's thorough investigation into this matter.

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jmostfc says...
10:06am Mon 16 Nov 09

not a good headline for a monday morning!

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Inky says...
10:13am Mon 16 Nov 09

1.45 million loan - and 1 million in interest ???? loan sharks should have avoided them.

Still it takes your mind off the lack of a goal- getter.

I'm sure AF has not let this situation slip and is playing a cat and mouse game. who pays bills on first demand eh !

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mallorca says...
10:15am Mon 16 Nov 09

Yes lets wait and see what AF &Board relese in press staement. As the adver we can all speculate, it might just be they are owed the 1.4 million who know's doubt if the adver has the sense to investigate.
AF & Board would not have put 7.5 just to see it drift away, so I feel it will or has been sorted if not we are back to square one.
To be fair this is the first we have heard of this and again what a newspaper we have

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SAPFanSTFC says...
10:43am Mon 16 Nov 09

I thought the Evening Advertiser must have been bored with no game this Saturday, but they couldn't even be bothered to investigate this item properly - just some sensationalist headline!!.....you lazy slobs!!
If you're given 2 years to pay, then you take 2 years to pay...and 1 mill in interest!!!???....th
ink that may be challenged under fair & due interest charges legislation.

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Redhouse Red says...
10:53am Mon 16 Nov 09

Oh brilliant another headline grabber from the adver!
But with recent level of errors in their reports. Be it, factual or punctual. You'll forgive me if I take this headline with a pinch of salt!

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robinmeister says...
11:09am Mon 16 Nov 09

Wasn't even reported until I posted a comment regarding this on the Morrison story! Did they even have a clue!

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TomFC says...
11:13am Mon 16 Nov 09

What I don't understand is this '2 year grace period'. Fitton took over in January/February 2008. Therefore the 2 year grace period would cease in January/February 2010.

Like someone stated above, Fitton and co aren't going to pump in £7.5 million+ to let the club go under. It wouldn't surprise me if the dispute involves who is liable to pay with Fitton etc claiming the old company (which no longer exists) is liable. We can only wait for the statement.

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BWB says...
11:15am Mon 16 Nov 09


Should have paid back loan before
investing 7.5M
STFC has been running on empty for a long time. More to this than meets the eye.

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SAPFanSTFC says...
11:23am Mon 16 Nov 09

Note they've changed the headline to a 'slightly' less sensational version - still all a bit half baked and devoid of any substance.

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mikek says...
11:25am Mon 16 Nov 09

According to STFC website the clubs financial statements in May 2009 indicated that the matter with St Modwen was a matter of dispute. This indicates to me that the interest payment is the likely issue for concern. It also says that the dealings were done in 2003 with Shaw park developments and St Modwen. Towns regime will have been aware of this debt and obvioulsy should they have to pay it back then they will only do so on our terms I would imagine. Just goes to show how much of a mess this club was in with all those leaches like Deamantis preying on the club and the Wills family. I like others think the Adver should investigate a little more before reporting such impacting stories.

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wurzel85 says...
11:27am Mon 16 Nov 09

storm in a tea cup !!!
'
this LOAN is virtual money 'in the air'
'
I'm certain an agreement has been already made.
'
its taken a month for it to become public interest, so i'm sure a ettlement/agreement has been met.
'
sec= meet-deny

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MungoJerry says...
12:01pm Mon 16 Nov 09

Why would the Adver have anything to do with this story you idiots, the club have announced that they wish to put out a statement about a story that appeared in the guardian today. Typical STFC fans, Thick as !%$&

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SAPFanSTFC says...
12:05pm Mon 16 Nov 09

MungoJerry wrote:
Why would the Adver have anything to do with this story you idiots, the club have announced that they wish to put out a statement about a story that appeared in the guardian today. Typical STFC fans, Thick as !%$&
Well aren't you a nice chap!!??
If you saw the first headline then you would understand why we berate the Adver...what is it....are you up one of the reporters private quarters every night?

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mrwoo says...
12:10pm Mon 16 Nov 09

I've heard the cheque was sent by royal mail, but the lazy posties didn't deliver it! This may or may not be true?

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Dirty Barry says...
12:21pm Mon 16 Nov 09


Club statement is ridiculous, St Modwen are about apply to the court for a winding up order to close down the football club down, and all the club can say about this matter is that it's in dispute, not good enough and fans have a right to know what going on now, why is the amount in dispute? etc etc.

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MungoJerry says...
12:31pm Mon 16 Nov 09

SAPFanSTFC wrote:
MungoJerry wrote: Why would the Adver have anything to do with this story you idiots, the club have announced that they wish to put out a statement about a story that appeared in the guardian today. Typical STFC fans, Thick as !%$&
Well aren't you a nice chap!!?? If you saw the first headline then you would understand why we berate the Adver...what is it....are you up one of the reporters private quarters every night?
Well considering you like berating it so much you dont half log into it a lot dont you?? You mug!

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umpcah says...
2:14pm Mon 16 Nov 09

It`s no good we shall have to sell Casal !

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Swindon born n bred says...
2:24pm Mon 16 Nov 09

OK, let's not jump on the Adver's back this time. As it states in the article, the news was first noted in the Guardian yesterday so the Adver are reporting the news– not undertaking serious investigative journalism

Secondly, we the fans have no real “right to know”. This is a business matter and any dealings will be between the parties involved. There may be significant elements of commercial confidentiality.

Shareholders may have a right to know but sadly, not fans

I’m holding my breath on this one. The original warning was made 3 weeks ago which means that AF and Co have had 3 weeks to respond. It’s either brinkmanship – waiting to see who blinks first – or perhaps it has been difficult to access liquid capital. After all, the Town investors will have their money tied up in businesses, trusts and investments, not swilling around in bank accounts that pay 0.5% interest.

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BillyLucas4me says...
4:44pm Mon 16 Nov 09

Mighty big fish (See Website)
Massive developers





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SAPFanSTFC says...
4:44pm Mon 16 Nov 09

MungoJerry wrote:
SAPFanSTFC wrote:
MungoJerry wrote: Why would the Adver have anything to do with this story you idiots, the club have announced that they wish to put out a statement about a story that appeared in the guardian today. Typical STFC fans, Thick as !%$&
Well aren't you a nice chap!!?? If you saw the first headline then you would understand why we berate the Adver...what is it....are you up one of the reporters private quarters every night?
Well considering you like berating it so much you dont half log into it a lot dont you?? You mug!
You make no sense at all, but you'll be ok whern you get to Secondry School young man!! Nothing you said relates to my comments about you from what I can see....
I like berating what!?
Are you moaning that I log into a Swindon Fans forum?...doesn't mean I like to visit the advertisers private quarters and smile at them & say thank you afterwards!! :-) Sweetie!!
Given the password is loss-girl, would guess you're involved somewhere!? eh?
Fact - If a winding up order is issued....we still have time to respond, but all is fine and we will NOT be going out of the league!!

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moonraker says...
7:12pm Mon 16 Nov 09

It is now after 7pm and I am still waiting for this 'afternoon' statement.

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SAPFanSTFC says...
8:12pm Mon 16 Nov 09

Extremely short statement is on the club website - just says that there is a disopute dating back to 2003 (as per the company accounts) but that discussions are ongoing. As per the other thread, think it is more of Fitton ensuring that STFC as is, son't pay too much of the old debts.

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moonraker says...
9:04pm Mon 16 Nov 09

SAPFanSTFC, Thatcham says...
8:12pm Mon 16 Nov 09
Extremely short statement is on the club website.
Thank you!!


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