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Swindon Town preparing statement over winding-up claims (From Swindon Advertiser)
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Swindon Town preparing statement over winding-up claims
9:23am Monday 16th November 2009
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.
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Your Say YourSwindon
largey, london says...
9:52am Mon 16 Nov 09
Wonder Strike wrote:Agreed, the 2 year grace period was probably to figure out a way to avoid paying it.
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.
I'll refused to panic until the statement is released later.
Lars, Swindon says...
9:57am Mon 16 Nov 09
jmostfc, wootton bassett says...
10:06am Mon 16 Nov 09
Inky, W Swindon says...
10:13am Mon 16 Nov 09
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 !
mallorca, Port De Soller Mallorca says...
10:15am Mon 16 Nov 09
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
SAPFanSTFC, Thatcham says...
10:43am Mon 16 Nov 09
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.
Redhouse Red, Swindon says...
10:53am Mon 16 Nov 09
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!
robinmeister, Wootton Bassett says...
11:09am Mon 16 Nov 09
TomFC, Swindon says...
11:13am Mon 16 Nov 09
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.
BWB, SWINDON 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.
SAPFanSTFC, Thatcham says...
11:23am Mon 16 Nov 09
mikek, Swindon says...
11:25am Mon 16 Nov 09
wurzel85, derby says...
11:27am Mon 16 Nov 09
'
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
MungoJerry, Swindon says...
12:01pm Mon 16 Nov 09
SAPFanSTFC, Thatcham says...
12:05pm Mon 16 Nov 09
MungoJerry wrote:Well aren't you a nice chap!!??
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 !%$&
If you saw the first headline then you would understand why we berate the Adver...what is it....are you up one of the reporters private quarters every night?
mrwoo, Swindon says...
12:10pm Mon 16 Nov 09
Dirty Barry, swindon says...
12:21pm Mon 16 Nov 09
Club statement is ridiculous, St Modwen are about apply to the court for a winding up order to close down the football club down, and all the club can say about this matter is that it's in dispute, not good enough and fans have a right to know what going on now, why is the amount in dispute? etc etc.
MungoJerry, Swindon says...
12:31pm Mon 16 Nov 09
SAPFanSTFC wrote:Well considering you like berating it so much you dont half log into it a lot dont you?? You mug!
MungoJerry wrote: Why would the Adver have anything to do with this story you idiots, the club have announced that they wish to put out a statement about a story that appeared in the guardian today. Typical STFC fans, Thick as !%$&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?
umpcah, Chippenham says...
2:14pm Mon 16 Nov 09
Swindon born n bred, Swindon says...
2:24pm Mon 16 Nov 09
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.
BillyLucas4me, Malmesbury says...
4:44pm Mon 16 Nov 09
Massive developers
SAPFanSTFC, Thatcham says...
4:44pm Mon 16 Nov 09
MungoJerry wrote: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....
SAPFanSTFC wrote:Well considering you like berating it so much you dont half log into it a lot dont you?? You mug!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?
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!!
moonraker, says...
7:12pm Mon 16 Nov 09
SAPFanSTFC, Thatcham says...
8:12pm Mon 16 Nov 09
moonraker, says...
9:04pm Mon 16 Nov 09
8:12pm Mon 16 Nov 09
Extremely short statement is on the club website.
Thank you!!
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Wonder Strike, Swindon says...
9:42am Mon 16 Nov 09