Town release Ritchie statement

12:39pm Thursday 31st January 2013 in Sport

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

'THE STFC Board acknowledge the disappointment expressed by many fans over the sale of Matt Ritchie to AFC Bournemouth yesterday but it is important that the sale of Matt Ritchie is put into context.

As everyone is fully aware, following the requirement to seek new owners for the club, Swindon Town FC faced the very serious prospect of administration, had it not been successful in securing new investors in an incredibly compressed time frame. Within this time frame a new consortium has been identified and yesterday evening contracts were exchanged for the sale of the majority shareholding. There now follows a brief period whilst the new owners await Football League approval under the Owners & Directors Test and during this period of time the club requires funding. A joint decision was taken between the current and prospective new owners to sell Matt Ritchie in order to meet this funding requirement.

The alternative to not securing new owners and securing short term funding would have seen a significant restructure to the Club and the possibility of administration. As such, the club’s long term survival and wellbeing had to be the priority.

Losing Matt Ritchie from Paolo Di Canio’s Championship challenging side is very disappointing but the prospective new owners of the club remain committed to supporting Paolo Di Canio and assisting him with the quest to achieve promotion to the Championship at the end of the season.'

Comments(56)

oncearedalwaysared says...
12:46pm Thu 31 Jan 13

B*+&~#it

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Rondogers says...
12:47pm Thu 31 Jan 13

I think that is fair enough. However can we not have more transparency, more communcation from the club!?!

There wouldn't be so much panic from fans if we knew what was going on!

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1STFC! says...
12:47pm Thu 31 Jan 13

Hold on - so neither new or old owners would fund the club for the next few days to ensure we kept our best player. What a joke!

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Rondogers says...
12:56pm Thu 31 Jan 13

1STFC! wrote:
Hold on - so neither new or old owners would fund the club for the next few days to ensure we kept our best player. What a joke!
But the sale has not gone through, you wouldn't install a new kitchen into a house you have put a bid on would you?!

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avo says...
12:56pm Thu 31 Jan 13

It all comes down to money.

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Helpme234 says...
12:57pm Thu 31 Jan 13

... and also suggests that any new players coming in will be loan deals only if the income from sale of Ritchie has been swallowed up as part of the takeover deal.

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stfcflag says...
12:59pm Thu 31 Jan 13

If only this statement had come out yesterday. Pleased with the news was dreading today especially when I hear city were sniffing around that would have been the final straw! Time for de vita and Roberts to step up and championship here we come. So grateful to have Di Canio at the helm! Thanks for being the one bit of calm in this storm, ironic after some comments on his previous actions but he really has been the rock that's held my nerves as close to remaining intact as they could. Thanks paolo now come on town 3 points tomorrow!

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hornet says...
1:01pm Thu 31 Jan 13

This is rubbish

If all the dept was to AB and he had found a buyer then he could have funded the club 1 more month untill the takeover . Then got his money back in the summer by selling Richie for a million

Is there more dept we are not told about ?

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Mahoney77 says...
1:01pm Thu 31 Jan 13

Same old story. Who's next?

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MITTED says...
1:03pm Thu 31 Jan 13

having waited so long for Andrew Black to come out and make a statement last week, his platitudes about not creating a car wreck were ****. I still feel conned and very angry.

The whole saga has been totally mis-managed from the moment Jeremy Wray was ousted.
COYR

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Wilesy says...
1:06pm Thu 31 Jan 13

Can't imagine Ritchie is too pleased with all this although he has done the decent thing in going. He has most likely lost out on a good signing-on fee (% of 400k v 800k), and after staying loyal to the club last year and this he has basically been booted off the Paolo express at a whim to a club in a lower league position, just so other players get paid. I wouldn't be at all happy I think he has been sh*fted.

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Rondogers says...
1:08pm Thu 31 Jan 13

MITTED wrote:
having waited so long for Andrew Black to come out and make a statement last week, his platitudes about not creating a car wreck were ****. I still feel conned and very angry. The whole saga has been totally mis-managed from the moment Jeremy Wray was ousted. COYR
Agreed!

The bit that made me laugh last week was hearing Andrew Black say when on his recent 2 holidays all he could do was stress about STFC.

Oh you poor man, if I could afford 1 holiday I'd be happy let alone 2!

These people have more money than sense!

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STFC MARLOW says...
1:09pm Thu 31 Jan 13

For the sake of a day, this is ridiculous. The sale should go through, but my worry is PDC needs money today. Using the same argument the decision to sell does not stack up.

IF PDC gets someone in who is paying? Old board or new board? It does not matter as money is there whatever, so WHY sell one of our prized assets?

There was no mention of PDC being consulted? I'm sure he is NOT a happy chappy?

I hope this all works out for the good of the club.

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swwindon61uk says...
1:09pm Thu 31 Jan 13

So it turns out it was a joint decision to let Ritchie go,to keep the club running whilst the new consortium gets Football League approval.
Could they have just put in there hands in there pockets just a little longer and keep Ritchie?
It also looks like the transfer was done to allow PDC money to strengthen the squad..

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madterrier says...
1:10pm Thu 31 Jan 13

The whole situation has been mis-managed. We've taken an £800,000 loss against market value and lost our best player just to fund the club's short-term cashflow requirements because the owner has decided to sell-up in an incredibly short timeframe rather than take more measured decisions.

Still, at least we were able to pay-up Risser's and Lanzano's contracts in full, give Exeter £250,000 for Archibald-Henville, and Phil Spencer over £400k for agents' fees for the likes of Esajas, Gabilondo and God knows who else, names of whom I have already forgotten.

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Highworth red says...
1:16pm Thu 31 Jan 13

Absolute bull, the prospective new owners could easily have said " we'll buy the club as long as its not in admin and no assets are sold", they are in the driving seat. Selling Matt could be the difference between us going up or not.
I believe this is a departing swipe at Paolo from Black, who should never be allowed near a football club again, good ridance.

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Wilesy says...
1:23pm Thu 31 Jan 13

Wilesy wrote:
Can't imagine Ritchie is too pleased with all this although he has done the decent thing in going. He has most likely lost out on a good signing-on fee (% of 400k v 800k), and after staying loyal to the club last year and this he has basically been booted off the Paolo express at a whim to a club in a lower league position, just so other players get paid. I wouldn't be at all happy I think he has been sh*fted.
And I wonder how much influence he has had in getting his best mate Marlon Pack to Swindon, if it happens. I bet Pack is chuffed with his departure too.

Sounds like he was called in after training in the morning and told he was being sold at a bargain price to fund one month of wages! How insulting!

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Stilloyal says...
1:23pm Thu 31 Jan 13

Well there you are a reasonable explanation even if you still don't understand it .

Marlon Pack on the way to the C.G as is Danny Green the Charlton winger. It's hoped that Madine will also show and funding for Martin is found.

Pack is to replace Hollands who the new guys arte reluctant to fund for the next 6 - 8 weeks while he recovers.

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Stickshaker says...
1:25pm Thu 31 Jan 13

Can't wait for the Div 1 Play-off Final ;

Bournemouth v Swindon.

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swwindon61uk says...
1:28pm Thu 31 Jan 13

Wilesy wrote:
Wilesy wrote:
Can't imagine Ritchie is too pleased with all this although he has done the decent thing in going. He has most likely lost out on a good signing-on fee (% of 400k v 800k), and after staying loyal to the club last year and this he has basically been booted off the Paolo express at a whim to a club in a lower league position, just so other players get paid. I wouldn't be at all happy I think he has been sh*fted.
And I wonder how much influence he has had in getting his best mate Marlon Pack to Swindon, if it happens. I bet Pack is chuffed with his departure too.

Sounds like he was called in after training in the morning and told he was being sold at a bargain price to fund one month of wages! How insulting!
And if this is right about him being called in after training then PDC must have known also.

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swwindon61uk says...
1:29pm Thu 31 Jan 13

Stickshaker wrote:
Can't wait for the Div 1 Play-off Final ;

Bournemouth v Swindon.
Won't happen,we are going straight up!

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Stilloyal says...
1:32pm Thu 31 Jan 13

swwindon61uk wrote:
Stickshaker wrote: Can't wait for the Div 1 Play-off Final ; Bournemouth v Swindon.
Won't happen,we are going straight up!
This won't happen because Town will win this league

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Oxon-Red says...
1:36pm Thu 31 Jan 13

Before laying blame has anyone considered whether Andrew Black could actually fund next month ?

At the start of the season we had a budget set which AB was apparently happy with and we were able to fund players etc. In the last few months it would seem that something has gone t1ts up and these funds have gone.

To me selling Ritchie makes sense, though I do agree the fee is low, as it will secure the funding of the club for the next few months if the Football League rejects the take over.

I think the club has had a difficult decision to make, sell Ritchie and secure the future for two more months (buying time) or keep him and risk the possibility of not being able to pay bills (leading to admin).

Not a nice decision to have to make but the probably the right choice in my book.

COYMR

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Swindon1984 says...
1:37pm Thu 31 Jan 13

Stilloyal wrote:
Well there you are a reasonable explanation even if you still don't understand it . Marlon Pack on the way to the C.G as is Danny Green the Charlton winger. It's hoped that Madine will also show and funding for Martin is found. Pack is to replace Hollands who the new guys arte reluctant to fund for the next 6 - 8 weeks while he recovers.
Possibly - no certainty of any players coming in as yet though, only thing we're sure of is that Ritchie's gone. Strictly speaking the new "owners" don't own the club yet either so we're still in limbo until everything's finalised.

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Since 1950 says...
1:49pm Thu 31 Jan 13

So our new owners can't stump up a bit of front money to keep a player they'll have to pay at least three times the £4 or £500k we got for him. Well that's a great Start! I'm beginning to wonder just how much money they've actually got behind them.

So the decision was made by Black and McCrory. I wonder if Paolo was in the loop? I can't see him being pleased with the sale or the pin money we got for him. He'd built the team around Ritchie.

I hope there is nothing too sinister behind the fact that he's put his press conference back until later this pm!

I just feel sick about this whole thing and to be honest I don't feel confident about the rest of the season.

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sagadude says...
1:50pm Thu 31 Jan 13

Looking at it from another angle.

We received £13.5 million for Ritchie.

Think about it..........!!!

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killerontheloose says...
1:51pm Thu 31 Jan 13

Same old Swindon - get yourself into a financial mess and then sell your best player for half his worth......Just don;t have a go at PDC when he goes to a club that has some balls

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Arkells Boy says...
1:57pm Thu 31 Jan 13

Hmmm,

I posted last night asking the question, was it the old or new owners supporting the sale of Ritchie.

The general concensus was it had to be the old regime.

Now we find out both the current owners and the new Consortium elect were involved!

Alarm bells ringing load and clear here.
If the new owners agreed to Ritchie being sold, it certainly looks bleak for the future at SN1!

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swwindon61uk says...
1:59pm Thu 31 Jan 13

Since 1950 wrote:
So our new owners can't stump up a bit of front money to keep a player they'll have to pay at least three times the £4 or £500k we got for him. Well that's a great Start! I'm beginning to wonder just how much money they've actually got behind them.

So the decision was made by Black and McCrory. I wonder if Paolo was in the loop? I can't see him being pleased with the sale or the pin money we got for him. He'd built the team around Ritchie.

I hope there is nothing too sinister behind the fact that he's put his press conference back until later this pm!

I just feel sick about this whole thing and to be honest I don't feel confident about the rest of the season.
Are they allowed to stump a bit of money up front when they are not actually in charge yet?
Same could be said for the old board also if that is the case.
As for building the team around Ritchie,personally i do not think this is the case at all,the main reason we have done so well the last two seasons is because the we are one team.
Barring any new signings i will be more than happy to see Roberts or De Vita playing on the right wing Saturday.

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London Red says...
2:01pm Thu 31 Jan 13

Oxon - Black cashed in £3m of Betfair shares in Jan - think he could fund it if he really wanted too!
.
Thats a different question though as to why he wouldn't fund it - but really if it was Admin and everyone sold for nothing or just Ritchie and then a real push (Lets not forget we are getting Pack, Green and Madine in so we WILL be stronger as a team) so be it
.
Was serously think of not going to Crawley last nioght but am really looking forward to it now
.
PdC will have the others fired up now and I think we will grow as a unit because of this

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swwindon61uk says...
2:02pm Thu 31 Jan 13

Arkells Boy wrote:
Hmmm,

I posted last night asking the question, was it the old or new owners supporting the sale of Ritchie.

The general concensus was it had to be the old regime.

Now we find out both the current owners and the new Consortium elect were involved!

Alarm bells ringing load and clear here.
If the new owners agreed to Ritchie being sold, it certainly looks bleak for the future at SN1!
I want to know all the facts.
The new board said yesterday they did not want to sell Ritchie,clearly to me for one reason or another they were forced to agree to it.

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delta419 says...
2:10pm Thu 31 Jan 13

Still doesn't explain why they accpeted such a low fee, please don't let us become the laughling stock we were 10 years ago

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smirg kcab says...
2:12pm Thu 31 Jan 13

They didn't sell him they gave him away
Downwards and downwards

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swwindon61uk says...
2:14pm Thu 31 Jan 13

delta419 wrote:
Still doesn't explain why they accpeted such a low fee, please don't let us become the laughling stock we were 10 years ago
Watkins has said it was more money up front than their offer last year.

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TheDukeOfBanbury says...
2:26pm Thu 31 Jan 13

Despite all of this I want to say thanks Matt Ritchie for everything you have done for our Club.

Two little Sons of mine are very sad to see you go.

A player that gave all and will be tough to lose.

Thanks Matty.

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Swindonboy says...
2:33pm Thu 31 Jan 13

Could be worse- I'd rather be a Town fan than a Pompey fan right now- Like others have said, IF this ensures our financial security then I will accept that albeit reluctantly.

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STFCman&boy1973 says...
2:40pm Thu 31 Jan 13

TheDukeOfBanbury wrote:
Despite all of this I want to say thanks Matt Ritchie for everything you have done for our Club.

Two little Sons of mine are very sad to see you go.

A player that gave all and will be tough to lose.

Thanks Matty.
Good post, wish you all the best matt, thanks for helping us win the league and a cup final last year...

This jed guy, he doesn't own a yellow footy shirt does he???

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Oxon-Red says...
2:44pm Thu 31 Jan 13

London Red wrote:
Oxon - Black cashed in £3m of Betfair shares in Jan - think he could fund it if he really wanted too! . Thats a different question though as to why he wouldn't fund it - but really if it was Admin and everyone sold for nothing or just Ritchie and then a real push (Lets not forget we are getting Pack, Green and Madine in so we WILL be stronger as a team) so be it . Was serously think of not going to Crawley last nioght but am really looking forward to it now . PdC will have the others fired up now and I think we will grow as a unit because of this
LR,

if he is cashing in shares there maybe a reason for needing cash and that probably isn't to fund Town.

I think Sagadude's comment could be very fitting especially if the take over isn't approved today.

I was angry last night but read the comments, calmed down and I believe I can see reasons for some of the actions. Too many kneejerk reactions IMO.

Get the take over finalised, hear what they have to say and move on from there.

We have a good squad, good manager, good points tally and a good chance of promotion.

What we didn't apparently have any more was the Andrew Black cash to fund the club. It doesn't need to be huge amounts at the moment, it needs to be enough to see us through to the end of the season. Then we can re-assess the situation based on our league status.

In the meantime the club, manager and players need to be supported. That is where we come in !.

COYMR

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hertz says...
2:48pm Thu 31 Jan 13

What a load of doom merchants and what the heck thinks you have a god given right to be told everything that goes on in the board room ? some of you can't be bothered to buy a match day ticket where as Mr Black was pumping 2 million of his own money into STFC every year and he does'nt even like football , finally he said enough , ok so timing was'nt the best but a far better prospect selling a club in 3rd place rather than try to sell it if we were at the bottom of divvie 1 . COYR

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old town robin says...
3:19pm Thu 31 Jan 13

delta419 wrote:
Still doesn't explain why they accpeted such a low fee, please don't let us become the laughling stock we were 10 years ago
cash deal

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Fernham Red says...
3:32pm Thu 31 Jan 13

That Will Patey certainly took a big cut didn't he? I reckon McCrory refused to pay Patey's 'finders fee' and Black sold Ritchie to bridge the gap.

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Stratton Red says...
3:37pm Thu 31 Jan 13

The situation is very simple. They needed to pay the players this month and Ritchie's transfer fee has done that. What hacks me off is the fee is very low. As I understand it B'mouth are only paying us £200K upfront and the rest is silly add ons.
*
Hertz makes some valid points but his arguement falls apart on the baisis of why did Black get involved in the first place? Anyone with half a brain knows football clubs are a money pit. It was very clear in the AF article last week that Black had a very different business model and it feels like he's bottled his own strategy and left us in the lerch.
*
The reality is we are losing £50K a week (allegedly) which would have meant another £1m of Black money to see us through to May with an uncertain £25m Championship prize, when seemigly so close.
*
The most important thing is Paolo is still here and even when in the past we sold Kerslake under Hoddle's nose we went on to promaotion and I think Paolo can still do this.
*
As a show of support to Paolo we should hold aloft our Swindon scarves with pride and sing his name until the roof falls off!...

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coppersmith says...
3:38pm Thu 31 Jan 13

i think PDC was stiched up by the previous board if it was necessary to sell why was it for such a low sum he was worth far more than the quoted amount .In paulo we trust lets all get behind the team and will them on as for grave robbers Bournemouth enjoy your success while you can perhaps we can return the compliment one day soon I am just sick how Mr Black can treat the loyal fans this way sleep well if you can

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The Jockster says...
3:45pm Thu 31 Jan 13

Oxon-Red wrote:
Before laying blame has anyone considered whether Andrew Black could actually fund next month ?

At the start of the season we had a budget set which AB was apparently happy with and we were able to fund players etc. In the last few months it would seem that something has gone t1ts up and these funds have gone.

To me selling Ritchie makes sense, though I do agree the fee is low, as it will secure the funding of the club for the next few months if the Football League rejects the take over.

I think the club has had a difficult decision to make, sell Ritchie and secure the future for two more months (buying time) or keep him and risk the possibility of not being able to pay bills (leading to admin).

Not a nice decision to have to make but the probably the right choice in my book.

COYMR
Well put Oxon obviously Black wasn't going to stump up more money to keep the club afloat and if the take over had not gone through - then he'd have had to pump in more money to stave off administration and he said no more dosh so someone had to be sold and quick! Bournemouth obviously knew the score so no way were they going to offer what they did before. Nobody seems to have mentioned Pompey's sell on chunk either- pretty sure there was one - Statto was there?

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abbotboy says...
3:46pm Thu 31 Jan 13

I dont see any comment from pdc, is he happy with the flow of players, he once said he wouldnt let richie go for any fee....

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The Jockster says...
3:48pm Thu 31 Jan 13

coppersmith wrote:
i think PDC was stiched up by the previous board if it was necessary to sell why was it for such a low sum he was worth far more than the quoted amount .In paulo we trust lets all get behind the team and will them on as for grave robbers Bournemouth enjoy your success while you can perhaps we can return the compliment one day soon I am just sick how Mr Black can treat the loyal fans this way sleep well if you can
Because they needed to raise capital and quick! Cash on the nail I would think rather than instalments.

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London Red says...
4:14pm Thu 31 Jan 13

Yes there was Jock - according to Portsmouth Press it was 30% worth £40k
.
That means our profit on Ritchie is a whopping £135k
.
So we either paid £365k for him or we sold him for a lot less than the £500k reported

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Swindon1984 says...
4:28pm Thu 31 Jan 13

In defence of the custodians on the club, they seem to have acted in this manner because it's what the club needed, and not necessarilly what the fans would have wanted - a tough call to make but hopfeully this has ensured the short term future of the club and will allow us to move forward quickly and push on for promotion for the rest of the season. This is my take on their thinking now anyway, even though it would appear a lot of this, not least the timing of Black's decision to pull out, Patey's comments re. the sale of the club, and the deadline to stave off administration being transfer deadline day, could have been handled far better.

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The Jockster says...
4:36pm Thu 31 Jan 13

abbotboy wrote:
I dont see any comment from pdc, is he happy with the flow of players, he once said he wouldnt let richie go for any fee....
Abbot you do understand that the rug was pulled from underPdC's feet he had no say in whether Ritchie was sold or not?

Cheers LR thought that was correct which as you say makes it more of a pittance than it already was!

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badger58 says...
5:10pm Thu 31 Jan 13

Why are so many on here now moaning about Black ? IMO he saved our club , without him we probably wouldn't exist , for that i thank him .
Also like to thank MR for his service to the club and wish him well in the rest of his career .
I understand the reasoning for his sale although was on the cheap side but still convinced we are good enough to gain promotion as long as we have PDC at the helm .
Also have to agree with Hertz that if the people in this town got off their arses and out to the CG on a regular basis and not be glory hunters then maybe no one might not have had to been sold COYMR

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wraxall says...
5:27pm Thu 31 Jan 13

Perhaps Mr Black is losing more than
£30-£50k per week on his racing and stud Interests and football just had to go! Matt was a great player for the club
but perhaps agreeing to a 3.5 year deal
and a large pay rise and a good signing on fee and living nearer to B'mouth
helped make the move attractive to him.Has he reached his level in league 1 and he is looking for stability
We are still above B'mouth and it will need more than Matt Richie to get them
promotion if they can't beat Walsall

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Last step says...
5:36pm Thu 31 Jan 13

sagadude wrote:
Looking at it from another angle.

We received £13.5 million for Ritchie.

Think about it..........!!!
Like it!

Glass half FULL!

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abbotboy says...
9:01pm Thu 31 Jan 13

ref my earlier blog, on the dinner time ponts west from the bbc, there was confeence with pdc and among others bbc wiltshire, pdc said the first he knew about the transfer was when ritchie rang him and told he was on his way..
how long will he stay now..

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pehf1rules says...
11:10pm Thu 31 Jan 13

So it looks like AFC Bournemouth have saved Swindon Town from going into the dreaded Administration !!!! ;-)

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perth red says...
7:24am Fri 1 Feb 13

sagadude wrote:
Looking at it from another angle.

We received £13.5 million for Ritchie.

Think about it..........!!!
That's about the first sensible comment I have seen.
I can understand people being a bit worried, but I think the negativity is a bit misplaced. Clearly very few of you guys have ever been in business. It would be sheer lunacy on the part of the prospective new owners to Inject $500,000 before its signed, sealed and approved. As somebody said would you install a new kitchen before you had exchanged contracts on a new house? Similarly if you were in the process of selling it would you build an extension?
Effectively the business has no owner at present, so it needs money for day to day running - sell an asset.

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abbotboy says...
12:31pm Fri 1 Feb 13

Perth Red, yes there are those who have not been in business but there are those who have done deals and lived a bit, and if you own something then its your responsibility, so where the previous lot of nomarks.....

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