Boardroom confusion rumbles on

Boardroom confusion rumbles on

Boardroom confusion rumbles on

First published in Sport
Last updated

THE boardroom confusion at Swindon Town continues to rumble on after stalemate in a London courtroom this afternoon.

Lawyers representing Swinton Reds 20 Ltd, the holding company publicised as assuming a majority stake in the club at the end of last year, and former Town chairman Jed McCrory and his company Seebeck 87 Ltd, were locked in deliberations for two hours at the Rolls Building before the case was adjourned.

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5:17pm Tue 29 Apr 14

ellory says...

Never saw that happening. Seemed so simple on the surface, and STFC usually sort these things out quickly and without drama!
.... :-/
Never saw that happening. Seemed so simple on the surface, and STFC usually sort these things out quickly and without drama! .... :-/ ellory
  • Score: 6

5:17pm Tue 29 Apr 14

LeGod says...

What an absolute joke Jed and his bunch of fellow money grabbers need to understand we don't want him - we don't like him- if he and his lot are back at the club they are going to run it into oblivion.
What an absolute joke Jed and his bunch of fellow money grabbers need to understand we don't want him - we don't like him- if he and his lot are back at the club they are going to run it into oblivion. LeGod
  • Score: 11

5:17pm Tue 29 Apr 14

smirg kcab says...

at least ranger can't be sacked now?
at least ranger can't be sacked now? smirg kcab
  • Score: 5

5:33pm Tue 29 Apr 14

prezzo08 says...

Is it any wonder swindon town have lacked discipline both on and off the field with so many top quality role models in charge of the day to day running of the town !!
As per usual a good season tails off with in house fighting
Same old STFC different year
Is it any wonder swindon town have lacked discipline both on and off the field with so many top quality role models in charge of the day to day running of the town !! As per usual a good season tails off with in house fighting Same old STFC different year prezzo08
  • Score: 5

5:34pm Tue 29 Apr 14

old town robin says...

ellory wrote:
Never saw that happening. Seemed so simple on the surface, and STFC usually sort these things out quickly and without drama!
.... :-/
Lol!

adjourned until when is the next question
[quote][p][bold]ellory[/bold] wrote: Never saw that happening. Seemed so simple on the surface, and STFC usually sort these things out quickly and without drama! .... :-/[/p][/quote]Lol! adjourned until when is the next question old town robin
  • Score: 3

5:47pm Tue 29 Apr 14

Brainy_G93 says...

Why is there confusion? What was said? Wasn't the Adver in court today?
Why is there confusion? What was said? Wasn't the Adver in court today? Brainy_G93
  • Score: 1

5:51pm Tue 29 Apr 14

dazzastfc says...

Well there must be a lot more to this then power is telling use.....
What ever happened to yes or no as things like this are normally done by solicitors then its there in black and white....
Well there must be a lot more to this then power is telling use..... What ever happened to yes or no as things like this are normally done by solicitors then its there in black and white.... dazzastfc
  • Score: -1

6:01pm Tue 29 Apr 14

smirg kcab says...

LeGod wrote:
What an absolute joke Jed and his bunch of fellow money grabbers need to understand we don't want him - we don't like him- if he and his lot are back at the club they are going to run it into oblivion.
Money grabbers?
What's half of nothing?
I quite like jed, he drinks with us in the turban
[quote][p][bold]LeGod[/bold] wrote: What an absolute joke Jed and his bunch of fellow money grabbers need to understand we don't want him - we don't like him- if he and his lot are back at the club they are going to run it into oblivion.[/p][/quote]Money grabbers? What's half of nothing? I quite like jed, he drinks with us in the turban smirg kcab
  • Score: -6

6:03pm Tue 29 Apr 14

ellory says...

dazzastfc wrote:
Well there must be a lot more to this then power is telling use.....
What ever happened to yes or no as things like this are normally done by solicitors then its there in black and white....
Black and white? Solicitors? Maybe on planet Zog lol, but if the case is black and white the solicitors wouldn't need to get involved! Admire your optimism though..
[quote][p][bold]dazzastfc[/bold] wrote: Well there must be a lot more to this then power is telling use..... What ever happened to yes or no as things like this are normally done by solicitors then its there in black and white....[/p][/quote]Black and white? Solicitors? Maybe on planet Zog lol, but if the case is black and white the solicitors wouldn't need to get involved! Admire your optimism though.. ellory
  • Score: 3

6:09pm Tue 29 Apr 14

Oi Den! says...

Brainy_G93 wrote:
Why is there confusion? What was said? Wasn't the Adver in court today?
To be fair, I think most of what gets said in court on these occasions is legal technicality. BBC Wiltshire reported that the parties claimed they were close to agreement this afternoon and asked for a 2 hour break to tie up the loose ends. After about an hour and three quarters, one of them emerged and said they were further apart than they were at the start.

I would guess the whole thing is an argument about how much Power has put in as shares and how much as loans. Can't see it being about McCrory's 25p investment. Or would that have gone up to a princely 50 pence when he got rid of 2 of his initial cronies?
[quote][p][bold]Brainy_G93[/bold] wrote: Why is there confusion? What was said? Wasn't the Adver in court today?[/p][/quote]To be fair, I think most of what gets said in court on these occasions is legal technicality. BBC Wiltshire reported that the parties claimed they were close to agreement this afternoon and asked for a 2 hour break to tie up the loose ends. After about an hour and three quarters, one of them emerged and said they were further apart than they were at the start. I would guess the whole thing is an argument about how much Power has put in as shares and how much as loans. Can't see it being about McCrory's 25p investment. Or would that have gone up to a princely 50 pence when he got rid of 2 of his initial cronies? Oi Den!
  • Score: 2

6:14pm Tue 29 Apr 14

old town robin says...

I've tried to get a better understanding of structure of ownership of football league clubs from the WEB and looked at an article by a Stephen Hope,, A little bit dated as it was prepared for Nationwide clubs in 2003, but the principles are the same as today. Whoever is registered as the owner at Company House is the owner and the fact the accounts have never been published is also significant factor as that would also define ownership.

There can also be 2 Holding companies, the parent and intermediate and who is who in our case I don't know, but perhaps someone a little more knowledgeable than me can explain the whole sorry mess, because I certainly am none for the wiser with what the adver has reported to date other than proceeding are adjourned to who knows when.
I've tried to get a better understanding of structure of ownership of football league clubs from the WEB and looked at an article by a Stephen Hope,, A little bit dated as it was prepared for Nationwide clubs in 2003, but the principles are the same as today. Whoever is registered as the owner at Company House is the owner and the fact the accounts have never been published is also significant factor as that would also define ownership. There can also be 2 Holding companies, the parent and intermediate and who is who in our case I don't know, but perhaps someone a little more knowledgeable than me can explain the whole sorry mess, because I certainly am none for the wiser with what the adver has reported to date other than proceeding are adjourned to who knows when. old town robin
  • Score: 2

6:26pm Tue 29 Apr 14

Oi Den! says...

OTR, I don't think that would relate specifically to football clubs. The ownership structure would be governed by company law. There could be any number of intermediate holding companies between the one at the top of the tree and the football club company itself. And then of course it's not always easy to find out who owns the company at the top, particularly if it's an overseas company that has no requirement to file at Companies House. I'm not saying that's what we have here, just commenting on how murky it can get.
OTR, I don't think that would relate specifically to football clubs. The ownership structure would be governed by company law. There could be any number of intermediate holding companies between the one at the top of the tree and the football club company itself. And then of course it's not always easy to find out who owns the company at the top, particularly if it's an overseas company that has no requirement to file at Companies House. I'm not saying that's what we have here, just commenting on how murky it can get. Oi Den!
  • Score: 0

6:37pm Tue 29 Apr 14

uruguay whitey the red says...

whatever the outcome in who`s favour,we will still be lumbered with god awful wide-boy wrong-uns!!.both parties are murkier than tar!
whatever the outcome in who`s favour,we will still be lumbered with god awful wide-boy wrong-uns!!.both parties are murkier than tar! uruguay whitey the red
  • Score: -3

6:53pm Tue 29 Apr 14

LeGod says...

smirg kcab - so its known as the W*****S bar then - well enjoy your drink with JED it will be two Tommy Tankers together then.
smirg kcab - so its known as the W*****S bar then - well enjoy your drink with JED it will be two Tommy Tankers together then. LeGod
  • Score: 1

7:00pm Tue 29 Apr 14

smirg kcab says...

LeGod wrote:
smirg kcab - so its known as the W*****S bar then - well enjoy your drink with JED it will be two Tommy Tankers together then.
I didn't abuse you did I?
[quote][p][bold]LeGod[/bold] wrote: smirg kcab - so its known as the W*****S bar then - well enjoy your drink with JED it will be two Tommy Tankers together then.[/p][/quote]I didn't abuse you did I? smirg kcab
  • Score: 5

7:06pm Tue 29 Apr 14

redbythesea says...

Obviously things aren't as cut and dried as Power led us to believe. ......
Obviously things aren't as cut and dried as Power led us to believe. ...... redbythesea
  • Score: -2

7:10pm Tue 29 Apr 14

LeGod says...

smirg kcab - I wouldn't give JED the drippings from my nose let alone drink with him. As I said before because he buys a few drinks doesn't make him a nice bloke - I can see through him and I don't like what I see.
If you shake his hand check all your fingers are still there.
Be warned!!!!!!!!!!
smirg kcab - I wouldn't give JED the drippings from my nose let alone drink with him. As I said before because he buys a few drinks doesn't make him a nice bloke - I can see through him and I don't like what I see. If you shake his hand check all your fingers are still there. Be warned!!!!!!!!!! LeGod
  • Score: 2

7:16pm Tue 29 Apr 14

smirg kcab says...

LeGod wrote:
smirg kcab - I wouldn't give JED the drippings from my nose let alone drink with him. As I said before because he buys a few drinks doesn't make him a nice bloke - I can see through him and I don't like what I see.
If you shake his hand check all your fingers are still there.
Be warned!!!!!!!!!!
That's your opinion ?
Sorry thought you was going to apologise for the abuse?
I need my fingers when he gets the next round in.
Thought you like him when he got us of the embargo?
[quote][p][bold]LeGod[/bold] wrote: smirg kcab - I wouldn't give JED the drippings from my nose let alone drink with him. As I said before because he buys a few drinks doesn't make him a nice bloke - I can see through him and I don't like what I see. If you shake his hand check all your fingers are still there. Be warned!!!!!!!!!![/p][/quote]That's your opinion ? Sorry thought you was going to apologise for the abuse? I need my fingers when he gets the next round in. Thought you like him when he got us of the embargo? smirg kcab
  • Score: 2

7:16pm Tue 29 Apr 14

badger58 says...

smirg kcab wrote:
LeGod wrote:
smirg kcab - so its known as the W*****S bar then - well enjoy your drink with JED it will be two Tommy Tankers together then.
I didn't abuse you did I?
Firstly I can't stand Jed but Le God I wouldn't want to be you if you ventured into the Tap & Barrell and told all in there it was the W*****s bar ! Best pub in Swindon on match days .
[quote][p][bold]smirg kcab[/bold] wrote: [quote][p][bold]LeGod[/bold] wrote: smirg kcab - so its known as the W*****S bar then - well enjoy your drink with JED it will be two Tommy Tankers together then.[/p][/quote]I didn't abuse you did I?[/p][/quote]Firstly I can't stand Jed but Le God I wouldn't want to be you if you ventured into the Tap & Barrell and told all in there it was the W*****s bar ! Best pub in Swindon on match days . badger58
  • Score: 8

7:24pm Tue 29 Apr 14

smirg kcab says...

badger58 wrote:
smirg kcab wrote:
LeGod wrote:
smirg kcab - so its known as the W*****S bar then - well enjoy your drink with JED it will be two Tommy Tankers together then.
I didn't abuse you did I?
Firstly I can't stand Jed but Le God I wouldn't want to be you if you ventured into the Tap & Barrell and told all in there it was the W*****s bar ! Best pub in Swindon on match days .
Well said badger
Best music in England let alone swindon
The pub to be on Saturday,
[quote][p][bold]badger58[/bold] wrote: [quote][p][bold]smirg kcab[/bold] wrote: [quote][p][bold]LeGod[/bold] wrote: smirg kcab - so its known as the W*****S bar then - well enjoy your drink with JED it will be two Tommy Tankers together then.[/p][/quote]I didn't abuse you did I?[/p][/quote]Firstly I can't stand Jed but Le God I wouldn't want to be you if you ventured into the Tap & Barrell and told all in there it was the W*****s bar ! Best pub in Swindon on match days .[/p][/quote]Well said badger Best music in England let alone swindon The pub to be on Saturday, smirg kcab
  • Score: 0

7:30pm Tue 29 Apr 14

bradley red 1 says...

Gets even more dodgy! I dread what the future holds with parties like this involved, clearly more to it and makes me sick to the stomach to think vultures are going to make money for nothing out of the club, seems one almighty mess imo.
Gets even more dodgy! I dread what the future holds with parties like this involved, clearly more to it and makes me sick to the stomach to think vultures are going to make money for nothing out of the club, seems one almighty mess imo. bradley red 1
  • Score: -1

7:56pm Tue 29 Apr 14

Redgollum says...

someone has to decide who owns the club. The legal guys will get as much as they can by prolonging it. What is the guy running the court doing? Can he make a decision or not? What do we pay these people for?
someone has to decide who owns the club. The legal guys will get as much as they can by prolonging it. What is the guy running the court doing? Can he make a decision or not? What do we pay these people for? Redgollum
  • Score: 0

8:03pm Tue 29 Apr 14

port de soller says...

SAD SITUATION IN FACT IS A NO WIN FOR STFC.
iT IS SO WORRYING FOR ALL THE FANS CAN SEE THE fl GETTING INVOLVED AND WHO KNOWS WHAT WILL COME OUT'??????
CAN SEE POSSIBLE ADMINISTRATION IF JED AND CO GET CONTROL
SAD SITUATION IN FACT IS A NO WIN FOR STFC. iT IS SO WORRYING FOR ALL THE FANS CAN SEE THE fl GETTING INVOLVED AND WHO KNOWS WHAT WILL COME OUT'?????? CAN SEE POSSIBLE ADMINISTRATION IF JED AND CO GET CONTROL port de soller
  • Score: 3

8:34pm Tue 29 Apr 14

mick the tetburyred says...

The most worrying aspect here is that don't forget we have 17 players who will be soon out of contract and will want their futures decided!!!!.If we have no owners prepared to make decisions quickly, these players will walk away to other clubs!!.I really fear for our future if this nonsense is not resolved within the next couple of weeks!!.
Whoever owns the club,come on, think about your supporters first,without them you are finished!!!
The most worrying aspect here is that don't forget we have 17 players who will be soon out of contract and will want their futures decided!!!!.If we have no owners prepared to make decisions quickly, these players will walk away to other clubs!!.I really fear for our future if this nonsense is not resolved within the next couple of weeks!!. Whoever owns the club,come on, think about your supporters first,without them you are finished!!! mick the tetburyred
  • Score: 4

8:55pm Tue 29 Apr 14

Billy hunt 65 says...

We all loved Jed when he took over when nobody else was coming in.
Power is not whiter than White ask Rushden and diamonds.
I would welcome Jed back his pint glasses and thumbs up on twitter are quality.
We all loved Jed when he took over when nobody else was coming in. Power is not whiter than White ask Rushden and diamonds. I would welcome Jed back his pint glasses and thumbs up on twitter are quality. Billy hunt 65
  • Score: -12

9:10pm Tue 29 Apr 14

the wizard says...

My take on things so far is that Power bought a block of shares off of Jed and agreed a time scale to take the rest as Powers money is tied up abroad probably in investments. For reasons what ever he hasn't taken enough of the rest to assume overall control of the company, so Jed is using what ever tools are left at his disposal to force Powers hand into buying the rest.
Suddenly jed will be "money rich" in some form, and would look to use that money in a further venture, hence his association with other clubs. They probably want to see "the colour of his money" which right now he cannot provide as it is in Powers bank until the total purchase of the club is completed. mean while Power will suffer penalties if he withdraws his investments early. Any "ready cash" he has had has been spent on club business and players wages, ie, loan players wages.

Its all down to cash flow, and Jed has picked now as there will be some money incoming from S/T sales, but nowhere near enough to satisfy his valuation of the club, and the needs of his next venture.
Just a thought.
My take on things so far is that Power bought a block of shares off of Jed and agreed a time scale to take the rest as Powers money is tied up abroad probably in investments. For reasons what ever he hasn't taken enough of the rest to assume overall control of the company, so Jed is using what ever tools are left at his disposal to force Powers hand into buying the rest. Suddenly jed will be "money rich" in some form, and would look to use that money in a further venture, hence his association with other clubs. They probably want to see "the colour of his money" which right now he cannot provide as it is in Powers bank until the total purchase of the club is completed. mean while Power will suffer penalties if he withdraws his investments early. Any "ready cash" he has had has been spent on club business and players wages, ie, loan players wages. Its all down to cash flow, and Jed has picked now as there will be some money incoming from S/T sales, but nowhere near enough to satisfy his valuation of the club, and the needs of his next venture. Just a thought. the wizard
  • Score: 5

9:31pm Tue 29 Apr 14

red white says...

the wizard wrote:
My take on things so far is that Power bought a block of shares off of Jed and agreed a time scale to take the rest as Powers money is tied up abroad probably in investments. For reasons what ever he hasn't taken enough of the rest to assume overall control of the company, so Jed is using what ever tools are left at his disposal to force Powers hand into buying the rest.
Suddenly jed will be "money rich" in some form, and would look to use that money in a further venture, hence his association with other clubs. They probably want to see "the colour of his money" which right now he cannot provide as it is in Powers bank until the total purchase of the club is completed. mean while Power will suffer penalties if he withdraws his investments early. Any "ready cash" he has had has been spent on club business and players wages, ie, loan players wages.

Its all down to cash flow, and Jed has picked now as there will be some money incoming from S/T sales, but nowhere near enough to satisfy his valuation of the club, and the needs of his next venture.
Just a thought.
Probably right and Jed is using the legal tools.

Power has maybe made an error somewhere which Jed is trying to prove/exploit in the high court.

Which he may but this could rumble into next season judging by todays antics over there.
[quote][p][bold]the wizard[/bold] wrote: My take on things so far is that Power bought a block of shares off of Jed and agreed a time scale to take the rest as Powers money is tied up abroad probably in investments. For reasons what ever he hasn't taken enough of the rest to assume overall control of the company, so Jed is using what ever tools are left at his disposal to force Powers hand into buying the rest. Suddenly jed will be "money rich" in some form, and would look to use that money in a further venture, hence his association with other clubs. They probably want to see "the colour of his money" which right now he cannot provide as it is in Powers bank until the total purchase of the club is completed. mean while Power will suffer penalties if he withdraws his investments early. Any "ready cash" he has had has been spent on club business and players wages, ie, loan players wages. Its all down to cash flow, and Jed has picked now as there will be some money incoming from S/T sales, but nowhere near enough to satisfy his valuation of the club, and the needs of his next venture. Just a thought.[/p][/quote]Probably right and Jed is using the legal tools. Power has maybe made an error somewhere which Jed is trying to prove/exploit in the high court. Which he may but this could rumble into next season judging by todays antics over there. red white
  • Score: 0

10:05pm Tue 29 Apr 14

brungo says...

heard they're gonna force club into admin, owners come & go, as do players etc but only fans are loyal to my mind!
heard they're gonna force club into admin, owners come & go, as do players etc but only fans are loyal to my mind! brungo
  • Score: 3

10:08pm Tue 29 Apr 14

the wizard says...

brungo wrote:
heard they're gonna force club into admin, owners come & go, as do players etc but only fans are loyal to my mind!
I don't see how they can force the club into admin, please explain further.
[quote][p][bold]brungo[/bold] wrote: heard they're gonna force club into admin, owners come & go, as do players etc but only fans are loyal to my mind![/p][/quote]I don't see how they can force the club into admin, please explain further. the wizard
  • Score: 0

10:26pm Tue 29 Apr 14

dazzastfc says...

LeGod wrote:
smirg kcab - I wouldn't give JED the drippings from my nose let alone drink with him. As I said before because he buys a few drinks doesn't make him a nice bloke - I can see through him and I don't like what I see.
If you shake his hand check all your fingers are still there.
Be warned!!!!!!!!!!
do you know jed personally as your slating him off but as off YET he has done no harm...and if it was not for him we would not have lee power here and that means no young talented player to watch as we all know it was powers that bought them here NOT HIS PUPPET COOPERMAN..
[quote][p][bold]LeGod[/bold] wrote: smirg kcab - I wouldn't give JED the drippings from my nose let alone drink with him. As I said before because he buys a few drinks doesn't make him a nice bloke - I can see through him and I don't like what I see. If you shake his hand check all your fingers are still there. Be warned!!!!!!!!!![/p][/quote]do you know jed personally as your slating him off but as off YET he has done no harm...and if it was not for him we would not have lee power here and that means no young talented player to watch as we all know it was powers that bought them here NOT HIS PUPPET COOPERMAN.. dazzastfc
  • Score: 1

11:10pm Tue 29 Apr 14

red white says...

brungo wrote:
heard they're gonna force club into admin, owners come & go, as do players etc but only fans are loyal to my mind!
No one can force the club into admin?

I force you to get promoted to the promised land!
[quote][p][bold]brungo[/bold] wrote: heard they're gonna force club into admin, owners come & go, as do players etc but only fans are loyal to my mind![/p][/quote]No one can force the club into admin? I force you to get promoted to the promised land! red white
  • Score: 0

11:19pm Tue 29 Apr 14

the wizard says...

JB,

I know you don't get on here until late, but just to say, I was well knack'd last evening and sorry yes, i did see your point, but was well past it . Truth is I don't know if the club did release a Sunday statement, although I wish Power would release a statement telling us Jed is gone, along with Ranger.
Again apologies, sleep is a rare commodity right now. Cheers.
JB, I know you don't get on here until late, but just to say, I was well knack'd last evening and sorry yes, i did see your point, but was well past it . Truth is I don't know if the club did release a Sunday statement, although I wish Power would release a statement telling us Jed is gone, along with Ranger. Again apologies, sleep is a rare commodity right now. Cheers. the wizard
  • Score: 3

11:55pm Tue 29 Apr 14

joey butler says...

the wizard wrote:
JB,

I know you don't get on here until late, but just to say, I was well knack'd last evening and sorry yes, i did see your point, but was well past it . Truth is I don't know if the club did release a Sunday statement, although I wish Power would release a statement telling us Jed is gone, along with Ranger.
Again apologies, sleep is a rare commodity right now. Cheers.
Wizard,

I really do appreciate your reply above, particularly 24 hours later, which is unusual on this site. Not many posters reflect on their comments.

I think we are all on the same side most of the time here and respect your reply above, many thanks Wizard.
[quote][p][bold]the wizard[/bold] wrote: JB, I know you don't get on here until late, but just to say, I was well knack'd last evening and sorry yes, i did see your point, but was well past it . Truth is I don't know if the club did release a Sunday statement, although I wish Power would release a statement telling us Jed is gone, along with Ranger. Again apologies, sleep is a rare commodity right now. Cheers.[/p][/quote]Wizard, I really do appreciate your reply above, particularly 24 hours later, which is unusual on this site. Not many posters reflect on their comments. I think we are all on the same side most of the time here and respect your reply above, many thanks Wizard. joey butler
  • Score: 0

12:01am Wed 30 Apr 14

the wizard says...

Appreciated. Thanks.
Appreciated. Thanks. the wizard
  • Score: 0

8:33am Wed 30 Apr 14

LeGod says...

Yeah lets get Jed back so he can sign Banbury Utd players !!!!!!!!!!!!!!
He's a wanna be chairman who is only out for one thing Jed and the money that comes through the door and leave us in the dirt.
Yeah lets get Jed back so he can sign Banbury Utd players !!!!!!!!!!!!!! He's a wanna be chairman who is only out for one thing Jed and the money that comes through the door and leave us in the dirt. LeGod
  • Score: 0

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