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: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereLast Updated:
Report this comment Cancel