DIRECTOR Bob Holt has conceded the clock is ticking for Swindon Town after Andrew Fitton pulled out of his proposed takeover of the club.

Holt insisted the club's owners were "bitterly disappointed'' at Fitton's withdrawal from the deal, the Rambsury-based businessman having claimed: "It has become clear that it is unlikely that this matter will reach a satisfactory and rapid conclusion.''

And Holt conceded Town "haven't got long'' to find away out of their crippling financial problems, but pledged the board of directors were doing "our utmost to keep the club going.''The club will now go cap in hand again to its major shareholders, the Wills family, for addition funds to maintain running costs, although Holt added that players' wages and most other football-related creditors were up to date.

Holt said: "It has come as a great shock to us, but it is too early to say why it has happened.

"I have spoken to both parties and there has been an irretrievable breakdown in negotiations. I am trying to establish what that is.

"We will be contacting the current shareholders to seek additional funds for the club to continue to trade.

"The directors are doing their utmost to seek additional funds.

Answering questions about the possible demise of the club, he added: "That is something we want to avoid at all costs.

"Any creditor can seek redress through the courts. We have had some very tolerant creditors and we thank them for that.

"They may lose patience and who could blame them?''

Holt added that he had been advised that the club's owners "have been looking at alternatives,'' following the collapse of the Fitton takeover.

Meanwhile, supporters' group TrustSTFC has blasted the club for another failed takeover.

Trust chairman Paul Davis said :"Three separate groups have made genuine attempts to take over the club within the past year and all of them have been unable to conclude a deal.

"Clearly you cannot blame the proposed buyers for this, there is a common factor with all of these deals failing and that is the current owners and their advisor."

"Airy talk of plans B,C,D, or E fools no-one, the survival of the club is at stake and if it collapses fans know exactly who is to blame.

"Even at this late hour we would urge the Wills family to put the club's interests ahead of their own and do whatever it takes to get this deal revived.

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