SWINDON TOWN: Experts to assist in Town sale

6:00am Friday 18th January 2013 in STFC News By Sam Morshead

Sir WIlliam Patey Sir WIlliam Patey

SIR William Patey has confirmed that specialist accountants will be brought in to conduct the due diligence of Swindon Town’s finances ahead of any potential sale of the club.

As is the norm in situations such as that at the County Ground, where majority shareholder Andrew Black is keen to offload a large proportion of his 98 per cent stake in the Robins, interested parties will want to get a thorough understanding of Town’s accounts.

“Andrew Black has made it clear he is looking for new investors and new owners, and that has gathered a great deal of interest by trying to do that and we have had positive discussions and we are encouraged by the detail,” said Patey.

“It is much better to sell the club in its current state where it’s gunning for promotion with a good squad of players, and we want to attract new owners by showing off Swindon to be a club with potential.

“We are going to bring in some professionals who know football, because buyers want to go through details like financial forecasting which clubs don’t keep on a day to day basis and it will enable us to go through due diligence.

“There is no 10 point penalty (which could be applied if Town did go into administration) if we sell the club, so people are getting a little ahead of themselves.”

Comments(8)

SAPFanSTFC says...
8:25am Fri 18 Jan 13

Not really bringing in the experts, it is simply due diligence which is standard accounting practice prior to the sale of a club.

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Is that you Lovesey says...
9:54am Fri 18 Jan 13

I think what he is saying SAP is that the due dilligence will be done by people with a knowledge of how a football club works and all the little nuances around that as opposed to a standard accountants, but any due dilligence could be a good thing, it means there are some real buyers....

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jillyh says...
11:01am Fri 18 Jan 13

Can anyone tell me exactly why Patey was brought in? Is he receiving a hefty wage for not producing investors? One would have hoped the Board would have lined up someone who had the contacts before kicking out JW.

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jillyh says...
11:07am Fri 18 Jan 13

Can anyone tell me exactly why Patey was brought in? Is he receiving a hefty wage for not producing investors? One would have hoped the Board would have lined up someone who had the contacts before kicking out JW.

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SAPFanSTFC says...
12:15pm Fri 18 Jan 13

Is that you Lovesey wrote:
I think what he is saying SAP is that the due dilligence will be done by people with a knowledge of how a football club works and all the little nuances around that as opposed to a standard accountants, but any due dilligence could be a good thing, it means there are some real buyers....
Yep guess so...just sounded a bit over stated :-)
---.
Jillyh - He is probably on a retainer from Andrew Black directly...or I'd hope so anyway.
.
He will be on a bonus / commission to deliver a decent sale and see it through - I'd expect him to be gone once it is all completed.

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kevin tommey says...
12:27pm Fri 18 Jan 13

lets get people in who want the club. Not just to earn a quick buck.New owners sound investment JW back as chairman.He was well respected.

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jillyh says...
1:01pm Fri 18 Jan 13

kevin tommey wrote:
lets get people in who want the club. Not just to earn a quick buck.New owners sound investment JW back as chairman.He was well respected.
Ditto to that !

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the wizard says...
9:07pm Fri 18 Jan 13

Patey despite his experience cannot pick his words in front of a microphone. can't help it, I have no argument with the bloke as I've never met him, BUT, I don't trust him one bit. He wears a Cowboy hat ,acts like a cowboy but in reality is probably one of the Ant-Hill Mob.
On stand by in case he tries to sell us to al Qaeda.

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