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Swindon Town for sale: Takeover agreed
Updated 11:42pm Wednesday 30th January 2013 in STFC News
This live event has finished
- REPORTING BY SAM MORSHEAD & ANDY WARREN
- New owners agree deal to take control of Swindon, the Adver understands
- Jed McCrory fronts consortium set to buy club
- Robins' stability secured
That's it from us at the Adver for this evening, on what has been a turbulent day for Swindon Town.
Thanks to you all for following the day's events with us and for you comments, and please remember to pick up your copy of the paper tomorrow morning for all the latest developments.
We will be back at 8am tomorrow morning for Deadline Day Live, where we are expecting a busy day of transfer activity for Paolo Di Canio and the Robins.
Town have just made this statement:
THE Board of Swindon Town FC are pleased to announce its majority shareholder Andrew Black has today exchanged contracts with a consortium to acquire the Club. Completion of the sale is dependent upon approval from the Football League, which we hope to obtain in the next few days.
Upon completion, most of the Club’s existing debt will be written off, the threat of administration will be avoided and Paolo Di Canio and the squad will be able to concentrate on football and the challenge of making Swindon a Championship club next season.
Chairman Sir William Patey commented: “This is an important day for the Club, with the current owners writing off most of their debts and the new consortium’s funding, the Club has a strong financial base to continue the battle for Championship football. I look forward to updating you with more details as soon the deal receives Football League approval.”
There is still no official word from Swindon Town regarding Matt Ritchie's move this evening, other to confirm it.
@Official_STFC why sell one of your best players to your nearest rivals #worryingtimes— @AJROSCO 30 January 2013
Bournemouth how is that a step up ?— @Jonny_Wilkes 30 January 2013
8:45pm Wed 30 Jan 13
unbelievable, an absolute Joke!! PDC will be gone i'm sure, on the day of takeover sell our biggest asset bodes well doesn't it!!!
Town midfielder Matt Ritchie has agreed terms on a three and a half year deal to move to Bournemouth, with the two clubs agreeing to a fee in the region of £500,000.
The deal is now subject to Football League approval.
ON HIS WAY: Matt Ritchie
6:02pm Wed 30 Jan 13
Any news on whether there will be a Press Conference this evening, or some kind of announcement from the new owners to give the fans an insight into there plans to take the club forward and also allay any fears we have over rumours of our best players being sold..?
We still have no official word from the club.
The Advertiser understands the terms of the takeover at Town would see the money owed to Andrew Black, Sir Martyn Arbib, Andrew Fitton and Jeremy Wray in the club's holding company wiped.
Those debts are believed to total between £9.5million and £10million.
The Advertiser has learnt that Andy Williams is the subject of interest from Bristol City.
The Advertiser understands the prospective new owners of Swindon Town do not want to sell Matt Ritchie, after a £600,000 bid was tabled by the Robins' League One rivals.
I've been told Bristol City are interested in #stfc striker Andy Williams, of whom City boss Sean O'Driscoll is said to be a big admirer.— @SamMorshead_SA 30 January 2013
So far, neither #afcb nor #stfc making any comment on Matt Ritchie bid. Deal could be done today or in morning understands @BmthEchoSport— @neilperrettecho 30 January 2013
4:44pm Wed 30 Jan 13
Reality Red says
My dodgy Ticker cant take much more of this.....
There's more chance of me playing up front for Real Madrid next week than Matt Ritchie going to Bournemouth for £600,000. #STFC #STFCAdver— @Rabcnesbit1982 30 January 2013
No comment from Bournemouth on reports linking them with a £600k approach for Swindon Town winger Matt Ritchie.
No comment from Swindon Town on reports linking Bournemouth with a £600k approach for Matt Ritchie.
Unconfirmed reports suggest #stfc have agreed a fee of £600,000 with #afcb for Matt Ritchie.— @neilperrettecho 30 January 2013
#afcb understood to have tabled a bid for Swindon Town winger Matt Ritchie. #stfc— @neilperrettecho 30 January 2013
#afcb likely to face competition for #stfc winger Matt Ritchie from Crystal Palace, Bolton, Bristol City and Charlton.— @neilperrettecho 30 January 2013
Reports from Bournemouth suggest the Cherries have made another bid for Swindon Town winger Matt Ritchie.
The Advertiser understands Gary Madine remains a transfer target of Swindon Town.
It remains unclear, however, whether or not funds will be available to manager Paolo Di Canio to strengthen his squad before tomorrow's 11pm deadline.
While McCrory spent time and money sprucing up Banbury's Spencer Stadium home, he also invested money into revamping the club's squad by bringing in a number of loan players from professional clubs including Reading, Peterborough and Stevenage.
2:10pm Wed 30 Jan 13
the wizard says
Well, I dunno about you guys but I'm just happy the "A" word has been avoided and there are better things to come hopefully, a whole lot better than 24hrs ago.
2:51pm Wed 30 Jan 13
"The Advertiser understands Deakin is not involved in the takeover of Swindon Town. "
Let's hope this is true, wasn't too popular at Port Vale..........
@SamMorshead_SA the 'sport solutions' interests on McCrory's director list is the holding company vehicle used to acquire Banbury #stfcadver— @thewashbag 30 January 2013
To clarify, should the takeover at Swindon Town receive Football League approval then it is understood all threat of administration would disappear.
Jed McCrory should be able to hold board positions at both Swindon Town and Banbury United until the end of the season.
Special dispensation can be made to allow an individual to have a significant role at two separate clubs, provided they will not meet in FA competitions.
This was the case when former Swindon chairman Andrew Fitton arrived at the County Ground, when he occupied the same position at Hungerford.
Come next season, however, McCrory would be expected not to be fulfilling both roles.
Banbury United fans seem to be concerned about Jed McCrory's interests in Swindon Town, with 'Whiskey' writing on the club's message board:
"If Jed goes, I would imagine it will leave is struggling to pay the wage bill with a large squad just for starters especially with crowds we are currently getting. The team has turned a corner and is playing well lets hope whatever happens we can hang on to most of the current squad."
#STFC being sold sounds interesting. I hope there's money available soon for #DiCanio and for the ground redevelopment. #STFCAdver— @Rabcnesbit1982 30 January 2013
Today's report in the Daily Mail which suggested Swindon Town's players were all up for sale and that the club was about to be plunged into administration appears to have been the result of an erroneous email.
The Advertiser has learnt that an agent issued the missive, which intimated that every member of the Town squad was available for transfer, last night.
The Adver has also been told that several agents have been claiming to represent players who are not their clients.
Happy and grateful that short-term future of the club is safe. And, to be fair, I think that's as much as we could have hoped for #STFCAdver— @tuckerjenkins 30 January 2013
1:17pm Wed 30 Jan 13
the wizard says
Obviously Black will remain as a director, but any news on Arbib, Backhouse, Fitton etc, and will Watkins remain as Chief Exec ?
Until we have an official announcement we are unlikely to know much more about their respective roles.
1:13pm Wed 30 Jan 13
the don69 says
What's the rules on him still running Banbury?cause that would be good to have a reserve side again!anyone know what their ground is like(never been to it)the Duke should know,where is he when needed lol,let's hope Sam can get an interview asap to shed some light on all this!!!!!!!!!
We are looking into the issue of dual ownership and what the rules and regulations are in relation to the Football League and non-league.
Of course we are keen to get an interview with Mr McCrory and we will be requesting as much.
Still no confirmation from the club at present regarding the state of play.
1:05pm Wed 30 Jan 13
Not that worried about funds being available to bring in new players, more worried about not having to sell anyone to fund the deal ?
Jed McCrory is listed as having 13 active directorships, varying from interests in property and leisure to sports solutions.
He acquired Banbury United in the late summer of last year as part of the Ordicium Ltd bid, where his two partners were Martin King and Perry Deakin.
The Advertiser understands Deakin is not involved in the takeover of Swindon Town.
Rumours linking Worcester Warriors Rugby Club backer Cecil Duckworth to the consortium taking over the club appear to be wide of the mark.
The Adver has learnt the multi-millionaire is currently on holiday in Brazil until the middle of February, meaning he is unlikely to be involved in any negotiations.
Any news on who the others involved in the consortium are? #stfcadver— @NutsyMalone 30 January 2013
We expect the takeover to be completed this afternoon.
After taking over at Banbury United, Jed McCrory attempted to increase attendances at the club by offering to buy fans drinks.
He told the Banbury Guardian in October: “If we can double the gate of our last home game – 143 – then I will buy the first 286 fans a beer if they come up and introduce themselves to me at the bar in the clubhouse between 12.30pm and 2.30pm.
“If we get more than 300 fans then I will buy the first 300 a beer at the following home game and so on. But if we only get 299 then the supporters’ club chairman has to buy me one!”
12:49pm Wed 30 Jan 13
There is never a dull day in the life of a Swindon fan.
The Advertiser understands Charlton striker Bradley Wright-Phillips is available to Swindon Town but any potential deal would rely on several factors.
It is believed that meetings will take place today and tomorrow to establish whether funds will be available to manager Paolo Di Canio.
12:47pm Wed 30 Jan 13
Would be interesting if paolo has a budget to bring in someone before deadline day. Heard Bradley Wright Phillips is that someone according to rumours on Facebook and twitter
We're after your reaction to the news that Swindon Town is set to be taken over by new owners.
Have your say in the comment box below, by emailing firstname.lastname@example.org or using the hashtag #stfcadver on Twitter.
So, this is what we know so far...
A consortium led by Jed McCrory is believed to be set to take charge of Swindon Town, subject to Football League approval.
McCrory and his partners will take on a large chunk of Andrew Black's 98 per cent shareholding in the club.
The threat of administration will cease as and when the deal is completed, while in the interim the prospective new owners and the current board are understood to be sharing control of the running of the club.
The Advertiser understands a deal has been completed which will see Swindon Town taken over by a consortium led by Banbury United owner Jed McCrory.
After a fortnight of conflicting reports and much anxiety around the County Ground, stability looks to have been secured for the Robins.
We'll keep you up to date with all the latest goings-on right here throughout the afternoon.