Town issue statement regarding embargo (From Swindon Advertiser)

SWINDON TOWN: Town issue statement regarding embargo

4:30pm Thursday 21st March 2013 in STFC News By Sam Morshead

THE Swindon Town board has this afternoon issued a statement to clarify a number of outstanding issues surrounding the lifting of the transfer embargo.

The statement reveals matters such as outstanding debt stretching back more than 50 years which needs to be resolved, as well as the possibility of a lawsuit from former employees.

The statement reads: "Upon completion of the takeover the Board set about meeting the criteria set by the Football League to lift the transfer embargo, inherited following the takeover.

"The Board believed that all criteria had been met by the middle of last week for the embargo to be lifted and Swindon Town to move forward, debt free, and capable of conducting transfer business ahead of the closure of the transfer window.

"Since then the Club have been made aware that there are other outstanding issues that are required to be addressed for the embargo can be lifted. These include outstanding debts, some of which date back to 1957, which are currently being resolved. In addition to this, there is the possibility of legal action from previous employees that must be covered by the Club for the Football League to have comfort to lift the transfer embargo.

"The Club are continuing to make every effort to ensure the transfer embargo is lifted in order for Kevin MacDonald to move in the transfer market.

"The Club appreciates the frustrations this has caused to the fans, whilst the manager and team continue to deliver on the pitch with promotion to the npower Championship a strong possibility.

"Ahead of the close of the transfer window, the Board of Directors would like to reassure supporters that these issues will be resolved in the shortest possible timeframe. The Board remains committed to the business plan presented to the Football League which provides a strong financial and stable platform for the coming years, enabling the team to maximise their potential on the pitch.

"Further communication will be provided via the official club website and through local media channels as soon as it is available."