R.I.P. Swindon Town?

User avatar
Wantage Royal
Member
Posts: 41
Joined: 14 Apr 2004 14:53
Location: Too close to Swindon for comfort.

R.I.P. Swindon Town?

by Wantage Royal » 16 Nov 2009 08:19

http://www.guardian.co.uk/business/2009 ... es-swindon

Swindon Town, the League One football club, faces a winding-up order from the quoted property company St Modwen tomorrow over the non-repayment of a £2.45m loan dating back to 2005.

Swindon is controlled by a consortium whose shareholders include the City grandee Sir Martyn Arbib and the serial entrepreneur Andrew Fitton, the chairman of the club who has businesses in engineering and technology. Fitton's consortium – which also includes Jeremy Wray, brother of one of the founders of online gaming group Betfair – took over Swindon Town in 2007. The sellers included the Wills family, who made their fortune from the tobacco industry.

St Modwen originally become involved when the club was considering moving from its County ground to a purpose-built stadium.

The plan would have seen the original site redeveloped for housing and leisure use. In 2005, as part of this partnership, St Modwen lent the club £1.45m, which went towards paying off a VAT bill. Swindon Town had already gone into administration twice before, and was facing the prospect of going under again unless it settled the debt to the tax authorities.

When Fitton's consortium took over, St Modwen asked for its loan to be repaid, since the proposed move from the County ground – which is owned by the local council and leased to the club – had fallen through and the property developer had no further interest in the matter.

The two sides agreed a two-year grace period for the outstanding amount to be repaid, but that deadline ran out in August with no settlement forthcoming.

Three weeks ago St Modwen issued a statutory demand for repayment. Since then it has heard nothing to indicate the debt will be repaid, and believes it has no alternative now but to go to court. It is claiming the original £1.45m loan plus £1m in interest.If Swindon's directors do not pay up, and St Modwen is successful in its winding up order, the club will go out of business and its assets will be sold for the benefit of creditors.

It will join a growing number of football clubs which have found themselves in severe financial difficulties with the likes of Stockport County already in administration, and even Premier League club Portsmouth struggling to pay players' wages earlier this season.

User avatar
(.)Boobies(.)
Member
Posts: 504
Joined: 13 Feb 2009 21:08
Location: North London

Re: R.I.P. Swindon Town?

by (.)Boobies(.) » 16 Nov 2009 08:33

Doesn't sound very promising, I have to say. They've already surpassed 2 years 'grace' to repay the money. Of the three local rivals, Swindon are the more likeable. I for one wouldn't want to see them go to the wall. [and they shouldn't; very few 'professional' clubs seem to, even with all this debt in the game now] A points deduction seems very likely though.

Tony Le Mesmer
Hob Nob Regular
Posts: 3237
Joined: 17 Jun 2005 20:37
Location: Dundee in my bare feet

Re: R.I.P. Swindon Town?

by Tony Le Mesmer » 16 Nov 2009 09:10

Does the fact they have benn in administration twice already mean they cant enter it again without being kicked out?

Sun Tzu
Hob Nob Regular
Posts: 3997
Joined: 08 Oct 2008 10:00

Re: R.I.P. Swindon Town?

by Sun Tzu » 16 Nov 2009 19:08

No, if they manage it a third time they get to keep it.

User avatar
floyd__streete
Hob Nob Addict
Posts: 8326
Joined: 19 Jan 2005 18:03
Location: ARREST RAY ILSLEY.

Re: R.I.P. Swindon Town?

by floyd__streete » 16 Nov 2009 20:04

The thing is, we seem to get a couple of these stories every month but the fact is that in the last 45 years or so only one league club has gone to the wall, that being Aldershot who have always 'enjoyed' miniscule support anyway. We are forever fed these armageddon type stories, but somehow the clubs always seem to be rescued at the last minute :| . It seems that there is no lack of idiots wanting to get involved with football and throw their money at a loss-making concern, so for as long as clubs are rescued at the last minute we have to endure spiralling wages and obscene ticket prices.


User avatar
Ian Royal
Hob Nob Super-Addict
Posts: 35157
Joined: 15 Apr 2004 13:43
Location: Playing spot the pc*nt on HNA?

Re: R.I.P. Swindon Town?

by Ian Royal » 16 Nov 2009 20:09

I thought more than one club had folded in that time?

Anyway, I personally hate Swindon more than any of our other local rivals. But I still wouldn't wish them to be folded.

Tony Le Mesmer
Hob Nob Regular
Posts: 3237
Joined: 17 Jun 2005 20:37
Location: Dundee in my bare feet

Re: R.I.P. Swindon Town?

by Tony Le Mesmer » 16 Nov 2009 20:16

Maidstone went in 92, 2 days before we were due to play them in the League Cup, we got a bye.

I think clubs should get a points deduction for running up losses, before they have the threat of Administration.

For entering Administration it should be straight relegation. if you would have gone down anyway, you go down 2 divisions.

And i dont buy all this 'dont punish the fans, its not their fault'. what about the fans of well run clubs who watch other teams surpass them on money they dont have? and you wouldnt let an armed robber off a jail term so as not to upset his Mum would you?

So basically, hope the fckers go bust. :)

User avatar
floyd__streete
Hob Nob Addict
Posts: 8326
Joined: 19 Jan 2005 18:03
Location: ARREST RAY ILSLEY.

Re: R.I.P. Swindon Town?

by floyd__streete » 16 Nov 2009 20:23

Ian Royal I thought more than one club had folded in that time?


League clubs haven't. Plenty of non league sides have gone to the wall in that time (or been forced to merge) and many of these clubs vastly overspent on wages and overstretched themselves; Hornchurch for instance. League clubs haven't tended to fall be the wayside at all in recent times; from memory, only Accrington and Aldershot since World War II.

So, as I say - plenty of armageddon theories, a multitude of sage warnings about over-spending, a huge amount of last-minute reprieves.....and yet clubs still over-reach but ultimately fail to pay the ultimate penalty for their profligacy, leaving them open to make the same mistakes time and again.

User avatar
floyd__streete
Hob Nob Addict
Posts: 8326
Joined: 19 Jan 2005 18:03
Location: ARREST RAY ILSLEY.

Re: R.I.P. Swindon Town?

by floyd__streete » 16 Nov 2009 20:27

Tony Le Mesmer Maidstone went in 92, 2 days before we were due to play them in the League Cup, we got a bye.?


Whoops - rookie error there, I should have remembered that! To be fair, Maidstone were an anomaly in that they were playing many miles from home at Dartford and utterly failing to make ends meet on tiny crowds caused by their period in exile which just so happened to coincide with their brief sojourn in the football league.....

Tony Le Mesmer And i dont buy all this 'dont punish the fans, its not their fault'. what about the fans of well run clubs who watch other teams surpass them on money they dont have?


Yep, Leicester's promotion in 2002/03 was particularly galling after they paid a miniscule - almost ceremonial - amout back to creditors the previous summer :x. Tbf, at least the rules have changed a little to prevent such re-occurences.


Tony Le Mesmer
Hob Nob Regular
Posts: 3237
Joined: 17 Jun 2005 20:37
Location: Dundee in my bare feet

Re: R.I.P. Swindon Town?

by Tony Le Mesmer » 16 Nov 2009 20:37

http://en.wikipedia.org/wiki/List_of_former_Football_League_clubs

Good recognition to see Wimbledon being shown as 'defunct' whilst a league club.

Terminal Boardom
Hob Nob Addict
Posts: 7792
Joined: 15 Aug 2008 19:50
Location: No more egodome until the daft old coot leaves

Re: R.I.P. Swindon Town?

by Terminal Boardom » 16 Nov 2009 21:13

What about Newport County?

User avatar
frimmers
Member
Posts: 651
Joined: 14 Aug 2008 08:27

Re: R.I.P. Swindon Town?

by frimmers » 16 Nov 2009 21:42

and bradford park avenue?

Tony Le Mesmer
Hob Nob Regular
Posts: 3237
Joined: 17 Jun 2005 20:37
Location: Dundee in my bare feet

Re: R.I.P. Swindon Town?

by Tony Le Mesmer » 16 Nov 2009 21:45

Both non league clubs when they went to the wall


User avatar
FiNeRaIn
Hob Nob Subscriber
Hob Nob Subscriber
Posts: 6041
Joined: 22 Jul 2004 17:44
Location: Los Angeles

Re: R.I.P. Swindon Town?

by FiNeRaIn » 16 Nov 2009 21:46

Yawn same old sob story, replace the word " swindon" with something else next week. Borrrrrrrrringgggggg.

Terminal Boardom
Hob Nob Addict
Posts: 7792
Joined: 15 Aug 2008 19:50
Location: No more egodome until the daft old coot leaves

Re: R.I.P. Swindon Town?

by Terminal Boardom » 16 Nov 2009 22:06

FiNeRaIn Yawn same old sob story, replace the word " swindon" with something else next week. Borrrrrrrrringgggggg.


Like Rangers? :P

User avatar
FiNeRaIn
Hob Nob Subscriber
Hob Nob Subscriber
Posts: 6041
Joined: 22 Jul 2004 17:44
Location: Los Angeles

Re: R.I.P. Swindon Town?

by FiNeRaIn » 16 Nov 2009 22:07

Terminal Boardom
FiNeRaIn Yawn same old sob story, replace the word " swindon" with something else next week. Borrrrrrrrringgggggg.


Like Rangers? :P


Na, it never happens to the biggest and most successful clubs in the world.

Terminal Boardom
Hob Nob Addict
Posts: 7792
Joined: 15 Aug 2008 19:50
Location: No more egodome until the daft old coot leaves

Re: R.I.P. Swindon Town?

by Terminal Boardom » 16 Nov 2009 22:10

Even if they are a bunch of in-bred, sheep shagging moonrakers in dodgy Worzel-esque smocks, I do not want to see them go out of business.

4 Swinedon fans yesterday


User avatar
Ian Royal
Hob Nob Super-Addict
Posts: 35157
Joined: 15 Apr 2004 13:43
Location: Playing spot the pc*nt on HNA?

Re: R.I.P. Swindon Town?

by Ian Royal » 16 Nov 2009 22:26

cheers floyd.

User avatar
Ark Royal
Hob Nob Subscriber
Hob Nob Subscriber
Posts: 2733
Joined: 14 Apr 2004 15:01
Location: Weather here? Clement.

Re: R.I.P. Swindon Town?

by Ark Royal » 16 Nov 2009 23:02

Ian Royal I thought more than one club had folded in that time?

Anyway, I personally hate Swindon more than any of our other local rivals. But I still wouldn't wish them to be folded.


Here, here. I loath the Jerky scum, but would hate it to happen. Clubs need rivals, and Sw*ndon will always be that for me.

Barry the bird boggler
Hob Nob Addict
Posts: 8153
Joined: 06 Aug 2006 08:34
Location: in my bird boggler

Re: R.I.P. Swindon Town?

by Barry the bird boggler » 17 Nov 2009 08:57

Terminal Boardom 4 Swinedon fans yesterday



Being that the Wurzels are Bristol City/Rovers supporters I would imagine they would be less than impressed with your insinuation (as any Reading fan would) and will most likely be round your house with half a hundredweight of dung later today.

Who is online

Users browsing this forum: No registered users and 12 guests

It is currently 17 Jun 2019 20:53