R.I.P. Swindon Town?

[Wantage Royal]

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.

[(.)Boobies(.)]

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]

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

[Sun Tzu]

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

[floyd__streete]

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.

[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.

[Tony Le Mesmer]

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.

[floyd__streete]

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.

[floyd__streete]

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.....

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 . Tbf, at least the rules have changed a little to prevent such re-occurences.

[Tony Le Mesmer]

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]

What about Newport County?

[frimmers]

and bradford park avenue?

[Tony Le Mesmer]

Both non league clubs when they went to the wall

[FiNeRaIn]

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

[Terminal Boardom]

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

Like Rangers?

[FiNeRaIn]

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

Like Rangers?

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

[Terminal Boardom]

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

[Ian Royal]

cheers floyd.

[Ark 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]

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.