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Swindon Town

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I did a quite break down of it on my Twitter account. Its a real shambles, but nothing really, really bad in terms of existential threat:

1. Alright, a lot kicking off regarding Swindon today. From an outsider's, novice point of view, this is what seemingly has occurred: Power, the Swindon chairman, sold 15% of the club to a company called Axis, but never formally incorporated these shares.

2. Axis are therefore blocking the sale of the club to an American company called Able, as they haven't been consulted. That's the simple bit. It gets really confusing when you bring in Gareth Barry and a man called 'Standing'
 
3. Standing and Power (Chairman) have a verbal agreement that Standing is entitled to 50% profit of any player sales IF he funds 50% of the club's operating cost. Power lied to Standing about 1.8m of a Matt Ritchie sell-on clause, saying Standing couldn't have his 50% as he needed to pay off debt to the club's previous chairman. This debt was never paid off, meaning the 1.8m from Ritchie effectively disappeared
 
4. The court documents are also confused as to whether it is now Gareth Barry or Standing who are owed this '50%' profit thing. Could be both, could be neither; it was a verbal agreement
 
5. Power appears to have shafted Standing/Barry, and also tried to flog the club without consulting shareholders. This is 3 days after he goes on the radio to say '30-40%' of clubs could go under. The court documents don't think admin is likely
 
 
Think its also come out that Barry stumped up money for the purchase of the club.

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4 minutes ago, Tim vlf said:

If the go into administration they can't go up can they? We could replace them as next in line! 

Very unlikely to go into administration, but I'm reading a lot of talk from Cheltenham that they can't afford to compete the playofs/get promoted, and whispers they may refuse entirely..

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7 minutes ago, Tim vlf said:

If the go into administration they can't go up can they? We could replace them as next in line! 

Clutching at straws a bit there.

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20 minutes ago, Joe B said:

Very unlikely to go into administration, but I'm reading a lot of talk from Cheltenham that they can't afford to compete the playofs/get promoted, and whispers they may refuse entirely..

I suspect if Cheltenham did withdraw then Northampton would get a bye to the Final. 

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I heard on Five Life podcast that all 24 League Two clubs are sharing the costs of Covid-19 testing for the four play-off clubs, which would otherwise cost each club using the tests £140k.

So if Cheltenham purely can't afford to pay player wages for a couple of months for effectively a 25% chance of promotion then surely they are in concerning financial problems? I mean what if testing is required for clubs to play next season?

Personally, I'd suggest they ask Tranmere if they would like to take Cheltenham's place in the play-offs as they were the one club in the League One relegation places that had a genuine chance of avoiding the drop. But hey, I'd welcome an invite if we did receive one in Cheltenham's absence.

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1 hour ago, Jacko51 said:

I suspect if Cheltenham did withdraw then Northampton would get a bye to the Final. 

I've not got any particular affection for Northampton ( obviously) but when I've seen comments by their chairman and Curle they don't seem to grasp they've had a massive get out of jail card 

Really wouldn't sit well with me if they go up .

 

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1 hour ago, Wrex said:

So if Cheltenham purely can't afford to pay player wages for a couple of months for effectively a 25% chance of promotion then surely they are in concerning financial problems?

There may be other factors too. In addition to the costs of taking part in the play-offs, if they went up there may be some hefty promotion bonuses to pay, clauses to increase wages in a higher division etc etc... with all that taken into account it could be a tipping point if a club is only just breaking even so perhaps they just think promotion isn't an option over the long-term future of the club?

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If Cheltenham or Swindon don’t go up/ play-offs then the obvious solution to me would be to pass it down the line.

if Swindon don’t go up for whatever reason, Cheltenham are offered promotion as they finished 4th and we are given the last play off place. If Cheltenham cannot play their play off games then we should take their place.

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I think I'd want Swindon go up given our record against them. Not beat them away since 2005 and seem to save alot of our worst performances against them. I know we beat them at home and deserved to do so but I'd say that's a rare home win for us against them. 

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On 21/05/2020 at 15:30, Jacko51 said:

I suspect if Cheltenham did withdraw then Northampton would get a bye to the Final. 

Exeter should get the bye as the higher placed PO team.

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On 21/05/2020 at 20:48, Joe B said:

I did a quite break down of it on my Twitter account. Its a real shambles, but nothing really, really bad in terms of existential threat:

1. Alright, a lot kicking off regarding Swindon today. From an outsider's, novice point of view, this is what seemingly has occurred: Power, the Swindon chairman, sold 15% of the club to a company called Axis, but never formally incorporated these shares.

2. Axis are therefore blocking the sale of the club to an American company called Able, as they haven't been consulted. That's the simple bit. It gets really confusing when you bring in Gareth Barry and a man called 'Standing'
 
3. Standing and Power (Chairman) have a verbal agreement that Standing is entitled to 50% profit of any player sales IF he funds 50% of the club's operating cost. Power lied to Standing about 1.8m of a Matt Ritchie sell-on clause, saying Standing couldn't have his 50% as he needed to pay off debt to the club's previous chairman. This debt was never paid off, meaning the 1.8m from Ritchie effectively disappeared
 
4. The court documents are also confused as to whether it is now Gareth Barry or Standing who are owed this '50%' profit thing. Could be both, could be neither; it was a verbal agreement
 
5. Power appears to have shafted Standing/Barry, and also tried to flog the club without consulting shareholders. This is 3 days after he goes on the radio to say '30-40%' of clubs could go under. The court documents don't think admin is likely
 
 
Think its also come out that Barry stumped up money for the purchase of the club.

A verbal agreement?........ :doh:

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Crikey, this is a murky story - even more convoluted than it first appeared. Best account I've found so far is here in the local rag:

https://www.swindonadvertiser.co.uk/news/18463345.swindon-towns-lee-power-taken-court-club-sale/?ref=ar

Swindon look in a precarious position and it sounds a bit that way too for Cheltenham.

We ain't heard the last of this - might we still make the playoffs if someone drops out?

Edited by CambridgeDon

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Thanks for the explanations on this. It's as convoluted as some of our previous ownership dramas!

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