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Swindon in financial trouble?


Bristol Rob

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1 minute ago, slartibartfast said:

Don't understand, why would there be two injunctions to stop this ?

Probably because power owes money left right and centre and if this sale goes through it lines his pockets and not those he owes money to. 

Maybe they will be back on channel 5 again.....can't pay we will take it away?

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8 minutes ago, slartibartfast said:

Don't understand, why would there be two injunctions to stop this ? 

He allegedly didn't seek their approval when agreeing to sell to an American company

Mr Power, 47, has been taken to the High Court court by international footballer Gareth Barry’s adviser, who claims to hold a 50 per cent stake in the club, and an Australian businessman who in 2018 agreed to pay £1.1m in exchange for a 15 per cent stake.

They have each obtained injunctions banning the chairman from selling Swindon Town without their approval.

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9 minutes ago, ITK..... said:

Probably because power owes money left right and centre and if this sale goes through it lines his pockets and not those he owes money to. 

Maybe they will be back on channel 5 again.....can't pay we will take it away?

You're probably right as he has businesses all over the place, horses, lives in Switzerland for part of the year and has always said he's here to make money. He's bought land outside the town for a new training ground but has yet to receive planning permission to also build houses and horse stables/gallops so everything has ground to a halt but over the last couple of years supporters thought he had changed his ways!

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9 minutes ago, mozo said:

Isn't Gareth Barry claimed to be 50% owner of Swindon Town or summat mad like that?

Yes but only verbally 

In the court papers, Mr Power says the agreement was with Mr Standing’s childhood friend and client, West Brom ace and former England international Gareth Barry. It was said they agreed verbally that Mr Barry would not own shares in the club, but was entitled to half of the profits arising from any increase in the club’s value or the sale of certain players. Mr Barry, 39, has denied the Town chairman’s account.

When the sale of former midfielder Matt Ritchie to Newcastle in 2016 netted Town £1.85m, according to court papers Mr Power was said to have told Mr Standing the money needed to go on paying back a £2m loan to former Robins owner and Betfair founder Andrew Black. It later emerged that the money was not paid to Mr Black. A judge said in a judgement on Mr Power's case: “The strong suspicion is that those monies were paid to Mr Power and not the club.”

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56 minutes ago, Shaun Taylor said:

Yes but only verbally 

In the court papers, Mr Power says the agreement was with Mr Standing’s childhood friend and client, West Brom ace and former England international Gareth Barry. It was said they agreed verbally that Mr Barry would not own shares in the club, but was entitled to half of the profits arising from any increase in the club’s value or the sale of certain players. Mr Barry, 39, has denied the Town chairman’s account.

When the sale of former midfielder Matt Ritchie to Newcastle in 2016 netted Town £1.85m, according to court papers Mr Power was said to have told Mr Standing the money needed to go on paying back a £2m loan to former Robins owner and Betfair founder Andrew Black. It later emerged that the money was not paid to Mr Black. A judge said in a judgement on Mr Power's case: “The strong suspicion is that those monies were paid to Mr Power and not the club.”

Got no real problem with Swindle (they are a non-entity to me) but Lee Power seems a total *** !

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In all seriousness, it's not something I take any joy in hearing. No matter how much you dislike a club (and I even include the gas in this), not only are livelihoods at risk but also something deeper, that being the sacred emotional bond fans have to their clubs (no matter how distasteful that club might be to us). Wouldn't wish for anyone to crash out of existence, and with our history we should know better than most! 

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7 hours ago, poland_exile said:

In all seriousness, it's not something I take any joy in hearing. No matter how much you dislike a club (and I even include the gas in this), not only are livelihoods at risk but also something deeper, that being the sacred emotional bond fans have to their clubs (no matter how distasteful that club might be to us). Wouldn't wish for anyone to crash out of existence, and with our history we should know better than most! 

I know what you mean, I think all fans wish that rivals slid down the pyramid, but going bust and disappearing forever would be a killer.

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A bit weird this.

I heard Lee Power in a long interview on Talk Sport a few days ago. He indicated clubs were in a lot of trouble in particular League 1 and 2 but said that Swindle weren't one of those and hadn't reduced wages or furloughed any players. He also talked a lot of sense. Maybe all smoke and mirrors as I always thought of him as a complete bell sniff.

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1 hour ago, RUSSEL85 said:

I don’t wish any club to go under, and I include Rovers and Swindon in this, pains me to say but rather see kids and adults wearing a Rovers or Swindon shirt as opposed to Man C, Chelsea and Man Utd for instance.

They won't go under, no club with a decent fanbase ever just goes pop; a new company is formed to buy the assets and they restart in Conference South or wherever.

There will always be a Swindon Town.

It would probably serve them well long term if the club does lose this as it's then goodbye to Lee Power.  It's his behaviour with which I have a problem.

Remember his signing Nile Ranger? That's not a signing that a decent Chairman would make.

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A sign of things to come I fear.

It's a such a shame that the football industry (and many other areas of society and business) has become a bit of an untameable beast.

Individual greed has led to a collective machine that now cannot be harnessed and placated, and we're now going to have to watch as it eats itself to survive. For years I said to my mates at games that I couldn't wait for the bubble to burst so a 'reset' of sorts could be achieved with the industry. I guess I didn't consider how sad it could be to see the demise of so many lower league clubs - and how frustrating it is to know this could have been avoided if a sustainable model had been adopted by the leagues and club owners over the years.

 

Whether real change happens, or the machine simply chugs on with the remaining clubs that can survive remains to be seen, but I imagine we may see, at the very least, half a dozen lower league clubs go out of business by christmas, and dozens more thrown into serious financial vunerability for the next couple of seasons.

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2 hours ago, RUSSEL85 said:

I don’t wish any club to go under, and I include Rovers and Swindon in this, pains me to say but rather see kids and adults wearing a Rovers or Swindon shirt as opposed to Man C, Chelsea and Man Utd for instance.

Absolutely. I don’t like them, but I’d rather not like them,  than not be able to not like them. Wouldn’t be football 

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39 minutes ago, supercidered said:

A bit weird this.

I heard Lee Power in a long interview on Talk Sport a few days ago. He indicated clubs were in a lot of trouble in particular League 1 and 2 but said that Swindle weren't one of those and hadn't reduced wages or furloughed any players. He also talked a lot of sense. Maybe all smoke and mirrors as I always thought of him as a complete bell sniff.

You probably avoid announcing your club might be about to experience some financial distress if you are looking to sell it!

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3 hours ago, supercidered said:

A bit weird this.

I heard Lee Power in a long interview on Talk Sport a few days ago. He indicated clubs were in a lot of trouble in particular League 1 and 2 but said that Swindle weren't one of those and hadn't reduced wages or furloughed any players. He also talked a lot of sense. Maybe all smoke and mirrors as I always thought of him as a complete bell sniff.

From a Swindon fans perspective I agree totally with your comments that he talked a lot of sense during his Talksport interview and didn't drop any hints that he or STFC were in any immediate crisis other than the struggles that all league one & two teams are going through. Do I trust him no especially after the what he shafted Luke Williams with the appointment of his pal Tim Sherwood but over the last couple of years we thought he had changed his ways especially now we have a decent young manager who he has always backed financially.

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