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Post by Stewart on Nov 4, 2023 20:50:41 GMT
How did Swindon avoid an embargo?
Exclusive: Update On Swindon Town Wages & Ownership
4th November 2023 Ryan Whelan - Owner Football, League Two,
Several Players and staff members of Swindon Town Football Club were not paid their wages on time, with an accounting error blamed for the issue. However, it is understood that at least some of the players have now been paid after money was deposited into the club by the owner, sources have informed Look Sports Media. Further to this it is also understood that the club has been placed up for sale by owner Clemente Morfuni.
Morfuni purchased Swindon Town in 2021 after a long legal battle with former chairman Lee Power. The Australian had previously owned a minority stake in the club, and worked with the Swindon Town Supporters Trust to negotiate the purchase of the historic County Ground in a 50:50 joint venture.
In August news broke that shares of the club had been sold in 2022 to pay off £2.9m in debt the League Two club owed, with Christopher Kiely & Hollie Kiely being listed afterwards as Significant interests on the club’s website. Now according to sources, the club has now been placed up for sale with Luke Dowling allegedly involved in the process.
Players were also not paid their wages on time, with some being paid on Tuesday this week, later than the money was due. Some players were, according to sources, informed that it was an accounting error that caused the late payment, however it has been suggested that an injection of money was needed to cover the wages. It is unknown at this time if all staff and players have received their wages.
Swindon Town were thrashed by Aldershot Town 4-7 at home today in the FA Cup.
The club were contacted for their response on the 1st November 2023 and 4th November 2023, and have been offered the right to reply but are yet to respond to Look Sports Media’s request.
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Embargo
Nov 4, 2023 21:02:51 GMT
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Post by garethl on Nov 4, 2023 21:02:51 GMT
I think times are hard for everyone TBH, I really don't expect our club to be any different. Given the size of our club and the huge expenditure required to maintain a ELF club, and provide finance for required infrastructure I expect it to be sailing close to the wind. As fans or even small shareholders we have to trust in the board as we don't have any choice unless someone here wants to buy a controlling interest in the club. I knew the club was looking for new investment (what club isn't) hopefully this new chap has helped in that direction? I think anyone who invests large sums of money in a football club is completely mad, but they don't do it to throw their money away. I am generally a bit of a moaner but in this situation I can see why the club may wish to keep their lips sealed. I think most who ‘invest’ their money are well aware they are going to be burning some in lower league football. Only chancers and scammers try and make cash out of it, usually risking ‘their’ club in the process. Bit different in the PL where some of those coming in are looking to profit in a big way - at Man U, Liverpool etc. Even then Man City and Newcastle owners doing it for a very different reason and can spend limitless amounts with no regard to making cash themselves.
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Embargo
Nov 4, 2023 21:06:35 GMT
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Post by garethl on Nov 4, 2023 21:06:35 GMT
How did Swindon avoid an embargo? Exclusive: Update On Swindon Town Wages & Ownership 4th November 2023 Ryan Whelan - Owner Football, League Two, Several Players and staff members of Swindon Town Football Club were not paid their wages on time, with an accounting error blamed for the issue. However, it is understood that at least some of the players have now been paid after money was deposited into the club by the owner, sources have informed Look Sports Media. Further to this it is also understood that the club has been placed up for sale by owner Clemente Morfuni. Morfuni purchased Swindon Town in 2021 after a long legal battle with former chairman Lee Power. The Australian had previously owned a minority stake in the club, and worked with the Swindon Town Supporters Trust to negotiate the purchase of the historic County Ground in a 50:50 joint venture. In August news broke that shares of the club had been sold in 2022 to pay off £2.9m in debt the League Two club owed, with Christopher Kiely & Hollie Kiely being listed afterwards as Significant interests on the club’s website. Now according to sources, the club has now been placed up for sale with Luke Dowling allegedly involved in the process. Players were also not paid their wages on time, with some being paid on Tuesday this week, later than the money was due. Some players were, according to sources, informed that it was an accounting error that caused the late payment, however it has been suggested that an injection of money was needed to cover the wages. It is unknown at this time if all staff and players have received their wages. Swindon Town were thrashed by Aldershot Town 4-7 at home today in the FA Cup. The club were contacted for their response on the 1st November 2023 and 4th November 2023, and have been offered the right to reply but are yet to respond to Look Sports Media’s request. There are rumours of issues but that’s all it is at this stage. One to watch. Always a bit going on ownership wise down there!
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Post by pinewalker on Nov 4, 2023 22:07:54 GMT
Just out of curiosity, what would it take to have it re-instituted? Read the Companies Act 2006 as amended, which can be found via various search engines. Shareholders are given the term Members in this Act. A variable percentage of Members usually stated in the Articles of Association may require the directors to convene an AGM. Small companies may dispense with an AGM. But the Directors may not conduct business which would have required a resolution to be passed at an AGM without circulating to all members an opportunity for them to vote on the business. Directors must also circulate audited accounts of the company prior to a deadline for receiving motions .
Generally you can read the constraints on the officers and directors of the company as requiring them to inform Members of matters which could affect the value of Members' shareholdings and not to take any actions without notice to Members that they might suppose would be opposed by the majority of Members were they given notice.
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Embargo
Nov 4, 2023 22:44:17 GMT
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Post by steveb on Nov 4, 2023 22:44:17 GMT
There will be more than 2,000 fans there trust me on that. I trusted you! What happened?
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Post by ggl on Nov 4, 2023 22:57:06 GMT
Just my personal take on this saga ……… Back in the day when we were a little non- league club I’m guessing the average supporter , me included , felt like we were a part of the club . There were not many of us going to matches week in and week out , home and away particularly . It was a bit like a little village where most people either knew each other or at least recognised most other supporters in their vicinity . But with the success of the club over recent years that intimate connection has perhaps become a little diluted . We still long for that cute little village feeling but nowadays there is a great big new estate built and it’s not the same anymore . That is how I see “our” club nowadays , we are now punters and not treasured fans . Yes , Matt and the players applaud our attendance etc and no doubt appreciate our vocal support at difficult away fixtures but it is still not the same as the “ old” days . In the “old” days an attendance like todays would have been seen as a great financial result but not now because our little club has grown up and it’s needs are greater than before , I.e. revenue . So , to sum up this waffle of mine I get those that think the club should engage with us more and I would love that to . But , I suspect that those days have now gone because we are now just punters now that the club is big business and this will not change unless we fallback through the leagues . Just my thoughts !
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kpinwp
1st team Player
Posts: 1,245
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Post by kpinwp on Nov 4, 2023 23:30:25 GMT
Was that an impolite question? If the club felt it appropriate to continue with AGMs despite them not being mandatory, and covid now being in abeyance, could they not restart them? For the same reasons they had for keeping them going in the first place. This has been a thread partly concerned with lack of communication. Has it not? Yes, was saying the club was impolite for not having them, not you. I.e. using manners as a noun not an interjection. Apologies. I got the wrong end of the stick, there. (Edit: got a bit further than a Monty Python sketch, tho'. )
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Post by garethl on Nov 5, 2023 8:26:52 GMT
Just my personal take on this saga ……… Back in the day when we were a little non- league club I’m guessing the average supporter , me included , felt like we were a part of the club . There were not many of us going to matches week in and week out , home and away particularly . It was a bit like a little village where most people either knew each other or at least recognised most other supporters in their vicinity . But with the success of the club over recent years that intimate connection has perhaps become a little diluted . We still long for that cute little village feeling but nowadays there is a great big new estate built and it’s not the same anymore . That is how I see “our” club nowadays , we are now punters and not treasured fans . Yes , Matt and the players applaud our attendance etc and no doubt appreciate our vocal support at difficult away fixtures but it is still not the same as the “ old” days . In the “old” days an attendance like todays would have been seen as a great financial result but not now because our little club has grown up and it’s needs are greater than before , I.e. revenue . So , to sum up this waffle of mine I get those that think the club should engage with us more and I would love that to . But , I suspect that those days have now gone because we are now just punters now that the club is big business and this will not change unless we fallback through the leagues . Just my thoughts ! Couldn’t be further away from how I feel about the club. Closer than ever and proud and excited about the progress.
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Post by ggl on Nov 5, 2023 9:26:25 GMT
Just my personal take on this saga ……… Back in the day when we were a little non- league club I’m guessing the average supporter , me included , felt like we were a part of the club . There were not many of us going to matches week in and week out , home and away particularly . It was a bit like a little village where most people either knew each other or at least recognised most other supporters in their vicinity . But with the success of the club over recent years that intimate connection has perhaps become a little diluted . We still long for that cute little village feeling but nowadays there is a great big new estate built and it’s not the same anymore . That is how I see “our” club nowadays , we are now punters and not treasured fans . Yes , Matt and the players applaud our attendance etc and no doubt appreciate our vocal support at difficult away fixtures but it is still not the same as the “ old” days . In the “old” days an attendance like todays would have been seen as a great financial result but not now because our little club has grown up and it’s needs are greater than before , I.e. revenue . So , to sum up this waffle of mine I get those that think the club should engage with us more and I would love that to . But , I suspect that those days have now gone because we are now just punters now that the club is big business and this will not change unless we fallback through the leagues . Just my thoughts ! Couldn’t be further away from how I feel about the club. Closer than ever and proud and excited about the progress. Perhaps I did not express myself correctly in some parts . I too am very proud and excited about the progress the club has made and I am certainly not complaining about now supporting an EFL side . I was just expressing my feeling that because the club has grown so much some of the intimacy , if that is the right word , has gone . That is just my view and again I am not complaining about our progress . Long may it continue because that is a small price to pay 😃.
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Post by boomboom on Nov 5, 2023 9:34:35 GMT
Turn out was disappointing, but times are hard and with xmas around the corner, its not a big surprise. I agree that the crowd was disappointing but believe there are more pertinent reasons for it. Otherwise, why were there three thousand at Chesham and Ramsgate which are surely experiencing similar economic conditions to Sutton and Christmas likewise falls on 25 December? Sadly, the FA Cup no longer holds the allure it once did and one symptom of this is often low attendances during the early rounds where a team plays host to one from a lower league or division as at GGL yesterday. With no disrespect to Fylde there could have hardly been less attractive opponents and moreover, from 200+ miles away. Added to that has been our poor form for most of the season and some uninspiring performances. I attended as a ST holder and considered my reduced concession-rate ticket was pretty decent value overall.
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Post by davef on Nov 5, 2023 11:17:40 GMT
Boomboom has highlighted an issue that goes back at least ten years. Even before we started fielding youngsters in the Surrey Senior Cup, attendances were falling away in the county cup. This was also noticeable in the FA Trophy when gates were disappointing if the tie did not have some sort of glamour element (eg h v Wrexham). Now that we are in the EFL, is a 1st Round tie only attractive to some if it is against one of the 'old school' League clubs ? Are we victims of our own success, how do you top beating Leeds and then hosting Arsenal ?
It's not just us though, you even see it with EPL clubs who have half-full grounds for FA Cup and League Cup games.
I know that the Board would love to find ways to address this. So, if you have any bright ideas do step forward.
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Embargo
Nov 5, 2023 11:23:27 GMT
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Post by garethl on Nov 5, 2023 11:23:27 GMT
It’s inevitable that playing a non league side at home will not be as attractive as a higher side or indeed an away one somewhere different. Not too much the club can do about that. Can’t imagine many turned up for Alton at home back in the day. Am sure there’ll be a few more at round 2 (if at home) as the carrot gets that a bit bigger. The hope always has to be progression to the ‘glamour’ tie and taking the prize money along the way.
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Post by Amber Aleman on Nov 5, 2023 14:26:35 GMT
Bradford City drew fewer than 4,000 yesterday for what was, on the face of things, an attractive FA Cup tie at home to Wycombe, a club from the next division up. The Bantams have been averaging around 17,000 for league matches. The discrepancy does rather illustrate the point about the Cup losing its allure.
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Post by paz on Nov 5, 2023 14:29:53 GMT
Turn out was disappointing, but times are hard and with xmas around the corner, its not a big surprise. I agree that the crowd was disappointing but believe there are more pertinent reasons for it. Otherwise, why were there three thousand at Chesham and Ramsgate which are surely experiencing similar economic conditions to Sutton and Christmas likewise falls on 25 December? Sadly, the FA Cup no longer holds the allure it once did and one symptom of this is often low attendances during the early rounds where a team plays host to one from a lower league or division as at GGL yesterday. With no disrespect to Fylde there could have hardly been less attractive opponents and moreover, from 200+ miles away. Added to that has been our poor form for most of the season and some uninspiring performances. I attended as a ST holder and considered my reduced concession-rate ticket was pretty decent value overall. Fair points. But it is the smaller clubs that view the FA cup as the most exciting fixtured of their season, this has always been the same to an extent, the small guys want to get the chance for a big draw and get to play higher opposition, and there fans also do not have the same season outgoings as the league sides have, with cheaper season tickets and gate tickets, and probably charging a £10 a go for this match in many cases. I think as you say, our form has probably not helped of late. On that point, I actually think our last 4 games, while not all wins, have been pretty entertaining games.
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Post by Del on Nov 5, 2023 17:06:20 GMT
Back in the Good Old Days before we had an embargo.............................................
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