High Court hearing on STFC ownership breaks for lunch

The Wiltshire Gazette and Herald: High Court hearing on STFC ownership breaks for lunch High Court hearing on STFC ownership breaks for lunch

LEE Power was not confirmed as Swindon Town owner until eight months after his initial £1.2m cash injection because he was wrongly led to believe he was not Football League-approved.

During the morning session of the High Court hearing to determine the ownership of Town, the current chairman alleged Jed McCrory, his predecessor, had told him he was only approved as a director.

The Football League confirmed Mr Power had passed the fit and proper persons' test required on July 11 last year, but Power went on believing this did not allow him to take up his option agreement and become club owner.

The former professional footballer first became involved with the club when it was under a transfer embargo and required £1.2m in funds to lift the ban.

Mr McCrory and his holding company Seebeck 87, which bought the club from Andrew Black in 2013, were allegedly unable to raise thr seven-figure sum before a March 28 deadline.

Mr Power entered the fray and provided the funds through his holding firm Swinton Reds 20, along with his co-director Stephen Crouch, under the agreement the pair would ultimately assume 60 per cent stake in Swindon Town further down the line.

This money satisfied the Football League and the embargo was lifted before the full sum was returned to Swinton Reds 20 on April 8 last year.

The share sale agreement, which would ultimately give Swinton Reds 20 a controlling stake at the County Ground, would expire 14 days after the March 27 transaction, but Mr Power alleges this was extended to three years.

Mr N Strauss QC's decision on whether this option agreement was extended will be the deciding factor in where the power at the County Ground lies.

The court shall resume at 2pm with evidence from director Sangita Shah.
 

Comments (43)

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2:08pm Wed 25 Jun 14

As far as I go says...

Lets get this chump Power out of Swindon for good...

TEAM JED!!!!!
Lets get this chump Power out of Swindon for good... TEAM JED!!!!! As far as I go
  • Score: -72

2:12pm Wed 25 Jun 14

bradley red 1 says...

Wrongly led to believe? yeah right you invest all that money not knowing what you are really doing? I do not trust either party and the whole thing is a farce!
Wrongly led to believe? yeah right you invest all that money not knowing what you are really doing? I do not trust either party and the whole thing is a farce! bradley red 1
  • Score: -15

2:19pm Wed 25 Jun 14

Oi Den! says...

Is there anyone McCrory did not bullshiit?
Is there anyone McCrory did not bullshiit? Oi Den!
  • Score: 35

2:29pm Wed 25 Jun 14

Davey Gravey says...

Anyone who backs Jed needs their head reading. Mr Bullsh*t is how he is known.
Anyone who backs Jed needs their head reading. Mr Bullsh*t is how he is known. Davey Gravey
  • Score: 26

2:36pm Wed 25 Jun 14

Swindon1984 says...

Makes a bit more sense now. The way I'm reading this Jed's pulled a flanker here.
Makes a bit more sense now. The way I'm reading this Jed's pulled a flanker here. Swindon1984
  • Score: 25

2:37pm Wed 25 Jun 14

old town robin says...

With the share sale agreement expiring on 27th March, it now becomes more clear of why Seebeck move to appoint 3 new board members and ownership of hte club in April, McCrory was obviously very aware of this deadline as he was most probably aware that telling Power his position was only as a club Director and not the owner because he was not FL approved.

Sounds like Lee Power and his advisor's have been very naive to trust the words of Jed McCrory. I like the way the Adver reported McCory "bought " the club from Black, I can think of another word to describe how he came to hoodwink that idiot Patey and a few others into believing he had the means to carry the club forward. The more that comes out about him, the more I can't help thinking he has conned a lot of people with his lies and his sole purpose in taking over had nothing to do with him being a football fan that a few on here believed, but a shrewd greedy business man that came in with one intention only and that was to milk the club for all it's worth..
With the share sale agreement expiring on 27th March, it now becomes more clear of why Seebeck move to appoint 3 new board members and ownership of hte club in April, McCrory was obviously very aware of this deadline as he was most probably aware that telling Power his position was only as a club Director and not the owner because he was not FL approved. Sounds like Lee Power and his advisor's have been very naive to trust the words of Jed McCrory. I like the way the Adver reported McCory "bought " the club from Black, I can think of another word to describe how he came to hoodwink that idiot Patey and a few others into believing he had the means to carry the club forward. The more that comes out about him, the more I can't help thinking he has conned a lot of people with his lies and his sole purpose in taking over had nothing to do with him being a football fan that a few on here believed, but a shrewd greedy business man that came in with one intention only and that was to milk the club for all it's worth.. old town robin
  • Score: 44

3:01pm Wed 25 Jun 14

Oi Den! says...

old town robin wrote:
With the share sale agreement expiring on 27th March, it now becomes more clear of why Seebeck move to appoint 3 new board members and ownership of hte club in April, McCrory was obviously very aware of this deadline as he was most probably aware that telling Power his position was only as a club Director and not the owner because he was not FL approved.

Sounds like Lee Power and his advisor's have been very naive to trust the words of Jed McCrory. I like the way the Adver reported McCory "bought " the club from Black, I can think of another word to describe how he came to hoodwink that idiot Patey and a few others into believing he had the means to carry the club forward. The more that comes out about him, the more I can't help thinking he has conned a lot of people with his lies and his sole purpose in taking over had nothing to do with him being a football fan that a few on here believed, but a shrewd greedy business man that came in with one intention only and that was to milk the club for all it's worth..
100% on the mark OTR.
[quote][p][bold]old town robin[/bold] wrote: With the share sale agreement expiring on 27th March, it now becomes more clear of why Seebeck move to appoint 3 new board members and ownership of hte club in April, McCrory was obviously very aware of this deadline as he was most probably aware that telling Power his position was only as a club Director and not the owner because he was not FL approved. Sounds like Lee Power and his advisor's have been very naive to trust the words of Jed McCrory. I like the way the Adver reported McCory "bought " the club from Black, I can think of another word to describe how he came to hoodwink that idiot Patey and a few others into believing he had the means to carry the club forward. The more that comes out about him, the more I can't help thinking he has conned a lot of people with his lies and his sole purpose in taking over had nothing to do with him being a football fan that a few on here believed, but a shrewd greedy business man that came in with one intention only and that was to milk the club for all it's worth..[/p][/quote]100% on the mark OTR. Oi Den!
  • Score: 15

3:06pm Wed 25 Jun 14

the wizard says...

Seemingly "deception" was committed, and Den, I agree with you wholeheartedly, but very worryingly Shah is on Jeds payroll and seems to eat at his table, and her explanation never was forthcoming and her absence since Powers arrival has been a worrying factor. I think she will sing Jeds tune as she is on his payroll seemingly.

A right can of worms, and the judge has to consider the legal aspects only, not the moral ones. which could be a spanner in the works. Hopefully he will see through this abhorrent asset stripping money hungry capital lacking rectum wipe and dispatch him back to Luton where he belongs, and he can take Muriel, the man with the wide parting, with him.
Seemingly "deception" was committed, and Den, I agree with you wholeheartedly, but very worryingly Shah is on Jeds payroll and seems to eat at his table, and her explanation never was forthcoming and her absence since Powers arrival has been a worrying factor. I think she will sing Jeds tune as she is on his payroll seemingly. A right can of worms, and the judge has to consider the legal aspects only, not the moral ones. which could be a spanner in the works. Hopefully he will see through this abhorrent asset stripping money hungry capital lacking rectum wipe and dispatch him back to Luton where he belongs, and he can take Muriel, the man with the wide parting, with him. the wizard
  • Score: 13

3:06pm Wed 25 Jun 14

bradley red 1 says...

old town robin wrote:
With the share sale agreement expiring on 27th March, it now becomes more clear of why Seebeck move to appoint 3 new board members and ownership of hte club in April, McCrory was obviously very aware of this deadline as he was most probably aware that telling Power his position was only as a club Director and not the owner because he was not FL approved.

Sounds like Lee Power and his advisor's have been very naive to trust the words of Jed McCrory. I like the way the Adver reported McCory "bought " the club from Black, I can think of another word to describe how he came to hoodwink that idiot Patey and a few others into believing he had the means to carry the club forward. The more that comes out about him, the more I can't help thinking he has conned a lot of people with his lies and his sole purpose in taking over had nothing to do with him being a football fan that a few on here believed, but a shrewd greedy business man that came in with one intention only and that was to milk the club for all it's worth..
This was and always will be my opinion of mr mccrory!
[quote][p][bold]old town robin[/bold] wrote: With the share sale agreement expiring on 27th March, it now becomes more clear of why Seebeck move to appoint 3 new board members and ownership of hte club in April, McCrory was obviously very aware of this deadline as he was most probably aware that telling Power his position was only as a club Director and not the owner because he was not FL approved. Sounds like Lee Power and his advisor's have been very naive to trust the words of Jed McCrory. I like the way the Adver reported McCory "bought " the club from Black, I can think of another word to describe how he came to hoodwink that idiot Patey and a few others into believing he had the means to carry the club forward. The more that comes out about him, the more I can't help thinking he has conned a lot of people with his lies and his sole purpose in taking over had nothing to do with him being a football fan that a few on here believed, but a shrewd greedy business man that came in with one intention only and that was to milk the club for all it's worth..[/p][/quote]This was and always will be my opinion of mr mccrory! bradley red 1
  • Score: 6

3:12pm Wed 25 Jun 14

Oi Den! says...

On a lighter note, is it just my sense of humour or is it very amusing that the BREAKING NEWS headline is everyone is having lunch?
On a lighter note, is it just my sense of humour or is it very amusing that the BREAKING NEWS headline is everyone is having lunch? Oi Den!
  • Score: 9

3:16pm Wed 25 Jun 14

mikes0708 says...

Whatever the outcome, remember a bad day in Swindon is better than a good day in Oxford!
Whatever the outcome, remember a bad day in Swindon is better than a good day in Oxford! mikes0708
  • Score: 13

3:16pm Wed 25 Jun 14

EastleazeRed says...

Jed Mc Coy sounds like a right dodgy geezer to me . Gobs off a lot on twitter by all accounts .
Jed Mc Coy sounds like a right dodgy geezer to me . Gobs off a lot on twitter by all accounts . EastleazeRed
  • Score: 4

3:22pm Wed 25 Jun 14

the wizard says...

EastleazeRed wrote:
Jed Mc Coy sounds like a right dodgy geezer to me . Gobs off a lot on twitter by all accounts .
And there was me thinking it was called twatter !!LOL.
[quote][p][bold]EastleazeRed[/bold] wrote: Jed Mc Coy sounds like a right dodgy geezer to me . Gobs off a lot on twitter by all accounts .[/p][/quote]And there was me thinking it was called twatter !!LOL. the wizard
  • Score: 0

4:12pm Wed 25 Jun 14

hertz says...

Cant wait for the next Breaking News Update , I wonder what they had for lunch ?
Cant wait for the next Breaking News Update , I wonder what they had for lunch ? hertz
  • Score: 5

4:18pm Wed 25 Jun 14

EastleazeRed says...

hertz wrote:
Cant wait for the next Breaking News Update , I wonder what they had for lunch ?
Probably went to the ritz and charged the bill to STFC :-D
[quote][p][bold]hertz[/bold] wrote: Cant wait for the next Breaking News Update , I wonder what they had for lunch ?[/p][/quote]Probably went to the ritz and charged the bill to STFC :-D EastleazeRed
  • Score: 2

4:19pm Wed 25 Jun 14

stokes_stfc says...

hertz wrote:
Cant wait for the next Breaking News Update , I wonder what they had for lunch ?
what I want to know is, what time are they having tea?
[quote][p][bold]hertz[/bold] wrote: Cant wait for the next Breaking News Update , I wonder what they had for lunch ?[/p][/quote]what I want to know is, what time are they having tea? stokes_stfc
  • Score: 4

4:37pm Wed 25 Jun 14

the wizard says...

Do you think they are having cheese with their dinner and tea ?

Probably a top up of knob cheese for Jed, lol.
Do you think they are having cheese with their dinner and tea ? Probably a top up of knob cheese for Jed, lol. the wizard
  • Score: -4

4:45pm Wed 25 Jun 14

port de soller says...

Sounds as if it´s in the hands of the GODS,oh how I hope Jed and his Cronies miss out and have to pay all costs.
Mind you if he was to win I think STFC fans would revolt
Sounds as if it´s in the hands of the GODS,oh how I hope Jed and his Cronies miss out and have to pay all costs. Mind you if he was to win I think STFC fans would revolt port de soller
  • Score: 9

4:48pm Wed 25 Jun 14

candid friend says...

Surely some of the dodgy Tory Councillors are in there somewhere? After pouring out ratepayers cash on a dodgy consultant, then giving him a £400K bonus, they then moved on to mess up their privatisations at the Oasis, Golf course etc.
It's a cause for despair to see assets like, land, Brunel etc, built up by dedicated councillors' in the past, being plundered, and squandered by an irresponsible, temporary, majority.
Surely some of the dodgy Tory Councillors are in there somewhere? After pouring out ratepayers cash on a dodgy consultant, then giving him a £400K bonus, they then moved on to mess up their privatisations at the Oasis, Golf course etc. It's a cause for despair to see assets like, land, Brunel etc, built up by dedicated councillors' in the past, being plundered, and squandered by an irresponsible, temporary, majority. candid friend
  • Score: 4

5:20pm Wed 25 Jun 14

umpcah says...

My bet is that we wont be told anything today !
My bet is that we wont be told anything today ! umpcah
  • Score: 0

6:07pm Wed 25 Jun 14

umpcah says...

umpcah wrote:
My bet is that we wont be told anything today !
We`ve been told to expect clarification tomorrow ! Wonder what all this legal wrangling is costing STFC ?
[quote][p][bold]umpcah[/bold] wrote: My bet is that we wont be told anything today ![/p][/quote]We`ve been told to expect clarification tomorrow ! Wonder what all this legal wrangling is costing STFC ? umpcah
  • Score: 1

6:42pm Wed 25 Jun 14

Davidsyrett says...

Reading the updated report, it's seems as though it's been like a kids birthday party the running of this club.I'm amazed we actually finished in the top ten.

So if I have read it right, Jed still owns 40% of the club, and doesn't want to sell them to Power. I guess that if he puts the shares on the open market now he stands to make a lot more cash Power seemingly whats to buy them at the original cost.

It begs the question, why did Power not ask for more holding in the club when he invested his £1.2M? Did he actually use an accountant to check how much Jed had invested in the club? I'm beginning to wonder if either of them are fit to run the club.
Reading the updated report, it's seems as though it's been like a kids birthday party the running of this club.I'm amazed we actually finished in the top ten. So if I have read it right, Jed still owns 40% of the club, and doesn't want to sell them to Power. I guess that if he puts the shares on the open market now he stands to make a lot more cash Power seemingly whats to buy them at the original cost. It begs the question, why did Power not ask for more holding in the club when he invested his £1.2M? Did he actually use an accountant to check how much Jed had invested in the club? I'm beginning to wonder if either of them are fit to run the club. Davidsyrett
  • Score: 1

6:53pm Wed 25 Jun 14

Oi Den! says...

Davidsyrett wrote:
Reading the updated report, it's seems as though it's been like a kids birthday party the running of this club.I'm amazed we actually finished in the top ten.

So if I have read it right, Jed still owns 40% of the club, and doesn't want to sell them to Power. I guess that if he puts the shares on the open market now he stands to make a lot more cash Power seemingly whats to buy them at the original cost.

It begs the question, why did Power not ask for more holding in the club when he invested his £1.2M? Did he actually use an accountant to check how much Jed had invested in the club? I'm beginning to wonder if either of them are fit to run the club.
Fair comment DS. Huge credit to the manager for keeping the football above it all and getting us to a respectable position.

There's no open market in the shares though - and they can't be worth anything anyway if, as we were led to believe, McCrory was the only person interested in acquiring the whole thing for a quid.

I had a look back at Patey's comments at the time of the McCrory deal. Taken in, hook line and sinker.
[quote][p][bold]Davidsyrett[/bold] wrote: Reading the updated report, it's seems as though it's been like a kids birthday party the running of this club.I'm amazed we actually finished in the top ten. So if I have read it right, Jed still owns 40% of the club, and doesn't want to sell them to Power. I guess that if he puts the shares on the open market now he stands to make a lot more cash Power seemingly whats to buy them at the original cost. It begs the question, why did Power not ask for more holding in the club when he invested his £1.2M? Did he actually use an accountant to check how much Jed had invested in the club? I'm beginning to wonder if either of them are fit to run the club.[/p][/quote]Fair comment DS. Huge credit to the manager for keeping the football above it all and getting us to a respectable position. There's no open market in the shares though - and they can't be worth anything anyway if, as we were led to believe, McCrory was the only person interested in acquiring the whole thing for a quid. I had a look back at Patey's comments at the time of the McCrory deal. Taken in, hook line and sinker. Oi Den!
  • Score: 4

6:55pm Wed 25 Jun 14

Bassett Hound says...

Davidsyrett wrote:
Reading the updated report, it's seems as though it's been like a kids birthday party the running of this club.I'm amazed we actually finished in the top ten.

So if I have read it right, Jed still owns 40% of the club, and doesn't want to sell them to Power. I guess that if he puts the shares on the open market now he stands to make a lot more cash Power seemingly whats to buy them at the original cost.

It begs the question, why did Power not ask for more holding in the club when he invested his £1.2M? Did he actually use an accountant to check how much Jed had invested in the club? I'm beginning to wonder if either of them are fit to run the club.
You could be right DS but I would sooner go with Power.according to The radio report LP is suing McCrory over £300k on non club expenditure. Looks like stories of 'consultancy' fees were correct.
[quote][p][bold]Davidsyrett[/bold] wrote: Reading the updated report, it's seems as though it's been like a kids birthday party the running of this club.I'm amazed we actually finished in the top ten. So if I have read it right, Jed still owns 40% of the club, and doesn't want to sell them to Power. I guess that if he puts the shares on the open market now he stands to make a lot more cash Power seemingly whats to buy them at the original cost. It begs the question, why did Power not ask for more holding in the club when he invested his £1.2M? Did he actually use an accountant to check how much Jed had invested in the club? I'm beginning to wonder if either of them are fit to run the club.[/p][/quote]You could be right DS but I would sooner go with Power.according to The radio report LP is suing McCrory over £300k on non club expenditure. Looks like stories of 'consultancy' fees were correct. Bassett Hound
  • Score: 5

7:17pm Wed 25 Jun 14

bradley red 1 says...

Bassett Hound wrote:
Davidsyrett wrote:
Reading the updated report, it's seems as though it's been like a kids birthday party the running of this club.I'm amazed we actually finished in the top ten.

So if I have read it right, Jed still owns 40% of the club, and doesn't want to sell them to Power. I guess that if he puts the shares on the open market now he stands to make a lot more cash Power seemingly whats to buy them at the original cost.

It begs the question, why did Power not ask for more holding in the club when he invested his £1.2M? Did he actually use an accountant to check how much Jed had invested in the club? I'm beginning to wonder if either of them are fit to run the club.
You could be right DS but I would sooner go with Power.according to The radio report LP is suing McCrory over £300k on non club expenditure. Looks like stories of 'consultancy' fees were correct.
Yes,I really do hope the truth now comes out!! certain things have gone on which has damaged the club and its reputation,I just knew from the start.of mr mccrory and his hangers ons involvement that this would all end in tears,information and the facts now need to be out in the open to all followers of the club.NO MORE BULLXXXX!!
[quote][p][bold]Bassett Hound[/bold] wrote: [quote][p][bold]Davidsyrett[/bold] wrote: Reading the updated report, it's seems as though it's been like a kids birthday party the running of this club.I'm amazed we actually finished in the top ten. So if I have read it right, Jed still owns 40% of the club, and doesn't want to sell them to Power. I guess that if he puts the shares on the open market now he stands to make a lot more cash Power seemingly whats to buy them at the original cost. It begs the question, why did Power not ask for more holding in the club when he invested his £1.2M? Did he actually use an accountant to check how much Jed had invested in the club? I'm beginning to wonder if either of them are fit to run the club.[/p][/quote]You could be right DS but I would sooner go with Power.according to The radio report LP is suing McCrory over £300k on non club expenditure. Looks like stories of 'consultancy' fees were correct.[/p][/quote]Yes,I really do hope the truth now comes out!! certain things have gone on which has damaged the club and its reputation,I just knew from the start.of mr mccrory and his hangers ons involvement that this would all end in tears,information and the facts now need to be out in the open to all followers of the club.NO MORE BULLXXXX!! bradley red 1
  • Score: 1

7:30pm Wed 25 Jun 14

bradley red 1 says...

CONFUSED AND INCONCLUSIVE SAYS A GREAT DEAL ABOUT SWINDON TOWN FOOTBALL CLUB,I DO NOT WANT EITHER PARTY INVOLVED RUNNING THE CLUB,I HAVE NO TRUST OR FAITH IN EITHER OF THE TWO,THE CIRCUS CONTINUES.......
CONFUSED AND INCONCLUSIVE SAYS A GREAT DEAL ABOUT SWINDON TOWN FOOTBALL CLUB,I DO NOT WANT EITHER PARTY INVOLVED RUNNING THE CLUB,I HAVE NO TRUST OR FAITH IN EITHER OF THE TWO,THE CIRCUS CONTINUES....... bradley red 1
  • Score: 1

7:53pm Wed 25 Jun 14

smirg kcab says...

Only one winner in all this, miles storey, well done get as far as you can from the chuckle brothers.
Only one winner in all this, miles storey, well done get as far as you can from the chuckle brothers. smirg kcab
  • Score: -1

8:22pm Wed 25 Jun 14

Di kanny oh says...

bradley red 1 wrote:
CONFUSED AND INCONCLUSIVE SAYS A GREAT DEAL ABOUT SWINDON TOWN FOOTBALL CLUB,I DO NOT WANT EITHER PARTY INVOLVED RUNNING THE CLUB,I HAVE NO TRUST OR FAITH IN EITHER OF THE TWO,THE CIRCUS CONTINUES.......
You take it over then, Town are inundated with people waiting to take over the club NOT! Just coming out of a decent season with Lee Power running the show is good enough for me considering there is no one else out there and certainly don't want Jed the Red.
[quote][p][bold]bradley red 1[/bold] wrote: CONFUSED AND INCONCLUSIVE SAYS A GREAT DEAL ABOUT SWINDON TOWN FOOTBALL CLUB,I DO NOT WANT EITHER PARTY INVOLVED RUNNING THE CLUB,I HAVE NO TRUST OR FAITH IN EITHER OF THE TWO,THE CIRCUS CONTINUES.......[/p][/quote]You take it over then, Town are inundated with people waiting to take over the club NOT! Just coming out of a decent season with Lee Power running the show is good enough for me considering there is no one else out there and certainly don't want Jed the Red. Di kanny oh
  • Score: 2

8:28pm Wed 25 Jun 14

jayden says...

REPORTS SAY; Lee Power had cheese and pickle on white bread brought from home in his spider man lunch box. Jed slipped off to the pub for a plough mans and a few beers and some salted nuts .
REPORTS SAY; Lee Power had cheese and pickle on white bread brought from home in his spider man lunch box. Jed slipped off to the pub for a plough mans and a few beers and some salted nuts . jayden
  • Score: 0

8:50pm Wed 25 Jun 14

Oi Den! says...

jayden wrote:
REPORTS SAY; Lee Power had cheese and pickle on white bread brought from home in his spider man lunch box. Jed slipped off to the pub for a plough mans and a few beers and some salted nuts .
I wonder if the ploughman will be seeking compensation for his lost lunch.
[quote][p][bold]jayden[/bold] wrote: REPORTS SAY; Lee Power had cheese and pickle on white bread brought from home in his spider man lunch box. Jed slipped off to the pub for a plough mans and a few beers and some salted nuts .[/p][/quote]I wonder if the ploughman will be seeking compensation for his lost lunch. Oi Den!
  • Score: 1

9:06pm Wed 25 Jun 14

the wizard says...

A quote from the updated article reads,

It was also revealed McCrory had designs on pursuing a political career and did not want to have his image tarnished by any takeover.

Well, he certainly has all the attributes for politics as was amply demonstrated today in the House of Commons.

Politicians and nappies, and now directors of football clubs, it is said, all need to be changed regularly, for the same reason.
A quote from the updated article reads, It was also revealed McCrory had designs on pursuing a political career and did not want to have his image tarnished by any takeover. Well, he certainly has all the attributes for politics as was amply demonstrated today in the House of Commons. Politicians and nappies, and now directors of football clubs, it is said, all need to be changed regularly, for the same reason. the wizard
  • Score: 0

9:27pm Wed 25 Jun 14

Davidsyrett says...

Oi Den! wrote:
Davidsyrett wrote:
Reading the updated report, it's seems as though it's been like a kids birthday party the running of this club.I'm amazed we actually finished in the top ten.

So if I have read it right, Jed still owns 40% of the club, and doesn't want to sell them to Power. I guess that if he puts the shares on the open market now he stands to make a lot more cash Power seemingly whats to buy them at the original cost.

It begs the question, why did Power not ask for more holding in the club when he invested his £1.2M? Did he actually use an accountant to check how much Jed had invested in the club? I'm beginning to wonder if either of them are fit to run the club.
Fair comment DS. Huge credit to the manager for keeping the football above it all and getting us to a respectable position.

There's no open market in the shares though - and they can't be worth anything anyway if, as we were led to believe, McCrory was the only person interested in acquiring the whole thing for a quid.

I had a look back at Patey's comments at the time of the McCrory deal. Taken in, hook line and sinker.
The point is Den, that maybe now, with the operating cost's are a lot lower, that the club might be more desirable to investors (If of course the shares can be sold on the open market). I still don't fully understand though why though there's a debate on who owns the club, surely by owning 60% LP does?
[quote][p][bold]Oi Den![/bold] wrote: [quote][p][bold]Davidsyrett[/bold] wrote: Reading the updated report, it's seems as though it's been like a kids birthday party the running of this club.I'm amazed we actually finished in the top ten. So if I have read it right, Jed still owns 40% of the club, and doesn't want to sell them to Power. I guess that if he puts the shares on the open market now he stands to make a lot more cash Power seemingly whats to buy them at the original cost. It begs the question, why did Power not ask for more holding in the club when he invested his £1.2M? Did he actually use an accountant to check how much Jed had invested in the club? I'm beginning to wonder if either of them are fit to run the club.[/p][/quote]Fair comment DS. Huge credit to the manager for keeping the football above it all and getting us to a respectable position. There's no open market in the shares though - and they can't be worth anything anyway if, as we were led to believe, McCrory was the only person interested in acquiring the whole thing for a quid. I had a look back at Patey's comments at the time of the McCrory deal. Taken in, hook line and sinker.[/p][/quote]The point is Den, that maybe now, with the operating cost's are a lot lower, that the club might be more desirable to investors (If of course the shares can be sold on the open market). I still don't fully understand though why though there's a debate on who owns the club, surely by owning 60% LP does? Davidsyrett
  • Score: 0

9:50pm Wed 25 Jun 14

old town robin says...

So what do you think of the after lunch testimony of Shah, said she was disliked by both parties, no surprise there, so hard to understand why she has hung about and is still has a place on the board.

As a football club director, she comes across as pretty bloody useless to me and since she was first appointed hasn't seemed to have provided any added value to STFC Not even sure which side she would vote on this dispute. Think her days on the board might be numbered and doubt she will be missed by too many...
So what do you think of the after lunch testimony of Shah, said she was disliked by both parties, no surprise there, so hard to understand why she has hung about and is still has a place on the board. As a football club director, she comes across as pretty bloody useless to me and since she was first appointed hasn't seemed to have provided any added value to STFC Not even sure which side she would vote on this dispute. Think her days on the board might be numbered and doubt she will be missed by too many... old town robin
  • Score: -4

10:01pm Wed 25 Jun 14

LydiardRED67 says...

old town robin wrote:
So what do you think of the after lunch testimony of Shah, said she was disliked by both parties, no surprise there, so hard to understand why she has hung about and is still has a place on the board.

As a football club director, she comes across as pretty bloody useless to me and since she was first appointed hasn't seemed to have provided any added value to STFC Not even sure which side she would vote on this dispute. Think her days on the board might be numbered and doubt she will be missed by too many...
And yet there she was sat at the back giggling with Power. Strange behaviour for someone who is not liked. (taken from the text updates provided by Beren Cross this morning)
[quote][p][bold]old town robin[/bold] wrote: So what do you think of the after lunch testimony of Shah, said she was disliked by both parties, no surprise there, so hard to understand why she has hung about and is still has a place on the board. As a football club director, she comes across as pretty bloody useless to me and since she was first appointed hasn't seemed to have provided any added value to STFC Not even sure which side she would vote on this dispute. Think her days on the board might be numbered and doubt she will be missed by too many...[/p][/quote]And yet there she was sat at the back giggling with Power. Strange behaviour for someone who is not liked. (taken from the text updates provided by Beren Cross this morning) LydiardRED67
  • Score: 2

10:10pm Wed 25 Jun 14

TheDukeOfBanbury says...

As far as I go wrote:
Lets get this chump Power out of Swindon for good...

TEAM JED!!!!!
Prat.
[quote][p][bold]As far as I go[/bold] wrote: Lets get this chump Power out of Swindon for good... TEAM JED!!!!![/p][/quote]Prat. TheDukeOfBanbury
  • Score: 3

10:17pm Wed 25 Jun 14

TheDukeOfBanbury says...

The whole of Banbury will tell you about Jed.
Politician and expense accounts. Yes I get the link.
Would love to see the back of him and the laughable clowns he brought with him. Funny they all disappear one by one with no loyalty or benefit to bring to our football club.
Whatever ever happens at least we have some evidence on what he is all about.
The whole of Banbury will tell you about Jed. Politician and expense accounts. Yes I get the link. Would love to see the back of him and the laughable clowns he brought with him. Funny they all disappear one by one with no loyalty or benefit to bring to our football club. Whatever ever happens at least we have some evidence on what he is all about. TheDukeOfBanbury
  • Score: 1

10:18pm Wed 25 Jun 14

Oi Den! says...

DS, without wishing to rehash all the old arguments, I simply don't believe the club is more attractive now to a genuine investor than it was when McCrory got hold of it. A new owner promising the same playing budget as the Black regime should have been able to cope with the operating costs, bearing in mind that the club was being given away and had no callable debt. And those costs were temporary anyway. Players' contracts do not last for ever. McCrory's success in getting the club was probably a direct result of Patey being unable to detect the smell of bullshiit.
DS, without wishing to rehash all the old arguments, I simply don't believe the club is more attractive now to a genuine investor than it was when McCrory got hold of it. A new owner promising the same playing budget as the Black regime should have been able to cope with the operating costs, bearing in mind that the club was being given away and had no callable debt. And those costs were temporary anyway. Players' contracts do not last for ever. McCrory's success in getting the club was probably a direct result of Patey being unable to detect the smell of bullshiit. Oi Den!
  • Score: 1

10:24pm Wed 25 Jun 14

Oi Den! says...

old town robin wrote:
So what do you think of the after lunch testimony of Shah, said she was disliked by both parties, no surprise there, so hard to understand why she has hung about and is still has a place on the board.

As a football club director, she comes across as pretty bloody useless to me and since she was first appointed hasn't seemed to have provided any added value to STFC Not even sure which side she would vote on this dispute. Think her days on the board might be numbered and doubt she will be missed by too many...
Another one who took us all for fools, with her laughable "commentary". Agree again OTR.
[quote][p][bold]old town robin[/bold] wrote: So what do you think of the after lunch testimony of Shah, said she was disliked by both parties, no surprise there, so hard to understand why she has hung about and is still has a place on the board. As a football club director, she comes across as pretty bloody useless to me and since she was first appointed hasn't seemed to have provided any added value to STFC Not even sure which side she would vote on this dispute. Think her days on the board might be numbered and doubt she will be missed by too many...[/p][/quote]Another one who took us all for fools, with her laughable "commentary". Agree again OTR. Oi Den!
  • Score: 0

11:07pm Wed 25 Jun 14

the wizard says...

Oi Den! wrote:
DS, without wishing to rehash all the old arguments, I simply don't believe the club is more attractive now to a genuine investor than it was when McCrory got hold of it. A new owner promising the same playing budget as the Black regime should have been able to cope with the operating costs, bearing in mind that the club was being given away and had no callable debt. And those costs were temporary anyway. Players' contracts do not last for ever. McCrory's success in getting the club was probably a direct result of Patey being unable to detect the smell of bullshiit.
Den, Patey was on Newsnight the other evening, and it seemed to me that he knows little about the subject matter, middle east and its problems, yet he was touted as an expert in negotiation etc out there. Crikey its little wonder Jed saw an opportunity with Patey in charge of talks. Lambs to the slaughter.
[quote][p][bold]Oi Den![/bold] wrote: DS, without wishing to rehash all the old arguments, I simply don't believe the club is more attractive now to a genuine investor than it was when McCrory got hold of it. A new owner promising the same playing budget as the Black regime should have been able to cope with the operating costs, bearing in mind that the club was being given away and had no callable debt. And those costs were temporary anyway. Players' contracts do not last for ever. McCrory's success in getting the club was probably a direct result of Patey being unable to detect the smell of bullshiit.[/p][/quote]Den, Patey was on Newsnight the other evening, and it seemed to me that he knows little about the subject matter, middle east and its problems, yet he was touted as an expert in negotiation etc out there. Crikey its little wonder Jed saw an opportunity with Patey in charge of talks. Lambs to the slaughter. the wizard
  • Score: 0

1:59am Thu 26 Jun 14

Wilesy says...

The fact this is in court clearly demonstrates the amateurish business skills of all concerned. Are these people claiming to be genuine businessmen? Why weren't these ownership agreements backed up with legal documentation? Basics surely! Both of them are making Vincent Tan look like Lord Sugar!

Not impressed with any of the people involved from what has been reported, although I guess Power has the money and the contacts so I suppose he's the better of the two.

Lord help us if McCrory gets the verdict, Power will be off like a shot and I would imagine he will want his money back too.

Whilst he may have the gift of the gab, I can't see McCrory reinstating himself as the 'charismatic chairman' or winning over a single fan after this debacle, I think virtually everyone is now wise to his intentions and he would stand to be the most unpopular owner / chairman ever at STFC.

£7000 and a car lol that's just embarrassing.
The fact this is in court clearly demonstrates the amateurish business skills of all concerned. Are these people claiming to be genuine businessmen? Why weren't these ownership agreements backed up with legal documentation? Basics surely! Both of them are making Vincent Tan look like Lord Sugar! Not impressed with any of the people involved from what has been reported, although I guess Power has the money and the contacts so I suppose he's the better of the two. Lord help us if McCrory gets the verdict, Power will be off like a shot and I would imagine he will want his money back too. Whilst he may have the gift of the gab, I can't see McCrory reinstating himself as the 'charismatic chairman' or winning over a single fan after this debacle, I think virtually everyone is now wise to his intentions and he would stand to be the most unpopular owner / chairman ever at STFC. £7000 and a car lol that's just embarrassing. Wilesy
  • Score: 3

7:19am Thu 26 Jun 14

port de soller says...

as said before and normal people dlagged me off,this will end in tears.mcCrory had no money,looks as if LP raised funds to satisfy the FL. 300k gone missing(jeds expenseses???LP says not Football related)
The whole thing appears to be a complete mss.Now players being sent out on loan etc.
Don´t know about administration sounds possible liwuidation.
With STFC´s track record who would invest
So I say to all you posters who have belived in Fairy stories wake up smell the COFFEE our club appears to be sinking.
Is sad as gates have been good ad cutbacks seemed to be working(or so we were told
as said before and normal people dlagged me off,this will end in tears.mcCrory had no money,looks as if LP raised funds to satisfy the FL. 300k gone missing(jeds expenseses???LP says not Football related) The whole thing appears to be a complete mss.Now players being sent out on loan etc. Don´t know about administration sounds possible liwuidation. With STFC´s track record who would invest So I say to all you posters who have belived in Fairy stories wake up smell the COFFEE our club appears to be sinking. Is sad as gates have been good ad cutbacks seemed to be working(or so we were told port de soller
  • Score: -2

9:38am Thu 26 Jun 14

hertz says...

With the council selling off all the sports assets in the town , the Link ,Oasis , the Croft , the pitch and putt courses and Broome Manor , will they also be able to sell the County Ground ?, ownig th ground would make STFC a much more interesting package to any investors . I guess we will know what the future holds a the end of today , appears both parties are claiming they are owed money so the best result is they both write off the debts then let LP carry on .
With the council selling off all the sports assets in the town , the Link ,Oasis , the Croft , the pitch and putt courses and Broome Manor , will they also be able to sell the County Ground ?, ownig th ground would make STFC a much more interesting package to any investors . I guess we will know what the future holds a the end of today , appears both parties are claiming they are owed money so the best result is they both write off the debts then let LP carry on . hertz
  • Score: 0

11:53am Thu 26 Jun 14

lifelong red says...

Sorry if I come across as stupid or naïve , as I undoubtably am when it comes to these legal issues , but am I right in assuming that in one corner we have Jed who's only interest is to be on the make , and in the other we have Lee Power who doesn't know the basic rules on how to run a business . Doesn't look good either way , but if push comes to shove , then I would be more than happy to have Lee Power running our football club .
Sorry if I come across as stupid or naïve , as I undoubtably am when it comes to these legal issues , but am I right in assuming that in one corner we have Jed who's only interest is to be on the make , and in the other we have Lee Power who doesn't know the basic rules on how to run a business . Doesn't look good either way , but if push comes to shove , then I would be more than happy to have Lee Power running our football club . lifelong red
  • Score: 0
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