Fourth buyer in the mix

6:00am Friday 25th January 2013 in Sport By Sam Morshead

Andrew Black is looking to sell the club Andrew Black is looking to sell the club

SWINDON Town’s board met yesterday as their search for a new owner continued.

The Advertiser understands a fourth interested party is now in advanced discussions with the powers that be at the County Ground, although one domestic consortium is believed to be leading the way.

The Adver has learnt that one of the foreign investors looking at the possibility of buying up a large chunk of majority shareholder Andrew Black’s 98 per cent stake in the club is European and currently has a vested interest in a professional football club on the continent.

However, the party in question is not the front-runner as things stand, as Swindon try to tie up a deal by the end of this month It is understood that the due diligence procedure could leave the Robins with limited time to finalise any agreement before January 31.

Manager Paolo Di Canio is pleased with the state of affairs, however, saying: “There is positive energy. I can’t promise anything because I can’t sort out the situation on my own, but I know that we are in a very good position at the moment and I hope that we can go through.

“I don’t want to say more because until the deal is done it’s better to not say anything.”

Report that Sir William Patey will resign as chairman of the club when a new owner is found are believed to be accurate, with any new majority shareholder likely to want to bring their own man in to run the Robins.

Comments(25)

bowralbob says...
6:34am Fri 25 Jan 13

Tantalizing stuff! Is it a AF/JW lead deal?
I am excited as I see STFC coming out of all this intact and ready for the final promotion push.

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bowralbob says...
6:34am Fri 25 Jan 13

Met led !

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bowralbob says...
6:39am Fri 25 Jan 13

I am having a bad spelling day meant to say , is it a AF/JW led deal.
Just got in from seeing the movie Django completely shell shocked...what a movie! This is my excuse.
Don't you just hate people who make spelling misteaks.

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bowralbob says...
6:57am Fri 25 Jan 13

BBC Wilts report.."Swindon Town chairman Sir William Patey to quit after sale."

We all expected this and it is not new news, but it does sound as though the sale is imminent to me.

Great news!! Get the deal done. AND let's win the league in style!

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jayden says...
7:31am Fri 25 Jan 13

Dont forget this is swindon town ,expect the unexpected.Good luck to the lads tomorrow and another 3 points.

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deviant in the tupping pen says...
8:16am Fri 25 Jan 13

At risk of appearing overly negative, I'm with Jayden. The fat lady ain't singing just yet.

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LeGod says...
8:34am Fri 25 Jan 13

Lets hope a deal gets done soon its ok for them to say dont panic but when you dont know whats going on its makesi t difficult.
Keep the squad together, new investment and we have a great chance of making the championship. I do think a couple of the sides in the top 6 will fade away and still think Tranmere will they havent had a bad run yet and all teams have a blip and they are due one hopefully starting this weekend.

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Stratton Red says...
8:50am Fri 25 Jan 13

I guess this has already been said... AB and co have been fantastic saving and investing in our beloved club, however ABs final act, of who he sells to, will the most critical decision of his tenure. I hope he sells to someone seruiously committed to investing in the club and not someone who just wants to exploit the ground development...
*
Wonder what the odds are are 0-5 tomorrow???

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London Red says...
9:12am Fri 25 Jan 13

You are right there Stratton - if we get put into a Pompey situation with some dodgy new owner just to let AB and Co get some of their investment back it will be a nightmare!
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Though I do doubt that will happen as they do seem to generally care about the clubs future!
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5-0 is 100/1 on bet 365

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lord nikon says...
9:21am Fri 25 Jan 13

Due to Paolo's positive disposition I think there,s a great shout J Wray could be coming back into the fold. Just a personal opinion either that or he knows a great deal of dosh is coming into the club. He just seems to calm to me.

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avo says...
9:42am Fri 25 Jan 13

Paolo has been very calm indeed just lately - he is definitely mellowing as the season pregresses!
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Like everyone else, he's not perfect, but he does appear to be learning, especially in his comments through the media. The key is he is learning, his detractors would do well to remember that.

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TheDukeOfBanbury says...
10:02am Fri 25 Jan 13

Fingers crossed but feeling better and more optimistic than last week.

Have to agree, PDC appears more relaxed and comfortable on what is going on therefore hopefully concluding that he is being kept in the loop.

Interesting week ahead for sure both on and off the field.

Looking forward to tomorrow and hoping the game is on and I am not making a wasted journey.
Lets hope common sense prevails with an early pitch inspection.

Bring on the Shell Suits.

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old town robin says...
10:11am Fri 25 Jan 13

TheDukeOfBanbury wrote:
Fingers crossed but feeling better and more optimistic than last week.

Have to agree, PDC appears more relaxed and comfortable on what is going on therefore hopefully concluding that he is being kept in the loop.

Interesting week ahead for sure both on and off the field.

Looking forward to tomorrow and hoping the game is on and I am not making a wasted journey.
Lets hope common sense prevails with an early pitch inspection.

Bring on the Shell Suits.
Why would the game be in doubt, they've hardly had snow up there (if any) and the forecast I believe is above 0 with rain and possibly sleet, hardly a reason for an early inspection orgrounds to call a game off, unless you've heard something i haven't. Understand your concerns though of not wanting to make a wasted journey, I'm leaving in the next hour or two to stay with friends which won't be a wasted journey, but the same as you, I'm looking forward to hopefully seeing a good game.

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rockdog says...
10:32am Fri 25 Jan 13

If PDC is calm so am I. Like everyone else I hope JWray is involved. Swindon through and through.

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mallorca says...
10:47am Fri 25 Jan 13

So here we are again rumours,speculation life would be a Bore without them.
Latest is MR Will go to Palace,Paldini is set to be new owner at the CG,for me I do think AF and JW hopefully have set something up and if AB wants out I guess he will take what's offered.
As for Tranmere it will be a hard game and they will be out for blood so the team will need to be at there best.No doubt Pdc know's what to expect and as post said Rovers have not really had a bad run like a few of us so who know's again a point would be great 3 SUPER Good luck Reds

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Wilesy says...
11:39am Fri 25 Jan 13

I'm a bit confused, if Fitton is owed £3m million yet Black owns 98%, how does that work? LR can you help?

No surprise on SWP leaving when sale completed, he will definitely be remembered for all the right reasons if he pulls off a wonder deal!

Appreciate that Wray 'fell on his sword' for the embargo embarrassment, but did he really have to leave his role if SWP was really just a short term consultant?

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madterrier says...
12:26pm Fri 25 Jan 13

I don't know why everything is having to be rushed through by 31 January. Surely from Andrew Black's position, and if Patey wants his 'bidding war', you would want as many interested parties as possible to be able to do the necessary due diligence?

That would likely lead to more bids (and therefore potentially higher, although highest isn't necessarily best for the fans).

The only other significance of a 31 January date is it's the closing of the transfer window.

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Is that you Lovesey says...
12:38pm Fri 25 Jan 13

I think you will see AF and Wray back, Black still wants in but not as sole owner, maybe he will take a real back seat and AF will bring in some other money men........ But then why would we have needed the immense skills in SWP...

Who knows....

Cmon Town !!!!

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RamsburyRed says...
1:29pm Fri 25 Jan 13

Wilesy wrote:
I'm a bit confused, if Fitton is owed £3m million yet Black owns 98%, how does that work? LR can you help? No surprise on SWP leaving when sale completed, he will definitely be remembered for all the right reasons if he pulls off a wonder deal! Appreciate that Wray 'fell on his sword' for the embargo embarrassment, but did he really have to leave his role if SWP was really just a short term consultant?
Simple. Loans to a company need not be in the proportion of shareholding. They are completely different things.

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London Red says...
2:24pm Fri 25 Jan 13

Ramsbury is correct
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Total owed to ultimate parent company (c£7.5m in the last accounts) will represent the loans made to STFC Holdings by the directors
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This will inlcude £3m injected by AF
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the 2m+ shares owed by STFC Holdings in the club determine ownership and of that I believe AB now owns 100% of them in STFC Holdings (thus the comments by AF over share restructuring)
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That is how he has total control - but not total debt

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Wilesy says...
2:37pm Fri 25 Jan 13

Ramsbury / LR, thanks for explanation. Thought there was a simple explanation...

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LeGod says...
5:58pm Fri 25 Jan 13

They probably want it rushed through for the February payments as that has been talked about a bit and we dont want the A to happen. Just guessing that is why.

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forzaswindon12 says...
6:39pm Fri 25 Jan 13

why cant we get a chairman who's actually a real town fan for once? Couldnt the new consortium whoever they turn out to be, get a chairman in who has serious town links/is a fan?

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London Red says...
8:10pm Fri 25 Jan 13

Fans don't always make the best chairmen as they let emotion rule their heads
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We need someone who is passionate about football and wanting to see the project to success - but is strong enough to know it is a business too
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A JW / AF Hybrid is what we want - as in between their 2 approaches is probably where success is

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35 year fan says...
8:50pm Fri 25 Jan 13

madterrier wrote:
I don't know why everything is having to be rushed through by 31 January. Surely from Andrew Black's position, and if Patey wants his 'bidding war', you would want as many interested parties as possible to be able to do the necessary due diligence?

That would likely lead to more bids (and therefore potentially higher, although highest isn't necessarily best for the fans).

The only other significance of a 31 January date is it's the closing of the transfer window.
you hit the nail on the head with your last point. the club directors have legal obligations to put the club into administration unless they are satisfied it will have the cash to pay people they are doing business with. if they dont do this they will be in the firing line themselves.

it seems generally accepted that the club needs significant money injected every week and the chairman doesnt want to keep providing this.

so the club directors will conclude they have to sell players in the window to raise cash, if possible, and cut salary costs, to keep the club trading legally. unless that is a buyer is found before the end of the window with the cash to fund the monthly losses, not a possible buyer but a legally committed buyer.

player sales take time to put together so get ready for plenty of rumours in the run-up to the 31st as negotiations with players and other clubs leak out.

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