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 Posted by ESPN Staff
Jul 3, 2007

Penniless Swindon in takeover talks

Swindon are the latest Football League club to become the subject of a takeover bid - saving the League One newcomers from a possible winding-up order.

The Robins announced on Tuesday that they have managed to attract 'significant investment' to enable the formation of a new consortium that will begin the due diligence procedure with a view to taking over at the County Ground within the next eight weeks.

Town director Bob Holt said: 'This is fantastic news for all the loyal supporters of Swindon Town Football Club. It has been difficult to secure and attract new investment particularly when there has been such negative press in the local media. The new consortium have demonstrated that, without any shadow of doubt, they have, in addition to their knowledge of football, the financial status to support the football club in its endeavours to gain promotion to the Championship.

'The new consortium has the full support of (manager) Paul Sturrock and his team and will bring to the football club an added dimension that will both secure and enhance the standard of football at the County Ground. It has been a long time coming but the current board feel they have at last found the solution that will disperse forever the dark financial clouds that have for too long hung over the County Ground.'

The announcement comes less than 24 hours after Swindon moved to reassure their fans over the future of the club after missing a deadline to make a final payment to their creditors. Under the Company Voluntary Agreement reached in order to come out of administration in 2002, the deadline for the final £900,000 instalment was Saturday. The failure to meet this deadline could have been an application to have the club wound up but the consequences of missing the payment now look set to be reviewed.

A club statement read: 'In the light of today's announcement and the forthcoming injection of funds, the supervisor of the club's CVA, Andrew Andronikou, will be writing to the club's creditors and will shortly provide both the press and the club's fan base an update in this regard.'