Post by Deleted on Jan 17, 2013 7:26:13 GMT
BBC News
Spending money you haven't got is an effective way of speeding past more sensibly run clubs on your way to the Conference. Plymouth Argyle are heading that way this season and probably it will be Portsmouth next, followed by Swindon Town the season afterwards?
From the BBC website this morning:
Swindon Town consider entering administration to cut £13m debts
By Chris Wise
Swindon Town could be forced in to administration in order to reduce their debts - thought to be around £13m.
BBC Wiltshire has learned Swindon's owner, Andrew Black, is unwilling to put in further funds, and is actively seeking fresh investment.
Around £9m is set to be wiped from the deficit if they enter administration for a third time in their history, but they may then face a points deduction.
Town are likely to appoint accountants to restructure their finances.
A reduction in the monthly playing budget at Swindon - which is believed to be in excess of £250,000 - is likely to be a priority, meaning League One's fifth-placed club could be forced to sell players.
And if entering administration is their only viable option, the Football League could impose a 10-point penalty.
Who is Andrew Black?
Black was co-founder of betting exchange Betfair.
He was part of a consortium, led by ex-chairman Andrew Fitton, which took over Swindon in 2008.
Although rarely seen at the County Ground, his investment has put Town in the top 30 richest football clubs in England.
When Paolo Di Canio was appointed as manager in May 2011, he was given substantial funds to add to the Swindon squad and last season the re-shuffle paid dividends, as he led them back to League One as champions at the first time of asking.
Di Canio went on to make seven signings over the summer but it eventually led to the club breaking Football League regulations by overspending on wages and fees, and they were given a month-long transfer embargo earlier this season.
New chairman Sir William Patey, who replaced Jeremy Wray the week after the embargo was sanctioned, said earlier this month that no money would be available for Di Canio to spend in the January transfer window.
Patey added: "The dream scenario is we'd be in the Championship with new investors and new owners, but there are a lot of other things that could happen too, and I do stress the money situation is extremely tight."
And on being told he may not be able to re-sign key loan players Chris Martin, Danny Hollands and John Bostock, Di Canio said he would be willing to invest up to £30,000 of his own money to keep them at the County Ground.
Owner Black was part of a consortium which took over Swindon in 2008.
A board meeting has been called for Saturday, with several external parties understood to be interested in purchasing the club
It's no doubt fun while it lasts but once the money has all been spent, players released and creditors left out of pocket the only way is down.
Spending money you haven't got is an effective way of speeding past more sensibly run clubs on your way to the Conference. Plymouth Argyle are heading that way this season and probably it will be Portsmouth next, followed by Swindon Town the season afterwards?
From the BBC website this morning:
Swindon Town consider entering administration to cut £13m debts
By Chris Wise
Swindon Town could be forced in to administration in order to reduce their debts - thought to be around £13m.
BBC Wiltshire has learned Swindon's owner, Andrew Black, is unwilling to put in further funds, and is actively seeking fresh investment.
Around £9m is set to be wiped from the deficit if they enter administration for a third time in their history, but they may then face a points deduction.
Town are likely to appoint accountants to restructure their finances.
A reduction in the monthly playing budget at Swindon - which is believed to be in excess of £250,000 - is likely to be a priority, meaning League One's fifth-placed club could be forced to sell players.
And if entering administration is their only viable option, the Football League could impose a 10-point penalty.
Who is Andrew Black?
Black was co-founder of betting exchange Betfair.
He was part of a consortium, led by ex-chairman Andrew Fitton, which took over Swindon in 2008.
Although rarely seen at the County Ground, his investment has put Town in the top 30 richest football clubs in England.
When Paolo Di Canio was appointed as manager in May 2011, he was given substantial funds to add to the Swindon squad and last season the re-shuffle paid dividends, as he led them back to League One as champions at the first time of asking.
Di Canio went on to make seven signings over the summer but it eventually led to the club breaking Football League regulations by overspending on wages and fees, and they were given a month-long transfer embargo earlier this season.
New chairman Sir William Patey, who replaced Jeremy Wray the week after the embargo was sanctioned, said earlier this month that no money would be available for Di Canio to spend in the January transfer window.
Patey added: "The dream scenario is we'd be in the Championship with new investors and new owners, but there are a lot of other things that could happen too, and I do stress the money situation is extremely tight."
And on being told he may not be able to re-sign key loan players Chris Martin, Danny Hollands and John Bostock, Di Canio said he would be willing to invest up to £30,000 of his own money to keep them at the County Ground.
Owner Black was part of a consortium which took over Swindon in 2008.
A board meeting has been called for Saturday, with several external parties understood to be interested in purchasing the club
It's no doubt fun while it lasts but once the money has all been spent, players released and creditors left out of pocket the only way is down.
