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Open letter to acting chief executive Martyn Starnes
Dear Martyn,
We are concerned to see that, nearly two weeks since the Swindon
Advertiser wrote to the club with a list of questions regarding the
proposed new investment in the club, none of those questions have been
answered.
Clearly the club's silence in this matter only serves to fuel the climate of
suspicion and doubt among the club's fans.
While we accept that confidentiality agreements may, as you claim, prevent
the club from revealing details of the investors' identity, there are
still a number of key questions regarding the club's future which are of
great concern to fans and we see no reason why any such agreement should
prevent you from answering them.
To end the present cycle of rumour and counter-rumour, we would therefore
request prompt answers to the following questions, all of which are of vital
concern to fans of the club:-
- Will Paul Sturrock remain as manager of the team?
- Will he retain full control of all aspects of the football side of the
club including team selection, and the buying and selling of players, free
from inteference from any third party?
- Both the club and Andrew Andronikou have said that this new investment
will bring financial stability to the club - aside from paying the CVA in
full, can you confirm that the proposed deal would enable the club to meet
it's current liabilities, meet the projected shortfall for the next
three-four seasons and provide Paul Strurrock with additional funds for
the playing squad?
- The club have spoken of an eight-week timeframe for due diligence, which
coincides with the timeframe Mr Andronikou set out for
holding a creditor's meeting. Will this proposed
deal then allow the CVA to be paid in full by that time?
- If this proposed deal does not come off, is there a back-up plan to meet
all of the club's immediate liabilities including the CVA?
- If the CVA cannot be paid in full, has the club had any discussion with
the Football League regarding the possible extension of the CVA, to find
out how they would interpret such an action under their insolvency rules?
- Will Swindon Town Football Club Limited still be the holding company
of/major shareholder in the football club or will the majority
shareholding in the club be vested in another vehicle?
- Is this a complete takeover or will the Wills family and their "General
Manager" Mike Diamandis remain involved in the running of either the
football club or any associated property company after the deal is
completed?
- Will the club remain at the County Ground, or at least within the
conurbation of Swindon?
- There has been considerable talk of a split structure, similar to that
proposed to Bill Power a year ago, where the new investors would take charge of the
football side and Mike Diamandis, along with elements of the current
board, would see through the proposed ground redevelopment. This raises
the prospect of a similar scenario to that endured at Oxford where the
owner effectively built himself a new stadium, the profits and revenues
from which benefited him alone, including the money paid out by the
football club for the privilege of playing at "their" stadium. Can you
reassure fans that the profits and revenues from a ground redevelopment
would be put into and be legally under the control of the football club?
As none of the above questions can have any bearing on the identity of the
investors, and given your stated eagerness to reassure fans that the club
will be in safe hands on an ongoing basis, we look forward to recieving
your answers on all the above points at your earliest convenience.
Yours Sincerely,
The Board of TrustSTFC
Reply from Martyn Starnes
Thank you for your email containing your open letter in which you raise
a number of questions relating to the proposed new investment.
Whilst I understand the reasons for you writing to me in this regard, I
am unable to provide you with a detailed response at this moment in
time. Negotiations with the investors are continuing and I hope we will
be in a position to make an announcement in the very near future. Until
then I am bound by confidentiality arrangements that prevent me from
making further comment.
Kind regards
Martyn Starnes
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