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Matt Ritchie Sale

PUBLISHED

12:23 31st January 2013

by Swindontownfc.co.uk

THE STFC Board acknowledge the disappointment expressed by many fans over the sale of Matt Ritchie to AFC Bournemouth yesterday but it is important that the sale of Matt Ritchie is put into context.

As everyone is fully aware, following the requirement to seek new owners for the club, Swindon Town FC faced the very serious prospect of administration, had it not been successful in securing new investors in an incredibly compressed time frame.  Within this time frame a new consortium has been identified and yesterday evening contracts were exchanged for the sale of the majority shareholding. There now follows a brief period whilst the new owners await Football League approval under the Owners & Directors Test and during this period of time the club requires funding. A joint decision was taken between the current and prospective new owners to sell Matt Ritchie in order to meet this funding requirement.

The alternative to not securing new owners and securing short term funding would have seen a significant restructure to the Club and the possibility administration. As such, the club’s long term survival and wellbeing had to be the priority.

Losing Matt Ritchie from Paolo Di Canio’s Championship challenging side is very disappointing but the prospective new owners of the club remain committed to supporting Paolo Di Canio and assisting him with the quest to achieve promotion to the Championship at the end of the season.