Swindon Town can today confirm that all historic debentures, or debts secured against the football club under previous regimes, have now been paid off.
The move signals a huge step towards complete financial security for the football club, with £2.95million cleared by our owner, Clem Morfuni, with the help of our dedicated fans, sponsors and partners.
It means the overall outstanding figure of historic debts owed is now down to £1million, having originally stood at £7.5million around fourteen months ago.
Clem took over at SN1 back in July last year with the club under a transfer embargo, struggling to pay staff and just nine contracted players on the books.
On completing his takeover, he inherited an external debt of £4.5million, comprising of money owed to HMRC, the EFL, the local council and several other outstanding arrears.
In addition to this, there was also the £2.95million ‘debenture’ that arose following the decision of former owner Andrew Black to sell Town back in 2012, with the money secured against the club, similar to a mortgage, for almost ten years - until today.
This significant step in laying strong foundations will take another huge step forward in the coming months as we look to purchase The County Ground from Swindon Borough Council with our supporters in a unique fifty-fifty ownership structure.
The deal will be funded by the Nigel Eady Trust Fund – a huge Town fan who left a significant legacy when he sadly passed for the benefit of the football club, it’s fans and the local community.
Commenting on the latest milestone, Clem said: “I’m pleased to confirm that the historic debentures against the football club have now been satisfied.
“An incredible amount of work has gone on behind the scenes to get to this stage, and this signifies a really positive step for the future of Swindon Town.
“I would also like to pay tribute to our fans, sponsors and partners who have also paid a huge part in driving us towards this landmark achievement.
“Your support over the past 14-months, both on the pitch and off it, has been fantastic, and I feel we’ve all helped lay the strong foundations we need to take our great club forward.
“With our plans to purchase our stadium alongside our supporters progressing well, the future of this great club is looking very bright.”
Town’s Chief Executive, Rob Angus, added: “Thanks to Clem and the backing of our fans, sponsors and partners, the core of this football club is the strongest it’s been for generations.
“These foundations are essential if we are to continue building to ensure continued success moving forward, and that is exactly what we are doing under Clem’s ownership.
“I’ve no doubt exciting times lie ahead for Swindon Town with our fans by our side. A huge thank you for all your support.”
A spokesperson for The Nigel Eady Trust Fund, said: “Our trustees are delighted to hear of the progress Clem and everyone behind the scenes at the club has made in moving the club to a much more stable financial position.
“We are now significantly closer towards Nigel’s legacy being used in the way he would have wished, which is fantastic.”
