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Club News

Club Statement: Companies House

17 August 2023

Club News

Club Statement: Companies House

17 August 2023

Swindon Town Football Club would like to issue the following statement from Clem Morfuni:

"Dear Supporters,

"I want to address any concerns about the recent Companies House filing and the confirmation statement reflecting shares being transferred last September.

"First, I know you all want to know what's happening, and I respect that, and it's better you hear about things directly from the club, not some online legal papers. In this instance, mistakes have been made and I’m going to go into the detail here.

"When I purchased the Club, there were some significant financial issues to overcome, including over £7m of debt. I’ve done what I can there and put in nearly £6m of my own money to steady the ship, but it always needs more and hence the reason why we are pushing for fans support continually and to make sure that this club is sustainable in the long term. 

"I was aware of a possible outstanding debenture, but my understanding was it was debt that wasn’t due anytime soon. Obviously in the circumstances due diligence was impossible and I took the club as it was and inherited whatever I found. My understanding around the debenture proved to be wrong and something I believed wasn’t an issue became a huge issue and we suddenly had a few days to pay a £2.9 million debt or the club go into administration.

"I didn’t possess sufficient liquid funds at the time to settle the entire sum at such short notice while also addressing the substantial inherited debt. Money was borrowed from two individuals that I reached out to and Shares in the club were utilised as security for the loan as virtually all my assets are in Australia. While most of the money has been repaid and the majority of the shares reclaimed a small minority shareholding remains to these two individuals. They have had no interest in running the club and want no influence over the club whatsoever.

"Mistakes happen. We're not perfect, and neither is any other club out there. What matters is how we own up to it, fix what needs fixing, and keep moving forward. I apologise to all supporters for the confusion this has caused.

"I have to run the club and make decisions and can’t run every decision by everyone but I can promise you whether my decisions are good or bad they are always made with the best interest of the club at heart.

"One promise I made when I took over was that I would never take a penny out of the club and would only put money into the club which I continue to do and I will always stand by that. 

"Because of the state of the club when I took over and the debenture, the amount I have put in so far has been far more than I anticipated, and the job has been tougher than I expected but I still maintain together we can run a sustainable club and get the club to the promotion and beyond where it should be.

"I hope that gives clarity on everything, I didn’t plan to make any statements but on the back of speaking to Rob Angus yesterday, I felt it was the right thing to do.

"Please continue your incredible support of our great club and let’s continue to work together to take it forward."

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