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Swindon Town on verge of new ownership

Football News 24/7
Swindon are set to be sold to a local consortium, understood to be led by Banbury United owner Jed McCrory.
No other names involved in the consortium have yet been revealed.

The club secured promotion as champions under Paolo Di Canio last season and now sit third in League One, but their financial situation has come under scrutiny in recent weeks after Betfair founder Andrew  Black's decision to sell up.

It was thought around £9m was owed to investors - with total debts amassing £13m - and the club had considered entering administration in a bid to wipe out the unsecured debt.

Swindon have already appointed advisors to restructure their finances and a letter had been sent to every club in the Football League stating that all Swindon players were for sale.

However, the sale of the club means this is likely to be retracted, along with any threat of administration.

It is thought meetings have already taken place to discuss whether money will be made available to Di Canio to strengthen his squad before Thursday's transfer deadline.

Speaking last month, the club's current chairman Sir William Patey, who is set to leave his position when the new owners are confirmed, insisted the club had no money to spend on big signings.

McCrory was rumoured to be interested in another League 2 club last year but that deal never materialised.

KN

 

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