High Court hearing on STFC ownership breaks for lunch
Updated 11:11pm Wednesday 25th June 2014 in Latest News
LEE Power was not confirmed as Swindon Town owner until eight months after his initial £1.2m cash injection because he was wrongly led to believe he was not Football League-approved.
During the morning session of the High Court hearing to determine the ownership of Town, the current chairman alleged Jed McCrory, his predecessor, had told him he was only approved as a director.
The Football League confirmed Mr Power had passed the fit and proper persons' test required on July 11 last year, but Power went on believing this did not allow him to take up his option agreement and become club owner.
The former professional footballer first became involved with the club when it was under a transfer embargo and required £1.2m in funds to lift the ban.
Mr McCrory and his holding company Seebeck 87, which bought the club from Andrew Black in 2013, were allegedly unable to raise thr seven-figure sum before a March 28 deadline.
Mr Power entered the fray and provided the funds through his holding firm Swinton Reds 20, along with his co-director Stephen Crouch, under the agreement the pair would ultimately assume 60 per cent stake in Swindon Town further down the line.
This money satisfied the Football League and the embargo was lifted before the full sum was returned to Swinton Reds 20 on April 8 last year.
The share sale agreement, which would ultimately give Swinton Reds 20 a controlling stake at the County Ground, would expire 14 days after the March 27 transaction, but Mr Power alleges this was extended to three years.
Mr N Strauss QC's decision on whether this option agreement was extended will be the deciding factor in where the power at the County Ground lies.
The court shall resume at 2pm with evidence from director Sangita Shah.