Power open to new investor at County Ground
3:50pm Tuesday 1st July 2014 in By Beren Cross, @BerenCross
A NEW investor could yet come in alongside Swindon Town chairman Lee Power after he finally saw off Jed McCrory’s attempts to regain power in the High Court today.
In a very short hearing following a two-day case last week, Nicholas Strauss QC, deputy judge of the High Court, found the share subscription agreement between Swinton Reds 20 and Seebeck 87 had been extended for three years last May.
Swinton Reds, the holding company owned by Power, now officially holds 99 per cent of shares in Seebeck, the company which owns Town.
McCrory, who did not attend the Rolls Building hearing this morning, still has an option which permits him to buy back 39 per cent of the shares in Seebeck for a nominal fee, if he wishes Speaking to the media after the hearing, Power said: “If the football club needs it then I’ll go and find it.
“Me and Sangita (Shah, club director) have got to the stage now where the club should be self-sufficient for the next couple of months.
“We’ve had these two or three months where cash flow and income has literally stopped because of this, and again it has been £700,000 or £800,000 that has needed to be injected over the past two months which we didn’t expect to do.
“It’s been a difficult time. If I felt someone could come in and help improve the football club then obviously we would do that.”
Over the course of the case, it was revealed Town had faced administration, a transfer embargo and an end to its existence, if it had not been for the £2m invested by Power over the past 12 months.
There had also been talk last September of McCrory and Power inviting a third investor on-board to support the latter, who was pouring his own money into the County Ground, with little from the former.
In his summing up, Judge Strauss said:”The parties reached a clear agreement to revive the share subscription agreement with a new period for completion.”
At several points in his summary, Judge Strauss said he did not believe the evidence McCrory submitted at the witness stand last week.
His conclusion the agreement was extended in time, means Power was well within his rights to execute the agreement last year and take hold of the club in December.
He said: “I was comfortable that this was a headache. Like I said in my programme notes, this was a headache not a worry, but we’ve had to take plenty of Anadin.
“It’s because of the other case, which will follow shortly, where there’s monies that are missing from the club and it’s only been, we believe, because of that they’ve come up with these lies, put three directors in and try to cause all sorts of problems.
“These are the people that never put one penny in the club and I think the judge made reference to the fact Mr McCrory never had any funds.
“It’s been a difficult time because football fans are fickle, no matter where you are.
“I’ve been in football my whole life, I played for 10 clubs and sometimes people think there’s no smoke without fire.
“Well, hopefully now they can see that’s not a true saying and that the people will now back us and together we can move forward with our football club.”
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