Swindon Town: Club take step towards ‘complete financial security’ as debt paid

Swindon Town have paid off all historic debts against the club in a step towards “complete financial security”.

Owner Clem Morfuni has paid a £2.95m debenture, meaning the club’s total debt is now £1m, down from £7.5m last July, a statement said.

The Australian took over the League Two side last summer after a lengthy legal battle.

Swindon are also aiming to purchase their County Ground stadium in a joint deal with their supporters’ trust.

“I’m pleased to confirm that the historic debentures against the football club have now been satisfied,” Morfuni said.

“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.”

At the time of Morfuni’s takeover in July 2021, the Robins had been relegated to League Two, were without a manager and subject to a transfer embargo, while only nine players were under contract.

The local council also sought legal action over unpaid rent for their stadium.

Swindon reached the League Two play-offs last season under then-manager Ben Garner, who left for Charlton in the summer, and currently sit 10th in the table.

The £2.95m debenture – a type of loan, often used by companies to raise money, that is paid back over a long period of time – relates to the sale of the club by former owner Andrew Black in 2012, which was later purchased by Lee Power.

Morfuni also inherited £4.5m worth of external debt that included money owed to HMRC, the English Football League and the local council, which had already been brought down to £2.5m during the first few months of his ownership.

The proposal to buy the County Ground from Swindon Borough Council is a joint venture with the trustees of the late Nigel Eady, a lifelong Swindon supporter, which would see both sides have a 50% stake in the stadium.

The plans for the redevelopment of the ground and its surrounding area are estimated to cost £22.5m.

“The core of this football club is the strongest it’s been for generations,” said chief executive Rob Angus.

“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.”