https://www.bbc.co.uk/sport/football/66538766


Swindon Town owner Clem Morfuni has said he sold shares in the club to two individuals in 2022 to pay off £2.9m in debt the League Two side owed.

Australian businessman Morfuni took over Swindon following a protracted legal battle two years ago.

Morfuni said he only later became aware the debt needed to be paid imminently, with the individuals stepping in to help pay off what the club owed.

In a statement, Morfuni said the club could have gone into administration.

"My understanding was it was debt that wasn't due anytime soon," he said.

"Something I believed wasn't an issue became a huge issue and we suddenly had a few days to pay £2.9 million or the club go into administration."

He should have just given the shares away as our Board plan to do. Nobody would pay for shares in a league 2 football club. I'm glad we don't have that kind of idiot running our club.

Amberexile wrote: September 10th, 2023, 9:09 am He should have just given the shares away as our Board plan to do. Nobody would pay for shares in a league 2 football club. I'm glad we don't have that kind of idiot running our club.

In order to sell shares, Clem Morfuni has had to buy them in the first place. He also has to buy significantly, more that 51% of those issued, in order to be able to sell £2.9million worth of shares and still remain the owner................

Do you think the trust could sell shares for £2.9 million and still retain 51% of the NCAFC shares issued?

Bangitintrnet wrote: September 10th, 2023, 12:19 pm In order to sell shares, Clem Morfuni has had to buy them in the first place. He also has to buy significantly, more that 51% of those issued, in order to be able to sell £2.9million worth of shares and still remain the owner................

Do you think the trust could sell shares for £2.9 million and still retain 51% of the NCAFC shares issued?

The Trust could in theory sell £2million of new shares and still own more shares than whoever bought them. They passed a resolution to do similar at the AGM but they haven't tried. They just want to give the existing shares away.

Do you think Morfuni would have raised £2,9million by giving his shares away?

Amberexile wrote: September 10th, 2023, 12:44 pm

Bangitintrnet wrote: September 10th, 2023, 12:19 pm In order to sell shares, Clem Morfuni has had to buy them in the first place. He also has to buy significantly, more that 51% of those issued, in order to be able to sell £2.9million worth of shares and still remain the owner................

Do you think the trust could sell shares for £2.9 million and still retain 51% of the NCAFC shares issued?

The Trust could in theory sell £2million of new shares and still own more shares than whoever bought them. They passed a resolution to do similar at the AGM but they haven't tried. They just want to give the existing shares away.

Do you think Morfuni would have raised £2,9million by giving his shares away?

Who exactly is interested in buying £2 million pounds worth of new shares in NCAFC and not taking control of the club is the real question.....................
As it is precisely that happening at Swindon.

What if the share issue in NCAFC is to swap with shares in another company, let's say RP?

Bangitintrnet wrote: September 10th, 2023, 12:55 pm

Amberexile wrote: September 10th, 2023, 12:44 pm

Bangitintrnet wrote: September 10th, 2023, 12:19 pm In order to sell shares, Clem Morfuni has had to buy them in the first place. He also has to buy significantly, more that 51% of those issued, in order to be able to sell £2.9million worth of shares and still remain the owner................

Do you think the trust could sell shares for £2.9 million and still retain 51% of the NCAFC shares issued?

The Trust could in theory sell £2million of new shares and still own more shares than whoever bought them. They passed a resolution to do similar at the AGM but they haven't tried. They just want to give the existing shares away.

Do you think Morfuni would have raised £2,9million by giving his shares away?

Who exactly is interested in buying £2 million pounds worth of new shares in NCAFC and not taking control of the club is the real question.....................
As it is precisely that happening at Swindon.

What if the share issue in NCAFC is to swap with shares in another company, let's say RP?

Who knows if you don't even try.
Probably nobody i was explaining the arithmetic, but how many fans would buy £50+ of shares if they were offered? Maybe enough to fund the debt? Maybe enough to fund the deficit for 1 year, 2 years 10 years?
I understand that the idea of another community share issue was discussed at one of the meetings but I think more people would be interested in real shares; expand the owner base, fund the club and avoid Jerry Sherman 2.0
They didn't even try. They just want to give up and give it away.

Do RP want to give away their shares? No. They have a business plan to fund the rugby by exploiting the real estate getting involved with the Football other than as a tenant is a distraction that is not on their agenda.

Amberexile wrote: September 10th, 2023, 2:57 pm

Bangitintrnet wrote: September 10th, 2023, 12:55 pm

Amberexile wrote: September 10th, 2023, 12:44 pm

Bangitintrnet wrote: September 10th, 2023, 12:19 pm In order to sell shares, Clem Morfuni has had to buy them in the first place. He also has to buy significantly, more that 51% of those issued, in order to be able to sell £2.9million worth of shares and still remain the owner................

Do you think the trust could sell shares for £2.9 million and still retain 51% of the NCAFC shares issued?

The Trust could in theory sell £2million of new shares and still own more shares than whoever bought them. They passed a resolution to do similar at the AGM but they haven't tried. They just want to give the existing shares away.

Do you think Morfuni would have raised £2,9million by giving his shares away?

Who exactly is interested in buying £2 million pounds worth of new shares in NCAFC and not taking control of the club is the real question.....................
As it is precisely that happening at Swindon.

What if the share issue in NCAFC is to swap with shares in another company, let's say RP?

Who knows if you don't even try.
Probably nobody i was explaining the arithmetic, but how many fans would buy £50+ of shares if they were offered? Maybe enough to fund the debt? Maybe enough to fund the deficit for 1 year, 2 years 10 years?
I understand that the idea of another community share issue was discussed at one of the meetings but I think more people would be interested in real shares; expand the owner base, fund the club and avoid Jerry Sherman 2.0
They didn't even try. They just want to give up and give it away.

Do RP want to give away their shares? No. They have a business plan to fund the rugby by exploiting the real estate getting involved with the Football other than as a tenant is a distraction that is not on their agenda.

RP is the world's worst run sports stadium in terms of profit and loss. County have no debt and businesses with no debt find it easy to run businesses that rack up huge debts................

Bangitintrnet wrote: September 10th, 2023, 3:07 pm

Amberexile wrote: September 10th, 2023, 2:57 pm

Bangitintrnet wrote: September 10th, 2023, 12:55 pm

Amberexile wrote: September 10th, 2023, 12:44 pm

Bangitintrnet wrote: September 10th, 2023, 12:19 pm In order to sell shares, Clem Morfuni has had to buy them in the first place. He also has to buy significantly, more that 51% of those issued, in order to be able to sell £2.9million worth of shares and still remain the owner................

Do you think the trust could sell shares for £2.9 million and still retain 51% of the NCAFC shares issued?

The Trust could in theory sell £2million of new shares and still own more shares than whoever bought them. They passed a resolution to do similar at the AGM but they haven't tried. They just want to give the existing shares away.

Do you think Morfuni would have raised £2,9million by giving his shares away?

Who exactly is interested in buying £2 million pounds worth of new shares in NCAFC and not taking control of the club is the real question.....................
As it is precisely that happening at Swindon.

What if the share issue in NCAFC is to swap with shares in another company, let's say RP?

Who knows if you don't even try.
Probably nobody i was explaining the arithmetic, but how many fans would buy £50+ of shares if they were offered? Maybe enough to fund the debt? Maybe enough to fund the deficit for 1 year, 2 years 10 years?
I understand that the idea of another community share issue was discussed at one of the meetings but I think more people would be interested in real shares; expand the owner base, fund the club and avoid Jerry Sherman 2.0
They didn't even try. They just want to give up and give it away.

Do RP want to give away their shares? No. They have a business plan to fund the rugby by exploiting the real estate getting involved with the Football other than as a tenant is a distraction that is not on their agenda.

RP is the world's worst run sports stadium in terms of profit and loss. County have no debt and businesses with no debt find it easy to run businesses that rack up huge debts................

If any of that was true our board wouldn't be giving the club away.

Amberexile wrote: September 10th, 2023, 3:39 pm

Bangitintrnet wrote: September 10th, 2023, 3:07 pm

Amberexile wrote: September 10th, 2023, 2:57 pm

Bangitintrnet wrote: September 10th, 2023, 12:55 pm

Amberexile wrote: September 10th, 2023, 12:44 pm

Bangitintrnet wrote: September 10th, 2023, 12:19 pm In order to sell shares, Clem Morfuni has had to buy them in the first place. He also has to buy significantly, more that 51% of those issued, in order to be able to sell £2.9million worth of shares and still remain the owner................

Do you think the trust could sell shares for £2.9 million and still retain 51% of the NCAFC shares issued?

The Trust could in theory sell £2million of new shares and still own more shares than whoever bought them. They passed a resolution to do similar at the AGM but they haven't tried. They just want to give the existing shares away.

Do you think Morfuni would have raised £2,9million by giving his shares away?

Who exactly is interested in buying £2 million pounds worth of new shares in NCAFC and not taking control of the club is the real question.....................
As it is precisely that happening at Swindon.

What if the share issue in NCAFC is to swap with shares in another company, let's say RP?

Who knows if you don't even try.
Probably nobody i was explaining the arithmetic, but how many fans would buy £50+ of shares if they were offered? Maybe enough to fund the debt? Maybe enough to fund the deficit for 1 year, 2 years 10 years?
I understand that the idea of another community share issue was discussed at one of the meetings but I think more people would be interested in real shares; expand the owner base, fund the club and avoid Jerry Sherman 2.0
They didn't even try. They just want to give up and give it away.

Do RP want to give away their shares? No. They have a business plan to fund the rugby by exploiting the real estate getting involved with the Football other than as a tenant is a distraction that is not on their agenda.

RP is the world's worst run sports stadium in terms of profit and loss. County have no debt and businesses with no debt find it easy to run businesses that rack up huge debts................

If any of that was true our board wouldn't be giving the club away.

They are not in debt, it is a simple as that. It's a fact.

As for the trust raising £2million for shares, when the 1000 including me, have paid over a million in EIGHT years, its fantasy, isn’t it?...............

Bangitintrnet wrote: September 10th, 2023, 3:55 pm

Amberexile wrote: September 10th, 2023, 3:39 pm

Bangitintrnet wrote: September 10th, 2023, 3:07 pm

Amberexile wrote: September 10th, 2023, 2:57 pm

Bangitintrnet wrote: September 10th, 2023, 12:55 pm

Amberexile wrote: September 10th, 2023, 12:44 pm

Bangitintrnet wrote: September 10th, 2023, 12:19 pm In order to sell shares, Clem Morfuni has had to buy them in the first place. He also has to buy significantly, more that 51% of those issued, in order to be able to sell £2.9million worth of shares and still remain the owner................

Do you think the trust could sell shares for £2.9 million and still retain 51% of the NCAFC shares issued?

The Trust could in theory sell £2million of new shares and still own more shares than whoever bought them. They passed a resolution to do similar at the AGM but they haven't tried. They just want to give the existing shares away.

Do you think Morfuni would have raised £2,9million by giving his shares away?

Who exactly is interested in buying £2 million pounds worth of new shares in NCAFC and not taking control of the club is the real question.....................
As it is precisely that happening at Swindon.

What if the share issue in NCAFC is to swap with shares in another company, let's say RP?

Who knows if you don't even try.
Probably nobody i was explaining the arithmetic, but how many fans would buy £50+ of shares if they were offered? Maybe enough to fund the debt? Maybe enough to fund the deficit for 1 year, 2 years 10 years?
I understand that the idea of another community share issue was discussed at one of the meetings but I think more people would be interested in real shares; expand the owner base, fund the club and avoid Jerry Sherman 2.0
They didn't even try. They just want to give up and give it away.

Do RP want to give away their shares? No. They have a business plan to fund the rugby by exploiting the real estate getting involved with the Football other than as a tenant is a distraction that is not on their agenda.

RP is the world's worst run sports stadium in terms of profit and loss. County have no debt and businesses with no debt find it easy to run businesses that rack up huge debts................

If any of that was true our board wouldn't be giving the club away.

They are not in debt, it is a simple as that. It's a fact.

As for the trust raising £2million for shares, when the 1000 including me, have paid over a million in EIGHT years, its fantasy, isn’t it?...............

The club is in debt. The Board have admitted that.

They won't disclose how they got us there but they have said that as of 30/6 we are £61,000 in debt. Now that is a very positive spin on things. In accountancy terms, the £2,3million of shares we have sold to date is also classed as debt but they have ignored that as they have also ignored the debt owed to season ticket holders. Even taking that extremely generous view they still admit that we are in debt. That is the latest position they have revealed.

So again, why do they want to give the club away?

Amberexile wrote: September 10th, 2023, 4:13 pm

Bangitintrnet wrote: September 10th, 2023, 3:55 pm

Amberexile wrote: September 10th, 2023, 3:39 pm

Bangitintrnet wrote: September 10th, 2023, 3:07 pm

Amberexile wrote: September 10th, 2023, 2:57 pm

Bangitintrnet wrote: September 10th, 2023, 12:55 pm

Amberexile wrote: September 10th, 2023, 12:44 pm

Bangitintrnet wrote: September 10th, 2023, 12:19 pm In order to sell shares, Clem Morfuni has had to buy them in the first place. He also has to buy significantly, more that 51% of those issued, in order to be able to sell £2.9million worth of shares and still remain the owner................

Do you think the trust could sell shares for £2.9 million and still retain 51% of the NCAFC shares issued?

The Trust could in theory sell £2million of new shares and still own more shares than whoever bought them. They passed a resolution to do similar at the AGM but they haven't tried. They just want to give the existing shares away.

Do you think Morfuni would have raised £2,9million by giving his shares away?

Who exactly is interested in buying £2 million pounds worth of new shares in NCAFC and not taking control of the club is the real question.....................
As it is precisely that happening at Swindon.

What if the share issue in NCAFC is to swap with shares in another company, let's say RP?

Who knows if you don't even try.
Probably nobody i was explaining the arithmetic, but how many fans would buy £50+ of shares if they were offered? Maybe enough to fund the debt? Maybe enough to fund the deficit for 1 year, 2 years 10 years?
I understand that the idea of another community share issue was discussed at one of the meetings but I think more people would be interested in real shares; expand the owner base, fund the club and avoid Jerry Sherman 2.0
They didn't even try. They just want to give up and give it away.

Do RP want to give away their shares? No. They have a business plan to fund the rugby by exploiting the real estate getting involved with the Football other than as a tenant is a distraction that is not on their agenda.

RP is the world's worst run sports stadium in terms of profit and loss. County have no debt and businesses with no debt find it easy to run businesses that rack up huge debts................

If any of that was true our board wouldn't be giving the club away.

They are not in debt, it is a simple as that. It's a fact.

As for the trust raising £2million for shares, when the 1000 including me, have paid over a million in EIGHT years, its fantasy, isn’t it?...............

The club is in debt. The Board have admitted that.

They won't disclose how they got us there but they have said that as of 30/6 we are £61,000 in debt. Now that is a very positive spin on things. In accountancy terms, the £2,3million of shares we have sold to date is also classed as debt but they have ignored that as they have also ignored the debt owed to season ticket holders. Even taking that extremely generous view they still admit that we are in debt. That is the latest position they have revealed.

So again, why do they want to give the club away?

They are not in any substantial debt that couldn't be covered, along with a bigger sum, for the January window by the 1000, as agreed by representatives of the 1000 in the meetings.

The long term issue is that the 3000 don't want a club run on the basis of selling players, or priority of cup games over league, to finance going forward. So at some point you have to admit that the trust method will in time fail, and look for alternatives....

GS in my opinion is not a manager who will sign players who need lots of games to blossom, and maybe be good enough to sell. His remit is l2 and don't worry about anything else IMO..........

I still think that another issue with the trust is the voting system for people who run the club. It was noticeable that the board struggled, until they brought in unelected directors, and then we started to have cup success as they let MF sign cup players such as Robbie Wilmot, Josh Labadie and Matt Dolan...........

I would like the co opted directors to continue, as I don't believe there is anything wrong with spending your own money, in fact it is the key to sustainability.

Now I know that in general the 1000 see the benefits of sustainability, and the club embracing cup money or selling players. However the 3000 in general don't, and seem to think that you can have the bun without needing to spend OUR penny............

And ultimately the 3000 are much younger than the 1000, so IMO the last hope of the Trust running a sustainable football club, went when JR lost his job. That's not knocking GC in any way, it's just commenting on club sustainability...............

It’s the Boards fault. Simple as that.
If the Board had been transparent, honest and engaging with the fans, there wouldn’t be a ‘3000’, there’d be a lot more members !! Unfortunately, this Board pissed off so many fans that they won’t pay anything in whilst these lot run the show.

Not sure that's entirely true. The 3000 never really showed up to embrace the concept of a fan owned club. Some stayed the course whilst many decided that gate money on a Saturday was all they were going to commit to. The drive that produced the community share funds didn't have any staying power.

excessbee wrote: September 10th, 2023, 5:14 pm Not sure that's entirely true. The 3000 never really showed up to embrace the concept of a fan owned club. Some stayed the course whilst many decided that gate money on a Saturday was all they were going to commit to. The drive that produced the community share funds didn't have any staying power.

Absolutely, and also remember that we now need an additional £300k a season to be competitive, not sustainable.
£300k a year over the next 8 years - if we stay trust owned - is £2.4 million, with the 1000 needing to fork out an additional £300 a year, every year. That's a lot to ask of people who in general are in their 70's and long retired, when those who are still earning, don't in general wish to join in................