The shareholders called for the Trust to co-operate with the Board and work together to ensure the future of the club.
However, after the meeting the Club’s Directors expressed deep concern over the developing relationship between the Trust and the ‘so called’ former Directors of the club, Ian Blatchley and Danny Donegan.
Bob Holt explained that the company had, before the meeting, received from Swindon Town Properties Limited. Proxy forms signed by Donegan and Blatchley in favour of the Trust.
“This is a most dangerous liaison for the Trust to develop,” said Holt. “Surely they must realise that the biggest threat to the Club’s very existence comes from Donegan and Blatchley through their company, STPL.
“The Club is currently engaged in extensive litigation with the ‘Former Directors’ and STPL and were forced to apply to the High Court in October this year for an injunction to stop Donegan and Blatchley appointing an Administrative Receiver.
“We have only just prevented Donegan and Blatchley from putting a receiver to wind up the Club – why are the Trust wishing to associate themselves with these people?” Holt added that he hoped the Trust were not becoming the ‘Errand boys’ for Donegan and Blatchley like the Club’s ex-Chief Executive, Peter Rowe.
During the short Donegan and Blatchley regime the Club ran up massive debts in excess of £3.2million, a debt that forced the Club back into Administration in March this year.
The spending spree started in 2001 when Donegan and Blatchley committed the Club to financially crippling contracts with ‘Razor’ Ruddock and Roy Evans, which amounted to £1.5million, while at the same time ignoring the overdue VAT and the PAYE payments. Holt confirmed this and claims that embarrassingly for the Club, the youth team mini buses were repossessed on exactly the same day these contracts were signed.
It is well documented that Ruddock had a history of ‘pay-offs’. For instance, his last club, Crystal Palace it is rumoured, paid him a £450,000 settlement to leave. Some cynics even claim that the Ruddock signing with STFC was a ‘Sweetheart Deal’ with his neighbour Donegan who, last year, until being removed by the High Court, purported to be the Chairman of the Club.
As a result of these extravagances the Club’s very existence last March hung in the balance, but through the continued support of the Wills family has been fortunate to survive.
“Without the Wills family it is commonly acknowledged that the Club would not be playing football at the County Ground today, “ stressed Holt. “Thank goodness Roy Evans understood the position and resigned without forcing the Club to honour the contract, I just wish Ruddock had done the same,” he concluded.
-----------------------------------------
This was a press release from the club from earlier today. I didn't go to the AGM but others that did go said only one shareholder complained about the trust.