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SBD Global/February 1, 2013/Finance

League One Side Swindon Town FC Sold To Jed McCrory-Led Consortium

League One side Swindon Town FC will "avoid administration after agreeing a takeover by a local consortium," according to the BBC. The group, which will write off most of the club's £13M ($20M) debt, is led by Southern League side Banbury Owner Jed McCrory, who assumed control of Banbury six months ago. No other names involved in the consortium "have yet been revealed." Of the £13M debt, it was thought around £9M ($14M) "was owed to investors." The club had "considered entering administration in a bid to wipe out the unsecured debt." Swindon has "already appointed advisors" to restructure its finances, and a letter has been sent to every club in the Football League stating that all Swindon players "were for sale with star winger Matt Ritchie joining Bournemouth." The takeover is "subject to Football League approval" (BBC, 1/30).
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