Trust Update on Power v Standing & AXIS Football Investment Court Hearing – 17th May 2021
Once again, at the latest Court proceedings in relation to the ownership of Swindon Town Football Club, TrustSTFC Board members were in attendance.
The case continues to be one full of complexities, multiple parties, and a range of legal avenues that could be undertaken.
Below are the key points that arose from the hearing:
- The FA was in attendance and have requested evidence from the case (Standing v Power), for their own investigations and ultimate actions against both parties.
- Axis have formalised their bid to purchase the Club, but Mr Power’s attorney outlined reasons as to why it wasn’t satisfactory to her client
- There was no decision as to whether a sale to either Able or Axis would be forced/granted today
- The injunction banning administration or a sale currently remain in place
- But the Court will vary the injunction to allow Power to sell the club through a sale process (“pre-emption rights”) previously agreed by the parties that gives Axis the right to match any offer that Mr Power receives from Able or anyone else
- The Judge took this approach to put Power in the position where has to decide (a) to sell to Axis (b) to go through pre-emption process (c) to fund the club himself
- He told his barrister he would fund the club himself in those circumstances, contrary to his position in the evidence to date and his February statement to BBC Wiltshire Sound.
- A further hearing has been set for W/C 14th June to allow more time by all parties to reach agreement.
- At the next hearing, the situation will be re-assessed based on potential progress in the next 4 weeks.
- This hearing will also set an earlier timetable in motion for the Lee Power v Michael Standing trial, which brings forward from a date later in 2022 to an expedited one in late Summer this year.
While it’s frustrating that this saga rolls on, it’s another couple of steps toward positive change at the Club.
As a Trust, we remain 100% committed to #FanPowerNotLeePower and therefore would urge Mr Power to do the right thing and sell up to Mr Morfuni’s Axis Football Investments so that the massive rebuilding job can start immediately.
Our Board will find ways in which we can protect the club for the future and will present those ideas to our members over the coming days.
With the ongoing off-the-field issues still in play, next season is going to be very tough. But we have been in touch with The EFL and The FA and have put the case for supporters and Axis in front of them.
Swindon Town FC needs rebuilding from the bottom up, but if we all stick together as supporters we can do just that.