Thread by @CraigDPowerOut

#STFC The Talksport interview with Lee Power (thread 1/2)-
LP- on 24th June my lawyers wrote and said ok we are ready to transfer the shares, there’s a small amount of money that needs to be sent over- that’s not the problem. Once it’s there I have to transfer the shares...1/25

LP- Since then Jim, we’ve had nothing back from the lawyers regarding Axis. And my understanding Jim is that currently they’re dealing with the EFL to pass the fit and proper test and all the obligations that the EFL need obviously for Clem to become the new owner. 2/25

LP- So, it’s quite absurd really, but unsurprising that obviously I don’t get on with the local newspaper or the supporters trust. You get run through social media that for some reason that I’m the one holding it up....3/25

LP- ...when it’s obviously quite clear that obviously this can’t happen until Clem has passes the fit and proper persons test. Once that happens and they obviously perform the court order obviously the shares get transferred straight away. 4/25

SJ- So Lee in all things being equal, this is a load of hullabaloo, you’re not blocking anything, you’re not stopping anybody from taking over the club, clearly the rights under pre-emption would have existed anyway and I’m sure you probably knew that anyway. 5/25

SJ- But not withstanding that it’s been determined by a court. The quantum of money you’re subscribing as ‘not significant’. So really and truly everyone has got this wrong. Ok the club is not in a great condition right now for obvious reasons...6/25

SJ- ...because if I were running a club right now, I would probably have the same challenges that you have. Which is the fact that it’s bleeding out of its eyes because that’s the nature of the beast. 7/25

SJ- But going forward you’re saying to us and to Swindon fans- ‘look I’m gonna transfer these shares, I’m not blocking anything I’m not interested in holding onto these shares anymore. 8/25

SJ- I’m interested in achieving the price for these shares that’s been agreed and is the representation of pre-emption rights and pre-emption price and when that’s done, it’s done I’m away, this fellow takes over and he does with it what he does with it’ 9/25

LP- Correct Simon. Listen Simon, you know you’ve been there so it’s difficult trying to explain it to supporters but it’s exactly that. Look obviously I’m not happy, it’s an aggressive takeover that’s why we went to court over it. 10/25

LP- But I lost that’s it, take that on the chin, the court/judge has made an order and obviously I have to abide by that order it’s a straightforward order and obviously once those funds are in the account, I have to transfer the shares over it’s as simple as that. 11/25

LP-The problem that we’ve got here Simon, the best analogy describe it is someone’s exchanged on a house, I’ve got the house but, in the meantime, people are expecting me to pay the wages of the players, expecting me to pay for maintenance, and this and that for everything. 12/25

LP- We had a manager, I even put a manager in place the week before because the club needed one, I even gave the number to Jon Mcgreal to ring this guy in Australia to say ‘look, this has happened and now I have to transfer these shares once it comes. 13/25

LP- I thought on 24th once I wrote to him, the lawyers on the other side were so aggressive that by 25th that that would be there, then obviously the money would be there and the shares will be transferred. 14/25

LP- That hasn’t happened. And it’s a bit like you say going back to the house analogy that I’m sitting here waiting for you to complete but in the meantime Lee can you put a new kitchen in, and can you do the roof as well, when the price has already been agreed and done. 15/25

LP-It’s a frustrating situation I don’t go on social media I don’t deal with the local press, obviously a lot of supporters are keen for their club and I understand that they’re worried about their club and the season is starting and they’re right there’s only a few players 16/25

LP-The manager left, the CEO left, groundsman left all because the new people coming in went on podcasts and every other media platform, they could to tell that they got all these new positions filled, these people thought that they were gonna lose their job….17/25

SJ- Can I ask you Lee and you’re well within your right to say no, what is the quantum of money?
LP- It’s over £200,000, I mean, look the mad thing about it Simon is that we had the club sold for £7.5m to an American company….
SJ- Who’s this Able? 18/25

LP- Able that’s right yeah, a group that’s got links to Boston Celtics, you know very, very affluent individuals.
SJ- So how have you got yourself in a situation where a 15% shareholder has pre-emption rights to force you to sell your shares for 200 grand? 19/25

LP- Yeah well, the problem that’s happened with this Simon like you say, we had the club sold 18 months ago and obviously covid has hit and finances are very difficult to keep it going so there’s obviously ongoing legal case that I’m having with Barry and Mike 20/25

LP- Which is another matter, not linked to this one. So, it is what it is. It was a shareholders agreement, I brought Clem to the football club a couple of years ago because there’s a very lucrative er… 21/25

SJ- So you are where you are on the basis of the deal you did and that’s the deal you have to honour yeah?
LP- Correct 22/25

SJ- So you you’re now honouring it but what you’re saying to Swindon Town fans is ‘I’m not blocking this deal, I’ve agreed a deal which basically says you pay me 200 grand, you take over the football club... 23/25

SJ- you’re going through a process of passing the F&PP test with the EFL, in the meantime I'm being asked to fund something that you’re going to get the benefit of'
SJ-Is there not an agreement between you and Clem that anything you front up now gets added to the equation? 24/25

LP- No I think what’s happened Simon is where obviously this has been a very acrimonious transfer over for this deal-there’s no love loss either but the court made an order I’m abiding by that court order and I’m sure Clem will once he obviously passes these hurdles 25/25

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