Truths Out Now!

Sunday, 8 October 2000, 0:01
1 min read

“Would I invest in Swansea City if I was given the project again? The answer is probably no,” he told The Western Mail.

“When we came in three years ago we were also going to acquire one or two other businesses and property interests in the Swansea area and put together projects we were going to float separately.

“We didn’t manage to do that, fundamentally changing our role in the Morfa Stadium project.

“Had things gone to plan we might have been able to participate more actively in the new stadium.

“In other words we are not involved as developers.

“But I am going to see the new stadium open, like it or not.

“The businesses we have invested in are doing well. I’m confident that Ninth Floor has more than enough cash for our needs.

“How many Football League clubs have gone bust in the last 10 years? “None. They are far more resilient than that.

“Even Crystal Palace with £30m worth of debts, didn’t go to the wall. And Chester, who everyone was counting out last season, were rescued.

“I’m touching wood as I say this. But I wouldn’t want to be the first to go out of business.

“There’s far more value in carrying on a club. The moment you put it into receivership and lose your league position all the players’ contracts end. They cease to have any value.

“We are planning for becoming a First Division club. That’s why we are floating on the alternative investment market.

“We are not contemplating failure. Such talk is rubbish.

“What we are doing is preparing the club for a move to a new home at Morfa in 2002 and for becoming a First Division club.

“That isn’t going to happen this season.

“But we want to be playing at the next level within the next two years at a new stadium in front of 15,000 to 20,000 crowds.

“We will make a return on our money. We’ll come out of this well ahead.  But it will take longer.”

Hamer was dismissed for refusing to sign documents necessary for Swansea City to become a plc. “Steve was a valuable member of the team although he didn’t have one penny of his own money at risk,” added McClure.

“As a mate I’m sad it has come to this. I’m sorry we couldn’t find a way to work together.

“But we were operating on a very tight timetable and I regarded his opposition to the flotation as unacceptable.

“In any case, Steve was finding it difficult to operate as a non-executive director so it seemed simpler to rectify the situation ahead of the float.”

©2000 Western Mail & Echo Ltd 07/10/2000

Images courtesy of Getty Images, Athena Picture Agency and Swansea City Football Club.

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