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Home >Story Index> A Statement By David Morgan |
| ” I am delighted to announce that this afternoon 92.4% of the Creditors of Swansea City AFC Ltd. have voted to support the Club’s proposals for dealing with the Club’s historical debt. ” This is a massive step forward towards the achievement of the aims of myself and fellow members of the Consortium which acquired the Club on the 24th January 2002. ” The Consortium’s first aim was to rescue the Club from the threat of liquidation in the hands of it’s former owner – that was achieved on 24th January. ” The second aim was to restructure the management and commercial overheads of the Club to a more realistic level. In the short time so far (8 weeks) the overheads of the Club have been reduced by an estimated £500,000 per annum so that aim is well on the way to being achieved. ” The third aim was to rationalise the massive debt which has saddled the Club and was threatening to extinguish League Football in Swansea for good. As a result of today’s vote of support I believe that we are well on the way to achieving that. ” I wish to express my deep thanks to those who have supported the Club’s proposals. A Club such as Swansea City needs not only the support of it’s fans, but also the support of the whole community if it is to survive. ” I wish to make it clear that not only has our parent company Swansea City Football Club 2002 Ltd. voted it’s £115,000 debt to support the proposal but has gone further than that, and waived it’s entitlement to any 5p in the pound distribution in favour of the other creditors during the arrangement. ” Our next aim is to go forward with successful League Football in a new stadium. ” We are getting there. The Club has already in it’s short period of new ownership completed the new agreement concerning the Vetch Field with The City & County Of Swansea which has opened the way to go forward with our planned move to Morfa Stadium. We are continuing to work closely with the Council about our future occupancy of the stadium. ” Further, the Club is committed to working with the Football League, who were present here today, in order to ensure that the proposals advanced by the Club today meet with their requirements so as to ensure the future of League Football in Swansea.” |
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