Phil SumblerThe Swans Trust yesterday evening confirmed to its members that it now has the legal funding in place to continue the legal action against the shareholders involved in the 2016 sale of Swansea City and that papers are now being prepared in readiness to send to the various legal representatives.
The Swans ownership changed hands in the summer of 2016 behind the backs of the Trust who owned – and continue to own – 21% of the football club. Having been instrumental in the dismissal of a previous sale proposal, it was a decision taken by selling and buying shareholders alike to keep the decision to sell away from the Trust, and by very definition, the fans themselves.
Since that date the Trust have worked hard behind the scenes to correct those wrongs on behalf of their members but have been met with silence, ridicule from some quarters, failed deals and general contempt together with some outright lies that have been posted by those who benefited themselves from the sale. It now seems that – after so long – the case will progress towards a legal case that will determine whether the case bought by the Trust is strong enough to have the resolution that they seek.
The update, sent yesterday evening, to their members read “Over the last year we have provided regular updates regarding our activities in progressing the mandate given to us by our members, authorising us to pursue legal action to address the issues arising from the 2016 sale of our club and the impact that has had on our position within our club, a position that is now no longer secure.
“The Trust is pleased to confirm that we are now in receipt of funding offers to ensure that the Trust will be able to pursue legal action but is also protected in the event of an unsuccessful legal action. While any such agreements will come at a cost, in terms of any future award should we be successful, they will ensure the Trust is protected in all eventualities and able to pursue our claim in a responsible manner.
“We now expect events to unfold relatively quickly. Our legal team is preparing the Draft Petition to serve to the legal representatives of the parties involved in the 2016 sale and is working with our funding partners to complete all other outstanding activities, such as the necessary complex legal agreements. We expect these activities to be completed in a matter of weeks, at which time proceedings would commence.
“Rest assured, despite any comments that could be made to denigrate the Trust by undertaking this action, the Trust is not acting against the club, we are doing so against the parties involved in the 2016 sale. We have been assured by our QC that the club would not be actively involved in proceedings and there is absolutely no reason for it to actively impact the day-to-day activities that matter so much to us all.
“While we know our membership voted by a large majority to pursue this course of action, we also know that it is a decision that is taken with great reluctance. It is in recognition of that fact that the Trust has made every effort to see if an alternative path can be reached, that would protect the Trust’s position as custodians of our club, the fans’ voice within the club, and their eyes and ears within the boardroom.
“To date, despite discussions, these efforts have not resulted in a positive outcome. In the case of the former shareholders, there has been nothing but silence.
“As we know, the status quo is not sustainable. As a result of the recent loans into the club, the Trust’s shareholding could easily be diluted below it’s current 21% and, in the event of any future loans, eventually to nothing at all.
“It is with great disappointment that we have got to this point, however the alternative is that we do nothing, quite possibly see our stake in our club disappear, and our voice within the club diminish. That is the most unacceptable outcome of all.”
Planet Swans comment: As someone who was heavily involved within the Trust at the time of the sale and someone who spent many long hours working with others to try and correct the actions of a few this is a sad day but very welcome news at the same time. This was always a last resort for the Supporters Trust but the desire of the current shareholders to reach a resolution ended the moment the Swans were relegated from the Premier League. Discussions remained ongoing and at times there could have been light at the end of the tunnel but ultimately the decisions taken in 2016 were the ones that still have not been undone.
During the five years that have passed since the sale there have been many mistruths discussed in both public and private and I have little doubt that certain people have acted on behalf of the sellers to try and generate a story that discredits the Supporters Trust and puts the blame onto them despite ALL parties admitting at some stage that they kept discussions away from the Trust.
The decisions taken back in 2016 will now be played out in a more public domain and the decision reached will be one that will be legally binding on all parties. I commend everyone involved in the Trust – both now and the past – as I know first hand how time consuming this process is and how draining it is for anyone heavily involved in it. I guess now it is a case of what will be will be but make no mistake, this happened because of the actions of a few, all of whom decided that the Trust they all lauded at one stage was deemed to be an irrelevance when it comes to personal gains. And that will always be true, no matter what the outcome.
Is the action also against themselves as they 21% shareholders?
Excellent question Jeff33. Well, I say excellent, but it’s actually pretty stupid.
The Trust are bringing this case as they (as 21% shareholders) feel they were excluded from the sale. So how could the action be against themselves?
Don’t be silly yanks are so nasty