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Thursday, June 07, 2007

Ex-QPR Chairman Bill Power and Swindon Town

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Town's Power struggle - This is Wiltshire -Exclusive By Nick Mashiter

THE FANS consortium takeover of Swindon Town could be on the verge of collapse over the £1.2 million "loan" Bill Power invested last year.
The group and the League One club are at a crucial stage in the negotiations but neither will back down in their views over the cash.
Town insist Power's money was for shares in the club, but he says it was a loan to pay off some existing debts.
The Robins have now been given a deadline by the consortium and 53-year-old is prepared to go to court to claim his money back.
Power said: "They have got one option, either agree it is a loan, or the club will go bankrupt.
"They know what the deadline is and if they don't meet it or come up with a reasonable answer then we will quickly take other action.
"If we go to court it is over and I will be wanting the money back as well as interest. The club would be having to pay for lawyers, which would take more money from them."
Power invested the cash last May but denies they are shares, and believes it would be in the best interests of the club to agree to his terms.
He said: "The money will be going back into buying the club anyway. I have never signed anything.
"All I want them to say is that it was a loan and then we can carry on.
"It is the 11th hour, they have got to make a decision. Once they say it is A then it will be plan B for me."
Power says he is prepared to walk away unless the club give him assurances they are receptive to the takeover bid.
He said: "I get calls from QPR (where he was chairman) every day asking me to help and if they don't want me I will go somewhere else.
"We have got to come to an agreement and once we do, we can move forward."
The club were contacted but claimed they were unable to comment on the issue.
This is Wiltshire

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