Ex-QPR Chairman Bill Power and Swindon - "Dispute" Continues

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This is Wiltshire - Andy Cryer SWINDON TOWN: Club gear up for Power legal battle
Legal proceedings that could have huge implications on the direction of Swindon Town's future were ready to be set in motion today after the club refused to buckle under Bill Power's ultimatum.
Power's claim he is owed £1.2m by Swindon Town has been vehemently denied by the County Ground outfit, who have challenged the former QPR chairman to "ask the courts to decide" as they continue to insist his investment was a share acquisition.
Power warned last week that the club only had days to admit they owed him money before starting a court battle and, with Town's latest denial, the legal ball was set to start rolling today.
In response to the threats, Town have replied through a statement, accusing Power of "an attempt to derail the club's negotiations with serious alternative investors" and, in the absence of any last-ditch peace talks, the lawyers will be called in today.
Town remain confident of bringing an alternative investor to the Country Ground but will now be preparing themselves for their second courtroom battle in recent history, knowing defeat in court would cost them well in excess of £1m.
Power and fans consortium spearhead Mike Wilks both insist legal action is the last resort but, after Town's latest denials, any other resolution seems impossible.
The club statement read: "Bill Power knows his investment was NOT in the football club but a significant share acquisition in the club's holding company.
"Therefore any suggested threat that he could issue a winding up petition' if the club do not acknowledge that his investment should be considered a loan is both ludicrous and misguided.
"Bill Power has not to date signed the NDA and making fallacious threats against the club is ridiculous in the extreme and is a diversion from the main issue.
"On the one hand he purports to want, with the fans consortium to make an offer to buy the club, but then he demands his substantial share in the holding company to be treated as a loan before he will agree to sign the NDA."
The statement continued: "First the board are accused of not providing a NDA, when in fact it had been with Mr Power's lawyers within two weeks of it being requested.
"Now they claim the reason they have not signed the NDA is that it would prejudice their position. This is nonsense; a NDA is non committal but merely allows both parties to negotiate in confidence with each other.
"If this cannot be resolved perhaps he should ask the courts to decide rather than making bizarre comments in the local media.
"The board feel this flurry of media activity is purely an attempt to derail the club's negotiations with serious alternative investors.
"In this regard the board are delighted with the progress being made with a serious potential investor and are confident of a positive outcome in the near future." This is Wiltshire

SWINDON OFFICIAL SITE
The Board of STFC totally refute Bill Powers Claim

The Board of Swindon Town FC totally refutes the recent claim in the media attributed to Bill Power that he loaned the Football Club money. Bill Power knows, or should know, that his investment was NOT in the Football Club but a significant share acquisition in the Club's Holding Company. Therefore any suggested threat that he could issue a 'Winding up Petition' if the Club do not acknowledge that his investment should be considered a loan is both ludicrous and misguided.

Bill Power has not to date signed the Non Disclosure Agreement (NDA) and making fallacious threats against the Club is ridiculous in extreme and is a diversion from the main issue.

On one hand he purports to want, with the Fan's Consortium, to make an offer to buy the Club, but then demands that his substantial share in the Holding Company to be treated as a loan before he will agree to sign the NDA.

First the Board are accused of not providing a NDA, when, in fact it had been with Mr Powers lawyers within two weeks of it being requested. Since then Mr. Power has been silent. Now they claim the reason they have not signed the NDA is that it would prejudice their position. This is nonsense; a NDA is non committal but merely allows both parties to negotiate in confidence with each other.

It is over nine months since Bill Power declared he was heading up a Fan's Consortium. It took months before the Board received an official request from Mr. Power's lawyers and the Club responded within days, now a further two months have elapsed.

The Board suggest to Mr. Power and his lawyers that, in future, they refrain from making inflammatory remarks in the media and either sign the NDA or if he feels that his investment was not a share purchase make a claim against the Club's Holding Company. If this cannot be resolved perhaps he should ask the Courts to decide rather than making bizarre comments in the local media.

The Board feel that this flurry of media activity is purely an attempt to derail the Club's negotiations with serious alternative investors. In this regard the Board are delighted with the progress being made with a serious potential investor and are confident of a positive outcome in the near future. Swindon

See Also - Bill Power and Swindon