| Supporters Trust Update 19:14 - Jun 28 with 9275 views | KeithHaynes |
June 2022.
Earlier this week our Supporter Director Terry Sinnett provided an update to our members on recent Trust work, his meetings with the club board and Chief Executive Julian Winter and our upcoming Trust elections.
Extracts of that release are now available for all supporters below.
Note: If you’d like to receive future articles and member updates as well as all the other benefits of being a Trust member it takes just a few minutes to join us.
It’s just over 6 weeks since the Swans last game in the Championship and the squad are back into work. The summer breaks certainly aren’t the same as they were in years gone by, not that we are complaining!
I am sure the Jack Army have reflected on last season and the what if’s have been thought through and discussed in detail. We finished the season just below mid table and at one time we threatened to break into the playoff places. Unfortunately, a string of four drawn games, and losses in the last two games, put paid to those hopes.
What is certain is that we saw glimpses of the return to the ‘Swansea Way’ of playing, with some very high-quality football played. That augers well for the coming season and every fan is waiting at their phone or device to hear of transfer activity that will shape our future squad.
We know there will be turnover of players, which will help us further evolve into a squad of Russell Martin’s making. This transition will give us all hope that we can mount a serious challenge for the playoffs as a minimum, with promotion to the promised land of the Premier League the ultimate prize.
The next few weeks will be very interesting as the transfer activity unfolds, and we have already seen a few players through the door to strengthen the squad. We welcome Nathan Wood, Wasiri Williams and Harry Darling to our club and city. We look forward to seeing them in action in the coming season.
Last week saw the launch of next season’s kits and as always there was much interest and comment on the colours and styles. The fixture list has also now been published and I’m sure you have had your red pens ready to circle the key dates in the calendar.
As far as the Trust is concerned, work carries on through the summer in the lead up to the new season.
We recently announced details of the annual elections for Trust members wishing to join the Trust Board next season. If you are a current Trust member more details including the procedure and application forms can be found here:
Trust Board Elections 2022 — Swansea City Supporters Trust (swanstrust.co.uk)
We have already received expressions of interest and further questions so we thought it would be useful to share them in a short Elections Q&A we have prepared for members.
I would urge any Trust member who feels they can contribute to the running and work of the Trust to apply, bearing in mind that the deadline for returning the Nomination Forms needs to be received by mail at our Registered Office, or by email to the Trust Secretary, on or before Friday 1st July.
We welcome fresh ideas and perspectives and look forward to seeing the applications come in.
Club Board Meeting
Sian Davies, our Associate Director, and I attended our second Club Board meeting on the 31st May and here are some notes from that meeting that I thought I’d share with you.
Present were Julian Winter, Gareth Davies and ourselves at the stadium, with Jason Levien, Jake Silverstein, Martin Morgan, Sam Porter and Bobby Hernreich joining via Teams.
Gareth Davies presented the club’s latest financial information and confirmed the imminent formal issue of new share certificates to reflect the recent settlement agreement.
Julian Winter gave brief details of the club’s strategy and planning review which is still work in progress. Details of the Summer 2022 transfer window plans were provided.
He confirmed that Josh Marsh had been appointed as the new Head of Football Operations, and that the club continues to support and is in regular dialogue with Swansea City Ladies FC.
I had been requested in advance to provide the board with an update on the Trust’s activities, and here you can see a copy of my Swans Trust Report to Club Board — May 2022
Throughout last season I have regularly given a resume of the monthly meetings that Sian and I have with club CEO, Julian Winter. The following summary covers our recent meetings.
Before our last meeting on 1st June, we met Josh Marsh, the new Head of Football Operations. We had a brief chat, welcoming him to the club and the area, and wishing him the best of luck.
Transfer Window — Julian confirmed plans are in place to continue the development of the squad for the coming season and gave us some insight into the strategies and plans.
Safe Standing/Fan Behaviour — lots of work to be done here.
The football authorities are looking to licence more safe standing areas at football grounds, and we continue to be involved in discussions with the club on how best to deal with this sensitive issue.
The costs for providing ‘safe standing’ are significant for a very small increase in perceived spectator safety. Is our money better spent in the transfer market?
Julian is engaged with the EFL and is endeavouring to get an agreed and workable policy agreed throughout the leagues.
Digital Archive — work is ongoing. The plan is to migrate the existing ‘Swans 100’ site to the club’s website. The prospective supplier of the archive has been put in touch with the curator of the Swans100 site, and cost estimates for moving the project along will be provided soon.
Vetch Gates — These are located at the Swansea.com stadium and I have asked what can be done to integrate them into the Stadium.
Naming Rights — discussions are ongoing to recognise former legends on stands/bars etc within the stadium.
Fan Forums — it is intended to have regular club forums across the fanbase area and attended by RM and his coaching team, wherever possible.
Update: The latest of these took place last week and was a collaborative event between the club and the Trust. It was designed to improve the match day experience of fans and attended by Julian Winter, Rebecca Edwards-Symmons, Gareth Davies, Russell Martin from the club, members of the Trust board and a good number of fans, who had applied to attend.
A number of ideas were discussed, and the club and the Trust will continue working on ideas that were brought up, in the coming weeks and months.
Trust Address — we are looking to use the Stadium for our postal address from next season and a safe and secure system is being investigated. This would provide easier access to collect incoming mail to the Trust.
Trust POD — We are intending to have our POD overhauled during the close season, including new signage.
Ladies Team — Julian confirmed the club continues to support the ladies’ team in many ways and has regular dialogue with its management. With the continued growth in ladies’ football, might we see the 2 Welsh clubs (Swansea and Cardiff) joining the English League in the future?
Swiss Rambler Report — Julian suggested it was a good and fair review of the last set of club accounts.
Trust Membership — Sian requested the clubs help in promoting our new season’s membership campaign, by providing links etc from our own SM campaigns etc. and sending an email to all ST holders encouraging them to join the Trust.
£20 Away Tickets — Sian brought up this issue. Reading, for example, will only offer away fans £20 tickets if the away club reciprocates and Sian asked if the club would reciprocate. Julian stated that this was on the agenda for the next SMT meeting.
Programmes — we have discussed the possibility of reintroducing printed match day programmes. Given the poor uptake of orders for the full season printed programmes, the return of match day programmes is very unlikely. The club will continue printing the smaller fold up match sheets for the foreseeable future. The digital version of a full programme continues to be developed and is available free to fans online.
We meet at least monthly and if you have any questions that you would like us to discuss with Julian, please email us at info@swanstrust.co.uk and we will endeavour to revert to you as soon as possible
I mentioned above some of the projects and initiatives the Trust are involved in and developing. One of those is the Supporter Group Project.
The Trust forms part of a working group made up of local and worldwide Swans supporters, and representatives of the club. The group meet up every month and have recently prepared a short survey for completion by our fans and supporters, particularly those living further afield from the Swansea area.
If you’d like to take part in the survey, which only takes a few moments to complete, please do so here:
The above represents some of the work undertaken by your Trust Board which I hope you find interesting. The Board is made up of volunteers who give up their own time to help promote the aims of The Trust, in the interests of its members the wider fan base, and the club, that we all love and support through thick and thin.
Our new membership season starts on the 1st August, and I hope you will continue your fantastic support of the organisation run by the fans, for the fans.
Enjoy your summer and keep the faith!
Terry Sinnett
Swansea City Supporters’ Trust
24th June 2022 |  |
| |  |
| Supporters Trust Update on 19:50 - Jun 30 with 1418 views | waynekerr55 |
| Supporters Trust Update on 18:10 - Jun 30 by ReslovenSwan1 |
This thread in my opinion just demonstrates why Swansea city fans are simply not up to the job of being owners of Swansea city. The legal case was a non starter from day one. In 2016 SCST could easily have sold part of its holding had it made preparations an representations. They chose to go down a fruitless legal route instead with no fighting fund.
No one it seems recognises this was a bad strategic choice or want to criticise past decision makers. Those that did not deliver a nonsense strategy are held to account. For this reason a win in court however unlikely would have been bad for the club not good.
For starters without an investment strategy (to combat inflation) the SCST is intrinsically committed to shrinkage and asset denudation. (I have recommended taking business advice to look at this) This may mean conversion of some sort.
It is not worth joining if it cannot invest. A waste of space. The 5% golden share is no good either. It ensures the SCST now have no incentive to invest in the club. They can watch their holding dwindle to 5% without investing any money and can watch their cash dwindle through inflation. They have a little money but no idea what to do with it.
Recently we heard a so called "sellout" was helping the ladies team. SCST? You could not make it up. If they do not invest in the club or even the hard pressed women's team what are they for?
"Protection" is used without any one really knowing what it means. It means having a holding with no responsibility for investment in anything relating to the club. |
Covfefe again |  |
| |
| Supporters Trust Update on 20:11 - Jun 30 with 1395 views | ReslovenSwan1 |
| Supporters Trust Update on 19:50 - Jun 30 by waynekerr55 |
Covfefe again |
Perhaps you preserved my post telling the Trust in 2013- 2014 to ensure they sell a portion of their shares while in the Premier league to enable them to avoid dilution. |  |
| Wise sage since Toshack era |
| |
| Supporters Trust Update on 20:15 - Jun 30 with 1393 views | Chief |
| Supporters Trust Update on 18:10 - Jun 30 by ReslovenSwan1 |
This thread in my opinion just demonstrates why Swansea city fans are simply not up to the job of being owners of Swansea city. The legal case was a non starter from day one. In 2016 SCST could easily have sold part of its holding had it made preparations an representations. They chose to go down a fruitless legal route instead with no fighting fund.
No one it seems recognises this was a bad strategic choice or want to criticise past decision makers. Those that did not deliver a nonsense strategy are held to account. For this reason a win in court however unlikely would have been bad for the club not good.
For starters without an investment strategy (to combat inflation) the SCST is intrinsically committed to shrinkage and asset denudation. (I have recommended taking business advice to look at this) This may mean conversion of some sort.
It is not worth joining if it cannot invest. A waste of space. The 5% golden share is no good either. It ensures the SCST now have no incentive to invest in the club. They can watch their holding dwindle to 5% without investing any money and can watch their cash dwindle through inflation. They have a little money but no idea what to do with it.
Recently we heard a so called "sellout" was helping the ladies team. SCST? You could not make it up. If they do not invest in the club or even the hard pressed women's team what are they for?
"Protection" is used without any one really knowing what it means. It means having a holding with no responsibility for investment in anything relating to the club. |
Bla bla bla.
Same old recycled tripe, which has been discredited repeatedly.
Pop out the barn for a lie down. Maybe you'll get lucky. |  |
| |
| Supporters Trust Update on 20:16 - Jun 30 with 1389 views | waynekerr55 |
| Supporters Trust Update on 20:11 - Jun 30 by ReslovenSwan1 |
Perhaps you preserved my post telling the Trust in 2013- 2014 to ensure they sell a portion of their shares while in the Premier league to enable them to avoid dilution. |
Inverted pyramid of piffle. Give over. They got away with it. It's done | |
| |
| Supporters Trust Update on 20:19 - Jun 30 with 1385 views | ReslovenSwan1 |
| Supporters Trust Update on 20:15 - Jun 30 by Chief |
Bla bla bla.
Same old recycled tripe, which has been discredited repeatedly.
Pop out the barn for a lie down. Maybe you'll get lucky. |
Chief "Legal action is pending." still saying it 3 years later after the board had been discussing an agreement for at least 3 months. You are the one discredited. I doubt you have ever seen a shovel in your life. | |
| Wise sage since Toshack era |
| |
| Supporters Trust Update on 20:22 - Jun 30 with 1386 views | Chief |
| Supporters Trust Update on 20:11 - Jun 30 by ReslovenSwan1 |
Perhaps you preserved my post telling the Trust in 2013- 2014 to ensure they sell a portion of their shares while in the Premier league to enable them to avoid dilution. |
I'm going to marry Charlize Theron tomorrow. Its a suggestion I've made to myself.
See - it's easy to proclaim things that you know to be completely unfeasible.
Bizarre stance to take though for a 'fan' - happy for them to sell in 2013, but when an actual prospective buyers were buying other shares in the club. Hell no, definitely not, the trust were meant to roll over and not sell then or seek compensation. | |
| |
| Supporters Trust Update on 20:26 - Jun 30 with 1379 views | Chief |
| Supporters Trust Update on 20:19 - Jun 30 by ReslovenSwan1 |
Chief "Legal action is pending." still saying it 3 years later after the board had been discussing an agreement for at least 3 months. You are the one discredited. I doubt you have ever seen a shovel in your life. |
All you've demonstrated is the current boards deception. I didn't make up the news that legal action was pending. That's what all the members were told right up until the day it was announced they'd come to terms with the 'football club'.
Maybe you should see more of your shovel. Spread more cachu on the farm rather than spreading cachu on here. | |
| |
| Supporters Trust Update on 21:06 - Jun 30 with 1352 views | ReslovenSwan1 |
| Supporters Trust Update on 20:26 - Jun 30 by Chief |
All you've demonstrated is the current boards deception. I didn't make up the news that legal action was pending. That's what all the members were told right up until the day it was announced they'd come to terms with the 'football club'.
Maybe you should see more of your shovel. Spread more cachu on the farm rather than spreading cachu on here. |
Yes you were horribly out of touch with reality and completely unable to read between the lines. I explained to you that the convertible loan note was a game changer and made legal action untenable. Sadly for the London based funders no £10m+ cheque will be in the post from Swansea Santander branch account. | |
| Wise sage since Toshack era |
| |
Login to get fewer ads
| Supporters Trust Update on 21:21 - Jun 30 with 1342 views | waynekerr55 |
| Supporters Trust Update on 21:06 - Jun 30 by ReslovenSwan1 |
Yes you were horribly out of touch with reality and completely unable to read between the lines. I explained to you that the convertible loan note was a game changer and made legal action untenable. Sadly for the London based funders no £10m+ cheque will be in the post from Swansea Santander branch account. |
Hello kettle, meet the pot.
Everyone with a grasp of what went on knows the crack. You no longer have to act as the Poundland Lord Moylan for your chums. The deed is done. | |
| |
| Supporters Trust Update on 21:40 - Jun 30 with 1321 views | Chief |
| Supporters Trust Update on 21:06 - Jun 30 by ReslovenSwan1 |
Yes you were horribly out of touch with reality and completely unable to read between the lines. I explained to you that the convertible loan note was a game changer and made legal action untenable. Sadly for the London based funders no £10m+ cheque will be in the post from Swansea Santander branch account. |
You were spouting anti-case propaganda long before the owners & Silver loaned the club money so you point is invalid.
Fact is as the current board themselves have said, they were approached shortly after they took over, no such approach was made to the previous board. It just so happens that at least one member of the new board apparently has a close relationship with Huw. Further invalidating your point.
The fact that nothing has changed in relation to the CLN also shows your point to be cachu tail [Post edited 30 Jun 2022 21:41]
| |
| |
| Supporters Trust Update on 21:42 - Jun 30 with 1317 views | Chief |
| Supporters Trust Update on 21:21 - Jun 30 by waynekerr55 |
Hello kettle, meet the pot.
Everyone with a grasp of what went on knows the crack. You no longer have to act as the Poundland Lord Moylan for your chums. The deed is done. |
That's an excellent comparison fair play. | |
| |
| Supporters Trust Update on 22:49 - Jun 30 with 1275 views | KeithHaynes |
| Supporters Trust Update on 20:15 - Jun 30 by Chief |
Bla bla bla.
Same old recycled tripe, which has been discredited repeatedly.
Pop out the barn for a lie down. Maybe you'll get lucky. |
Here we go 👠| |
| |
| Supporters Trust Update on 23:19 - Jun 30 with 1256 views | Catullus |
| Supporters Trust Update on 22:49 - Jun 30 by KeithHaynes |
Here we go 👠|
Nah, Res is on ignore. he is a single issue poster. he keeps going on about that which is now irrelevant.
So maybe here he goes whith Chief replying but the rest of us, I think, largely ignore this now. |  |
| |
| Supporters Trust Update on 00:44 - Jul 1 with 1244 views | ReslovenSwan1 |
| Supporters Trust Update on 23:19 - Jun 30 by Catullus |
Nah, Res is on ignore. he is a single issue poster. he keeps going on about that which is now irrelevant.
So maybe here he goes whith Chief replying but the rest of us, I think, largely ignore this now. |
The matter is only now "irrelevant" because your side of the argument has been found to be fake. No case to answer. No one will fund it. Six years and £400k wasted but never mind. | |
| Wise sage since Toshack era |
| |
| Supporters Trust Update on 07:11 - Jul 1 with 1220 views | Chief |
| Supporters Trust Update on 22:49 - Jun 30 by KeithHaynes |
Here we go 👠|
Yes, can't help but feeling perhaps this was planned all along? | |
| |
| Supporters Trust Update on 07:16 - Jul 1 with 1219 views | Chief |
| Supporters Trust Update on 00:44 - Jul 1 by ReslovenSwan1 |
The matter is only now "irrelevant" because your side of the argument has been found to be fake. No case to answer. No one will fund it. Six years and £400k wasted but never mind. |
Which you know to be false.
The current board took the risk averse offer instead of proceeding with court action. The funding was available.
But its ok, the trust can start having dividends soon can't they? That was one of your en vogue lets throw any cachu against the wall to try and turn people against the case. And then do a north western claret team. Or now it's all over do you actually admit these were desperate fantasy tales that you knew all along were nonsense? [Post edited 1 Jul 2022 13:33]
| |
| |
| Supporters Trust Update on 13:51 - Jul 1 with 1140 views | waynekerr55 |
| Supporters Trust Update on 00:44 - Jul 1 by ReslovenSwan1 |
The matter is only now "irrelevant" because your side of the argument has been found to be fake. No case to answer. No one will fund it. Six years and £400k wasted but never mind. |
 | |
| |
| Supporters Trust Update on 14:32 - Jul 1 with 1121 views | waynekerr55 |
Funnily enough the point about the legal team brought back a question for me. Did the current Trust board instruct them to make an argument for accepting the deal? The "statute of limitation" was a bit of a Red Herring given the CV19 pandemic and the owners reneging on the deal. Their arguments seemed a little weak to me. | |
| |
| Supporters Trust Update on 14:49 - Jul 1 with 1104 views | Sirjohnalot |
Can I ask people, once again to try to contribute in a pleasant way ? I've no worries is robust replies, but there really isn't any need for abuse. It's not my job to ban people, I will remove the posts, but for goodness sake, just be polite, it's not hard |  | | |
| Supporters Trust Update on 15:11 - Jul 1 with 1082 views | onehunglow |
Take this from one who detests most things or at least matter Swans ,right now;the Trust subject is pretty much done to death.
It is not a subject for old adversaries to keep a pot boiling.
There's plenty more to argue about and get angry about.
What we should eb angry about is how our standards have fallen,how our player quality has plumetted and why we are seemingly a sister club to MV Dons,a filthy franchise nonenity that dumped Russell Martin on to us and captured the hearts of countless Swans fans with no justification whatsoever.
Instead of carrying on old scores -many going back 15years+ get real and divert your anger into those who deserve it. Fans don't ,not even Resolven. He's got his own standpoint as have you all.
Fans should rail against the club but not each other.
Avoid being like ladies in blue rinses in the chapel vestry after Evensong | |
| |
| Supporters Trust Update on 15:12 - Jul 1 with 1081 views | ReslovenSwan1 |
| Supporters Trust Update on 07:16 - Jul 1 by Chief |
Which you know to be false.
The current board took the risk averse offer instead of proceeding with court action. The funding was available.
But its ok, the trust can start having dividends soon can't they? That was one of your en vogue lets throw any cachu against the wall to try and turn people against the case. And then do a north western claret team. Or now it's all over do you actually admit these were desperate fantasy tales that you knew all along were nonsense? [Post edited 1 Jul 2022 13:33]
|
Some funding was available but not full funding. The SCST said this.
" The Trust Board was therefore concerned about the real risk that the funding budget would become exhausted and that further funds would not be readily available, as the funder had indicated that the budget offered would be the maximum extent of its lending. Consequently, the material risk to the Trust was uncapped liability that could extinguish all its own resources. In summary, while working through the detailed terms of the funding and insurance agreements it became apparent that these agreements were significantly less attractive than they appeared in June 2021. The Trust and its legal team tried to negotiate better terms with the funder beyond their final position but this was not possible. The Trust considered seeking an alternative funder and made enquiries in this regard, however, we were advised it was unlikely that a materially improved funding offer would be available in current markets"
Full funding WAS NOT available. "All its own resources" includes £1m cash and approx £8m in shares if they can find a buyer. There is only one share buyer in town and that is Jake Silverstein and he probably would want a knock down price. It has been a good learning experience for me and also the members if they can engage in real world business activity and drop the south Wales Sunday school preacher Judas narrative loved by the faithfull. The legal case was a "last resort" remember. That is eating the family dog. The Trust looked in Bonzo's eyes and could not do it and there was some spam in the fridge. | |
| Wise sage since Toshack era |
| |
| Supporters Trust Update on 15:31 - Jul 1 with 1067 views | onehunglow |
| Supporters Trust Update on 15:12 - Jul 1 by ReslovenSwan1 |
Some funding was available but not full funding. The SCST said this.
" The Trust Board was therefore concerned about the real risk that the funding budget would become exhausted and that further funds would not be readily available, as the funder had indicated that the budget offered would be the maximum extent of its lending. Consequently, the material risk to the Trust was uncapped liability that could extinguish all its own resources. In summary, while working through the detailed terms of the funding and insurance agreements it became apparent that these agreements were significantly less attractive than they appeared in June 2021. The Trust and its legal team tried to negotiate better terms with the funder beyond their final position but this was not possible. The Trust considered seeking an alternative funder and made enquiries in this regard, however, we were advised it was unlikely that a materially improved funding offer would be available in current markets"
Full funding WAS NOT available. "All its own resources" includes £1m cash and approx £8m in shares if they can find a buyer. There is only one share buyer in town and that is Jake Silverstein and he probably would want a knock down price. It has been a good learning experience for me and also the members if they can engage in real world business activity and drop the south Wales Sunday school preacher Judas narrative loved by the faithfull. The legal case was a "last resort" remember. That is eating the family dog. The Trust looked in Bonzo's eyes and could not do it and there was some spam in the fridge. |
How about burying the hatchet. | |
| |
| Supporters Trust Update on 15:52 - Jul 1 with 1054 views | ReslovenSwan1 |
| Supporters Trust Update on 15:11 - Jul 1 by onehunglow |
Take this from one who detests most things or at least matter Swans ,right now;the Trust subject is pretty much done to death.
It is not a subject for old adversaries to keep a pot boiling.
There's plenty more to argue about and get angry about.
What we should eb angry about is how our standards have fallen,how our player quality has plumetted and why we are seemingly a sister club to MV Dons,a filthy franchise nonenity that dumped Russell Martin on to us and captured the hearts of countless Swans fans with no justification whatsoever.
Instead of carrying on old scores -many going back 15years+ get real and divert your anger into those who deserve it. Fans don't ,not even Resolven. He's got his own standpoint as have you all.
Fans should rail against the club but not each other.
Avoid being like ladies in blue rinses in the chapel vestry after Evensong |
You are naturally a negative person about things relating to South West Wales and have taken on board a Welsh Marches perspective. It is entirely natural.
The Trust business has been a very interesting process. I knew little of this before 2016.
a) Narrative control by vested interests on fans forums.
b) News control
c) Spin and aggression against anyone who objects including threats and accusation of being a vested interest. Wales has a long history of LOSING battles this e.g. Miners strike with black legs etc.
d) Tag on clauses. Drag on clauses
e) Non disclosure agreement
f) US secret banking state Delaware
g) Trust model rules /investment / charitable donations etc
h) No win no fee / liability insurances complex issues.
i) 25% ownership rights
j) Share holders agreements. When do they become obsolete?.
k) Trust core objectives
l) 5% golden share holding. What does it mean? Can it be sold?.
m) Commercial ownership of the Swansea.ocm stadium. Similar to that of Morrisons next door apparently.
n) Grinding lack of sophistication of football fans who are very easily led astray if the narrative is in harmony. Particularly issues of morality and betrayal. (straight out of the Bible)
o) South Wales anti Americanism.
p) Leveraged buyout (Burnley bingo) -£200m x Swansea price.
q) Football club inflation.
A lot to take in here. I have learned a lot. I suspect the SCST management have learned a lot too. The School of hard knocks. | |
| Wise sage since Toshack era |
| |
| Supporters Trust Update on 16:37 - Jul 1 with 1031 views | Chief |
| Supporters Trust Update on 15:12 - Jul 1 by ReslovenSwan1 |
Some funding was available but not full funding. The SCST said this.
" The Trust Board was therefore concerned about the real risk that the funding budget would become exhausted and that further funds would not be readily available, as the funder had indicated that the budget offered would be the maximum extent of its lending. Consequently, the material risk to the Trust was uncapped liability that could extinguish all its own resources. In summary, while working through the detailed terms of the funding and insurance agreements it became apparent that these agreements were significantly less attractive than they appeared in June 2021. The Trust and its legal team tried to negotiate better terms with the funder beyond their final position but this was not possible. The Trust considered seeking an alternative funder and made enquiries in this regard, however, we were advised it was unlikely that a materially improved funding offer would be available in current markets"
Full funding WAS NOT available. "All its own resources" includes £1m cash and approx £8m in shares if they can find a buyer. There is only one share buyer in town and that is Jake Silverstein and he probably would want a knock down price. It has been a good learning experience for me and also the members if they can engage in real world business activity and drop the south Wales Sunday school preacher Judas narrative loved by the faithfull. The legal case was a "last resort" remember. That is eating the family dog. The Trust looked in Bonzo's eyes and could not do it and there was some spam in the fridge. |
So yes, exactly what I said.
Funding was available but the trust decided against on using it in case it was exhausted.
(Which was a well known risk all along)
Thanks for confirming. I shan't waste my time reciprocating the inane waffle.  | |
| |
| Supporters Trust Update on 16:42 - Jul 1 with 1029 views | Chief |
| Supporters Trust Update on 15:52 - Jul 1 by ReslovenSwan1 |
You are naturally a negative person about things relating to South West Wales and have taken on board a Welsh Marches perspective. It is entirely natural.
The Trust business has been a very interesting process. I knew little of this before 2016.
a) Narrative control by vested interests on fans forums.
b) News control
c) Spin and aggression against anyone who objects including threats and accusation of being a vested interest. Wales has a long history of LOSING battles this e.g. Miners strike with black legs etc.
d) Tag on clauses. Drag on clauses
e) Non disclosure agreement
f) US secret banking state Delaware
g) Trust model rules /investment / charitable donations etc
h) No win no fee / liability insurances complex issues.
i) 25% ownership rights
j) Share holders agreements. When do they become obsolete?.
k) Trust core objectives
l) 5% golden share holding. What does it mean? Can it be sold?.
m) Commercial ownership of the Swansea.ocm stadium. Similar to that of Morrisons next door apparently.
n) Grinding lack of sophistication of football fans who are very easily led astray if the narrative is in harmony. Particularly issues of morality and betrayal. (straight out of the Bible)
o) South Wales anti Americanism.
p) Leveraged buyout (Burnley bingo) -£200m x Swansea price.
q) Football club inflation.
A lot to take in here. I have learned a lot. I suspect the SCST management have learned a lot too. The School of hard knocks. |
For someone who's got their way and with the club about to experience all manner of wonderful things now the trust aren't pursuing the case, you don't half drone on and on and on.
You dont have to invent these fantasies anymore.
Shouldn't we just all be sitting back ready to enjoy a glorious revolution now? | |
| |
| |
By continuing to use the site, you agree to our use of cookies and to abide by our Terms and Conditions.
