Swindon Town owner confirms club 'not up for sale' after 'shocking' FA Cup defeat
Clem Morfuni's called the result 'heart-breaking' and, amid speculation, has confirmed the club is not up for sale
Last updated 21st Jul 2024
A statement's been issued over the weekend by majority owner of Swindon Town - Clem Morfuni - after the 7-4 defeat in the FA Cup.
Clem Morfuni's called the result 'heartbreaking' and, amid speculation, has confirmed it's not up for sale.
He says they're 'painstakingly' working through issues from prior ownership as he continues to stabilise the club through its financial challenges.
In his message to supporters, Morfuni added he takes 'full responsibility for everything that happens within our club', saying his letter was his way of telling fans he's 'confronting the challenges head-on'.
He said: "I felt it was important to write to you all after the shocking 7-4 defeat we suffered against Aldershot in the FA Cup yesterday. I want to address not only this embarrassing loss but also provide clarity on a series of stories that have been circulating on social media.
"Firstly, I want to acknowledge the huge disappointment you must all be feeling, and let you know I share the same pain. Football is a game that can deliver incredible highs and devastating lows and we’ve had lots of both in my short time as owner of Swindon Town FC.
"As owner, I take full responsibility for everything that happens within our club and I'm writing this message to let you know I’m confronting the challenges head-on."
Clem Morfuni's letter
In his letter, Morfuni addressed a number of issues he's working to tackle at the club, and has confirmed the current financial situation being faced by Swindon Town management.
He's added the club is not up for sale - but that it's a challenging time, and he's pumping in a lot of his own funds to make sure it's financially stable.
Recruitment
Speaking about the recruitment of staff, it's been confirmed that manager Michael Flynn's been offered a new contract.
Morfuni said: "I speak to Michael Flynn regularly about the football and the recruitment in my view, he has been exceptional this season this is why we offered Michael a new contract to reflect the start to the season that we have had so far.
"I have been having discussions with Michael Flynn and Jamie Russell regarding strengthening our squad in the January transfer window, which I will personally be overviewing.
"I will be there in January to support the hard work between Michael Flynn, Wayne Hatswell, Jamie Russell & Anthony Hall."
Club sale rumours
Despite rumours reportedly circulating on social media, Morfuni has reiterated that Swindon Town is not up for sale.
He made the statement to 'address the concerns and clear up any confusion' following these rumours at a time of financial difficulty for the club.
It has been confirmed, though, that they do receive 'expressions of interest' from people who are interested in buying the club - however, he said that 'entertaining such discussions does not equate to actively seeking a sale, even if some may interpret it that way'.
The club's financial stability
Morfuni has also clarified the state of financials at the club - especially regarding reports and speculation about the payment of players and issue with HM Revenue and Customs, which he has confirmed 'have been paid - and also paid on time'.
Over the past two weeks, he says £250,000 has been injected into the club, something he says he will continue to do to ensure its stability 'as and when needed' - especially because of the, as he said, 'years of mismanagement from the prior ownership.
He added: "These challenges are still painstakingly being worked through and paid for me".
It's also been revealed that the club's income doesn't meet the costs to run Swindon Town - with the existing deals which are currently in place.
Morfuni clarified: "Anthony Hall our CEO has talked me through this at length and our plan is to focus on new revenue streams for the club, we also need to renegotiate all of our less favourable commercial deals and enhance our offerings to generate additional revenue.
"It's been said recently that clubs in League Two lose on average £1m-£2m, in League One they lose £3m+ every year and in the Championship even more, all chasing success."
Swindon Town recently joined the Fair Game Initiative, which is dedicated to making football clubs more sustainable.
He said: "It shouldn’t be this way and Fair Game is pushing very hard and want all football clubs to become more sustainable, telling us that since the Premier League was created in 1992, there have been 64 instances of clubs collapsing into administration in the top 4 divisions and also that the Premier League gives more money to one parachute payment club than it does to all 120 clubs in leagues 1, 2 and the National League combined.
"Things must change, and we fully support the Fair Game initiative."
The County Ground
The purchase of the County Ground, and the club and supporters equally owning it, has been hailed as a 'massive step' in securing Swindon Town's financial stability - as they hope, over the next few years, to allow it to generate income 7 days a week.
Currently, they pay rent to the JV - then paid back into the club and reinvested to help fix the stadium. Their current spend this close season tallied-up to be more than £200,000.
Now, they're working with Swindon's Supporters Trust on a new fan zone, which is hoped to give supporters a 'much better matchday experience', according to Morfuni.
He has confirmed this is something he will 'personally' be following in the New Year.
Clem Morfuni's message to supporters
In his final remarks, Morfuni said on Sunday: "Yesterday’s result was heartbreaking, but the early season has been filled with promise we need your patience, and we need your support more than ever during these difficult moments.
"As stated already, we have a plan - we're actively working on strategies to increase revenue and to get promotion into League 1 and beyond.
"I understand why you are disappointed and upset right now as I’m I and the rest of the team is. I want to emphasise that I am with you on that and assure you that I am 100% committed to Swindon Town.
"Thank you for all your support and I look forward to seeing you all before Christmas."