Swindon Town have confirmed they are looking for new investors
Swindon Town are looking for new investment to try and clear debts believed to total in the region of £13m.
Last Updated: 17/01/13 2:46pm
The League One side's majority shareholder Andrew Black has stated his intention to leave the club and has already held talks with a couple of potential new investors.
Black has supported Swindon financially for the last five years and they were able to secure promotion from League Two in 2011-12, continuing to build a squad that has taken them into the play-off places this season.
But giving boss Paolo di Canio a substantial transfer and wage budget has led to cost-cutting becoming something of a priority in order to avoid going into administration for the third time in the club's history.
Chairman Sir William Patey said: "Andrew has made it clear that he is looking for someone to acquire his majority shareholding in the club and as a consequence the Board has been engaged in detailed discussions with interested parties these past few weeks.
"The club is also taking professional advice as to how best facilitate an early sale.
"The aim is to attract new owners as Swindon Town is a club with real potential and with a huge opportunity.
"The dream scenario is we'd be in the Championship with new investors and new owners, but there are a lot of other things that could happen too, and I do stress the money situation is extremely tight."