Andrew Fitton's proposed takeover of Swindon has collapsed, sparking fears for the club's future.
League One club have 'insufficient funds' to continue trading
Swindon Town director Bob Holt is determined to ensure the club avoid receivership 'at all costs' after the collapse of Andrew Fitton's proposed takeover.
The local businessman had been putting together a bid to buy the League One side, but withdrew his interest on Thursday.
There appears to be little prospect of a deal with Fitton's Swindon Football Holdings Ltd consortium being revived, sparking fears for the future of Swindon.
But while Holt acknowledged his disappointment at talks having fallen through, he is anxious for the club to continue trading.
"We received a press release from Mr Fitton today and since then I have spoken to the vendors and Mr Fitton, and there seems to have been an irretrievable breakdown in negotiations," said Holt in a statement on the
club's official website.
"In the meantime we will be contacting the shareholders for additional funding so that the club can continue to trade.
Not giving up
"The directors of this football club are not shareholders nor in control of the deal. Receivership is something that we will avoid at all costs, although any creditor could go to the courts.
"The directors are doing their utmost to secure funds for the future and we won't give up. It is difficult to make any forecast, other than the directors will be doing their utmost to make sure that the club continues trading and playing in League One.
"We have reached the point now where there are insufficient funds to continue trading. We are now seeking additional funds from the current shareholders.
"The board will endeavour to get the major shareholders and Andrew Fitton around the table as soon as possible to continue negotiations.
"The shareholders have been looking at an alternative solution as a backstop and I will be seeking, along with the directors of this club, answers to a number of questions over the next 24 hours."
