Wednesday 'Til I Die
The next 72 hours are absolutely crucial to the future of our football club. Currently we are told that there are still interested investors but it is beginning to look more and more likely that these investors will make their move post admin rather than before Wednesday's court case.
What could happen before Wednesday's court hearing to avoid administration?
An investor could reach an agreement with all loan note holders and the bank and could put the wheels in motion to take over the club. They would then probably choose to make a substantial payment towards or totally pay off the outstanding debt to HMRC, thus settling the winding up process. This option would prevent the loss of 10 points and would allow breathing space for a take over of SWFC to be finalised.
What happens on Wednesday if SWFC cannot find a way to satisfy the courts?
If it becomes apparent to the Co-Op bank that the tax bill cannot /will not be paid then it is highly likely they will be forced to place the club into administration prior to the court hearing. If the Co-op do not do this then the club would most likely be wound up by the judge and cease to exist.
Administration will result in an automatic 10 point penalty, placing the team second bottom of League One. A CVA (Company Voluntary Agreement) would then need to be agreed by the appointed administrators to bring the club back out of administration. This usually involves creditors being asked to accept substantially less money than they are actually owed. If this cannot be agreed then a further points deduction could happen, effectively relegating SWFC to the bottom tier of English football.
What can fans do?
At this point it is too late for fans to raise enough money to pay the tax bill prior to the court hearing, but fans can help to establish an opportunity to ensure the future of the club is more stable moving forward - with or without administration.
WTID (wtidgroup.co.uk) is a group that has been established with the intent to reform SWFC and establish the club as a supporter owned community club. Under WTID's plans SWFC would become a flag bearer for the future of English football. Business models similar to the proposed WTID model already work successfully in Germany where in most cases ticket prices are lower and clubs as a business are more successful and stable.
WTID have a sound business proposal that has already been presented to the Co-Op bank. The bank responded favourably to the proposal but it is imperative that supporters show they are interested in WTID's plans too. WTID will shortly need to push their proposal to all SWFC supporters if they are to move forward with their exciting vision for the club. Under WTID's plan supporters will have the opportunity to invest in their club like never before . WTID's proposal could well be the future for many English clubs and SWFC would be at the head of the pack with regards to the reforming of our national game, but it will be down to the vast SWFC fan base to help make it happen.
Remember, WTID's plans can move forward whether administration happens or not. Indeed it's very possible that administration could give WTID more of a chance of succeeding. However, they will need to move fast as a post administration SWFC could be a more attractive business proposal than it is now, and this could mean parties who do not have the clubs/fans best interests at heart being attracted to the situation.
To help WTID move forward quickly fans can do two things. Firstly you can align yourself with WTID by registering on their website and following their Twitter feed. This will allow WTID to raise awareness of their proposals to you first hand, as soon as it is necessary.
Secondly fans can make a donation to a 'fighting fund' to allow WTID to meet the costs of finalising their proposal and creating wider awareness of their plans. This can be done by visiting the 'appeal' page on their website. This appeal has been implemented in accordance with the necessary authorities and in association with the current SWFC supporters trust Wednesdayite. Any unused funds will be donated to The Childrens Hospital. Any donation is welcome both financially and also symbolically in that every new name serves to highten the visibility of the strength of the fan base.
We urge all SWFC fans to visit the following pages to learn more about WTID and their plans and to offer their support.
WTID homepage
WTID appeal page
http://twitter.com/wtidgroup
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