The following update on the sale of some Swans Trust shares to the Majority Shareholders in the Club was emailed to Trust members earlier today.
In our email to members of 14 November, which included reference to Phil Sumbler’s resignation, we stated that discussions on the detail of the deal were ongoing. These ongoing discussions have always been with the aim of completing the deal on the basis that we presented it to members.
We are pleased to say that there have been positive discussions between the two parties in this regard, particularly around some of the areas that were concerning us at the time of our 14 November statement. At this time, it is the view of the Trust board that the deal is on track to being concluded in the coming weeks exactly in line with the details provided during the members’ consultation in July.
There is still work to be done in finalising some of the detailed clauses inevitably associated with such a deal, but we believe we are coming to a point where matters will be finalised quickly and we can then provide members with a full update. A Members’ Forum to discuss all aspects of the Trust is also planned for December. We can only ask for your continued patience at this point.
The commitment has always been and remains, that if we are unable to secure agreement on the basis outlined in the members’ consultation, then we will refer back to our membership.