What has been said?
A statement read: “The EFL is today in a position to confirm it has issued consent to the acquisition of the additional shares in Swindon Town by Mr Clem Morfuni in accordance with EFL Regulations, and it is now a matter for the shareholders to conclude any associated transactions.
“The EFL is looking forward to working with the new ownership as they seek to ensure a successful and viable long-term future for the Club.
“In addition to these developments, the League continues to review a number of matters relating to the previous ownership arrangements at the Club.
Who is Morfuni?
Morfuni is an Australian businessman. He is a minority shareholder who owns a 15 percent stake in Swindon’s holding company, Swinton Reds, and has been attempting to buy the club.
Morfuni, who owns the building services contractor Axis, has successfully won a High Court legal battle with Power to take full control of the club, with the latter required to transfer his shares in the club.
What challenges does Morfuni face?
To say Morfuni has a massive job ahead of him would be an understatement.
Swindon are without a manager, assistant manager, chief executive or director of football. John McGreal, who was appointed the club’s manager in June, left after just a month in charge along with his assistance Rene Gilmartin.
The club are also under a transfer embargo after not paying players and staff their full wages for June. Due to a lack of available players, their pre-season friendly against Swansea on Saturday was also cancelled by mutual agreement.
Overturning the club’s fortunes will be a significant challenge but it is understood that Morfuni is well trusted by the local council and supporters, as well as the EFL.
Why is the club under financial trouble?
In February, Power, who is also the club’s chairman, said Swindon was on the brink of “financial bankruptcy”.
Majority of the club’s financial problems stem from a number of legal battles.
One is regarding the club and Power breaching FA regulations regarding the ownership and funding of the club.
Swindon borough council, who own the club’s stadium the County Ground, have also taken legal action for not paying rent for the ground since April last year.
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