Watkins: Ritchie sale necessary

Swindon say the sale of Matt Ritchie was necessary to secure the money to tide them over until their new owners are approved.

Last Updated: 31/01/13 at 21:26

Matt Ritchie: Sold to Cherries

Matt Ritchie: Sold to Cherries

Free £50 bet

Daily Offers and Promotions, sign up for a free £50 matched bet

Majority shareholder Andrew Black exchanged contracts with a consortium to acquire the League One club on Wednesday and that approval is expected to arrive in the next few days.

Just hours after those contracts changed hands Ritchie was sold to Bournemouth for an undisclosed fee.

"The club was put in a situation recently when the principle shareholder Andrew Black said he wished to withdraw funding from the club,"Robins chief executive Nick Watkins told the Swindon Advertiser.

"We were then in a very compressed timeframe required to try to seek new investors for the club.

"Had we not been successful in finding new investors I think every one of you would be aware that the club potentially was faced with a major financial reconstruction, and that could have led to administration.

"Luckily we were successful in identifying new owners to take over the majority shareholding of the club but there is now a short period of time between the transaction and the Football League agreeing to the owners and directors tests.

"During that time there is a requirement to fund the club and it was agreed between the current shareholders and the prospective new shareholders that the way to achieve that was to accept an offer from AFC Bournemouth from Matt Ritchie."

Free £50 bet

Daily Offers and Promotions, sign up for a free £50 matched bet

Related News

Most Commented

Readers' Comments

D

oes the absence of Winston Bogarde mean he's finally left Chelsea?

nellyknows
The Pre-Season 'Is He Still There?' XI

P

resumably, Diaby is in this team but receiving treatment

lee
The Pre-Season 'Is He Still There?' XI

A

deadwood 11 and not an arsenal player listed. Heady days.

EssexGooner
The Pre-Season 'Is He Still There?' XI

Footer 365

Transfer News: Manchester City in talks with Frank Lampard over loan move

Frank Lampard's representatives are in talks with Manchester City over a loan move, according to Sky sources.

Transfer news: Arsene Wenger admits Thomas Vermaelen could leave Arsenal this summer

Arsenal manager Arsene Wenger plans to make more signings this summer, but admits captain Thomas Vermaelen could leave.

Guus Hiddink vows to build on success of Holland predecessor Louis van Gaal

New Netherlands coach Guus Hiddink has vowed to build on the success of predecessor Louis van Gaal.

Mail Box

Are Villa Fans The Lowest Of Them All?

With the possible exception of Blackpool, are any club's fans feeling any more depressed about the start of the season than Villa? We also have a bizarre suggestion and...

How Can Tim Sherwood Be Out Of Work?

Don't peple know his PPG was THE BEST EVER FOR A SPURS MANAGER? We also have mails on Luis Suarez, the new fashion for 3-5-2 and more...

© 2014 British Sky Broadcasting Ltd. All Rights Reserved A Sky Sports Digital Media property