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

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."

Related News

Most Commented

Readers' Comments

I

think Finnegans Wake would have been a better reference point than Ulysses. Far more rambling and incomprehensible.

debra2927
Football People On TV: Garth Crooks

I

f I recall correctly, Degsy predicted a 100/1 shot correctly the week after his 150/1 Blackpool 4 - 3 Bolton call. I stuck a fiver on it as an idle bet. Paid for a stag do in Munich. Heady days...

baldini
Backing Hull To Beat United 2-1...

R

odgers prefers Joe Allen to Lucas? If this is true then I'm setting aside a fortnight to finally learn the rules of American Football and I'll give up on real football.

godzilla
The Jammy Gossip

Footer 365

Alan Pardew not sure Crystal Palace can match fine season in 2015-16

Alan Pardew says it is going to be difficult to repeat Crystal Palace's sensational second half of the season when the 2015-16 campaign starts.

Tim Sherwood expects Christian Benteke to remain Aston Villa player

Tim Sherwood is convinced Christian Benteke wants to stay at Aston Villa, although he has not broached the subject with him.

Steve Bruce at a loss to explain Hull City's dreadful season

Hull City boss Steve Bruce had no idea his side would be in a relegation fight after building what he saw as a strong squad last summer.

Mail Box

Only One Real Manager Of The Year

Winning the Premier League with the best squad in the Premier League is only par; Ronald Koeman did a whole lot better. Plus, the last word on Raheem and...

Don't Slate Sterling For Ambition...

Raheem Sterling deserves credit for his desire to quit Liverpool, according to one mailboxer. Also: why football should not be compared to business and Degsy's latest spot of bother...

© 2015 Sky Ltd. All Rights Reserved A Sky Sports Digital Media company