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

still can't see the Phil Jones thing that some people go on about. Whenever I watch him play it's a repeat of headless chicken meets a gurning Bambi on ice for 90 minutes.

diabolicaldiaby
F365's Top Ten Defenders Of The Season

P

robably the first list I've come across in a long time where I agree with a large majority of what was written. Can't agree with everything though, Zaba has had an awful season by his standards, I'd put Monreal (a player who I've never rated) up there, gotta give credit where it's due, he's really stepped up his game.

scroteymcbooger
F365's Top Ten Defenders Of The Season

S

ome top analysis here..... UNITED WOULD BE TOP IF IT WEREN'T FOR ALL THEM GAMES THEY LOST

benvo81
United Progress Stifled By Bottom-Half Record

Footer 365

Swansea's Bafetimbi Gomis could return from injury against Arsenal

Swansea striker Bafetimbi Gomis could return to action against Arsenal after nearly a month on the sidelines.

Juventus 2-1 Real Madrid: Carlos Tevez penalty hands Juve first-leg lead

Juventus will take a narrow lead into their Champions League semi-final second leg with Real Madrid after a 2-1 win in Turin.

Newcastle captain Fabricio Coloccini says sorry to supporters

Newcastle United captain Fabricio Coloccini has written a letter to fans apologising for recent poor results.

Mail Box

How Is Coutinho Rated Above Cazorla?

We have a mailbox packed full of views on Santi Cazorla, what Arsenal and United need this summer, the idiocy of St Totteringham's Day and rather a lot more...

Arsenal Need Three. These Three...

One mailboxer has the realistic answers to Arsenal's summer transfer needs. We also have plenty more on Newcastle fans, handballs, Chelsea selling and Johnny...

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