Swindon were in a CVA

With Denis Wise gone to Leeds United, Swindon Town are looking for a new manager.

Currently Ade Williams is in charge and everything points to him still being in charge next Saturday when Hereford United visit the County Ground.

Several high profile managers have been suggested as possible new managers. Paul Sturrock, Lou Macari, Teddy Sheringham, Brian Little, Martin Ling and Steve White have all been linked with the job.

Not long ago it might have been doubtful whether Swindon could have afforded any of the above as the club has had a CVA in operation.

The most recent Swindon CVA was agreed in 2002 with a repayment of 24p in the pound on debts the club owed.

The Robins had to pay the Inland Revenue, their major creditor, £130,000 by 21 June that year, four further annual instalments of £100,000 and a final payment of £900,000.

One of the reasons Swindon went into a CVA was the level of wages being paid to some players at the time. Neil Razor Ruddock was reported to be on £500,000 per year more than the entire Hereford United wage bill at the time.

Ruddock had played against Hereford United in the FA cup game the previous December.

At the time of the FA Cup game many of Swindon's financial problems weren't apparant but when the Robins failed to pay Hereford their share of the gate from the cup game within fourteen days alarm bells starting in Edgar Street.

Hereford were in a desparate financial state like Swindon at the time and needed the 18K gate money urgently. Eventually the debt was paid but not before the FA was called in.

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