TrustSTFC is delighted that the debentures over the club are finally gone. We believe this is one of the most significant off-the-field events for many years.
The debentures were security over historic interest-free loans totalling £2.95 million made to the club between 2010 and 2012 by former owner Andrew Black and his business associate Sir Martyn Arbib.
Those debentures, and the underlying debt, can be sold. In the wrong hands the debentures endangered the club. A hostile purchaser looking for immediate repayment could have attempted with little warning to put the club into administration (triggering an automatic points deduction) or take other enforcement action that could have threatened the solvency of the club. As too many football supporters know, when looking to sell a club and deal with its assets, an administrator has no obligation to consider the desires of the supporters or the fact that a football club is a community asset.
We congratulate Clem Morfuni for paying off this debt and getting rid of the debentures. It is a serious commitment to the long-term financial security and success of our club and will also pave the way for the acquisition of the County Ground by a joint venture between the club and supporters through TrustSTFC.