The update follows a “formal and constructive meeting” between club officials and the Supporters’ Trust, where the focus was placed on the club’s financial position, existing debentures, and its future funding strategy.
At the centre of the changes is the settlement of a £1.4 million debt previously owed to a third party. The club confirmed this liability has now been repaid in full, with funding provided by Sixa Mechanical Pty Ltd, part of Morfuni’s Axis group of companies.
In its place, a new debenture has been created, meaning the club’s debt has not been removed, but transferred internally.
The club said the aim of this approach is to “consolidate existing and future debt into a single, clearly defined framework, thereby improving financial stability, enhancing transparency, and enabling more effective long-term planning.”
Morfuni has also taken full ownership of the club following a recent restructure, with Axis Football Investments now the sole parent company and all shares returned to his control.
Taken together, the changes represent a significant shift, simplifying what had previously been a more complex ownership and debt structure, while bringing all financial obligations under the control of the club’s owner.
However, the use of debentures, a form of secured loan, remains a point of concern for supporters.
TrustSTFC said it “objects in principle to ownership loans being secured by debentures,” although it acknowledged that the practice is common in football. Following discussions, several key safeguards have been agreed.
These include excluding the club’s shares in County Ground Stadium Custodians Limited from any debenture arrangements, as well as protecting the club’s lease of the stadium. It has also been agreed that debentures can only be held by entities fully owned by Morfuni, or any future owner, preventing them from being sold on externally.
The club described addressing the £1.4 million liability as “an important step in strengthening the Club’s overall financial position and reducing external pressures,” adding that it would allow Swindon Town to move forward “on a more secure and sustainable footing.”
It also pointed to improved engagement with supporters, stating that the meeting allowed for a “full and open exchange of views,” and reaffirming its commitment to keeping fans informed.
The Trust is expected to receive written confirmation of the agreed changes by the end of May.
For supporters, the update presents a clearer, if more concentrated, financial picture. External debt has been removed, key assets have been protected, and the club’s structure has been simplified.
Swindon Town FC are now heavily reliant on a single source of funding, with all roads leading back to the owner. Whether that proves to be a foundation for stability or a point of vulnerability will depend on what comes next.
