The sticking point for the deal is likely to be the ground.
Any prospective owner is likely to want to have the ‘club’ and the ground, the trouble is though, Coolsilk Property & Investment Limited took out a loan with Property Funding 2 Limited, and used Glanford Park as security for their company loan. If Swann includes the ground in the sale of Scunthorpe United FC Coolsilk will need to pay off the loan first.
I am starting to fear the very worst for Scunthorpe United right now. Given the fact that the club is losing money week on week, I doubt there are few who have the spare cash to purchase the club AND invest. Without the ground the club has a few salable assets in the way of players, a large number of staff that need to be paid each month, and income streams that do not meet expenditure. I fear we are soon to be facing insolvency, administration, and likely liquidation.
The only winner in this scenario is the same man who is in control of the sale!
