The Swindon Town Supporters Trust is concerned by the value of loans that have been given to the club.

In the latest set of accounts, it was shown that in 2023 £1,561,385 in loans had been given by Axis Football Investments, which is owned by Clem Morfuni, to the club and the total value owed to that company now stands at £2,937,405.

The Trust’s Vice Chair James Phipps told the Adver that the board were concerned by the level of loans that had been given to the club and the impacts that could have in the short- and long-term.

He said: “There is a vast array of things that we will look to do to increase the communication, which is what our members asked for and that gets split into two things.

“One is the things that we can control, and the other is the things we absolutely can’t control, but they are the list of things that we are saying that we are going to keep talking to the club about.

“Those are things like it is great for shareholders to be supporting the club, but that is on the basis of a loan; that loan is getting very high and that is a concern to us.

“We would be encouraging the shareholders to swap that loan for equity, as happened with Leicester City, because that is a much better position for the club to be in.

“Not only for now, but if you are in a position at some point down the line where we have a change of ownership, and let’s face it with Swindon Town changes of ownership tend to come very periodically, then not having the debt there will put the club in a better position in terms of potential buyers coming in.

“The highlight for us of the Fair Game report was that we would like to see a more detailed breakdown of the administrative costs and the value of the loans is absolutely a worry to us.

“When it gets to the point like with clubs like Bolton and Reading when the value of the loans exceeds the value of the football club that is a worry.

“And clearly the lack of liquidity in the club is a worrying thing, the liquidity has gone down massively and in line with the late payments to HMRC twice and not passing over the ticket money, so clearly cash has been tight.”