BREAKING: CLEM MORFUNI BECOMES MAJORITY STAKEHOLDER AT SWINDON TOWN

SWINDON TOWN has a new majority shareholder after owner Lee Power today transferred his shares in the club to Australian businessman Clem Morfuni. Total Sport Swindon’s Ryan Walker reports on the latest news below.

First reported by BBC Wiltshire, it is now understood that Swindon Town owner Lee Power has transferred his controlling shares in the club to Morfuni’s Axis company as the completion of the court-ordered takeover edges ever nearer.

The club currently remains under a transfer embargo, with just nine contracted senior players, following their failure to pay staff for June with the PFA and EFL combining to cover 60% of outstanding wages, however, it is understood that the embargo will be lifted when Morfuni becomes the official owner of Swindon Town.

The EFL are yet to make an announcement with Clem Morfuni still awaiting the completion of the regulatory’s fit and proper test however this is expected to be approved shortly.

Swindon Town have not yet issued any type of statement either with regards to the news of Morfuni obtaining Power’s shares at the club.

Swindon Town take to the pitch this evening for their third pre-season game away to Swindon Supermarine with the start of the League Two season under three weeks away.