Swindon Town takeover: Chairman Lee Power transfers shares as deal nears completion
- Published
Swindon Town are back in League Two after being relegated from League One last season
Swindon Town chairman Lee Power has transferred his shares in the club to move a takeover closer to completion.
The Robins have been the subject of a bid by Australian businessman Clem Morfuni, who has a minority stake.
It would end a lengthy ownership battle for the League Two club who have fought recent financial problems.
The EFL confirmed that it has granted Morfuni consent to acquire additional shares, having passed the league's owners' and directors' test.
"It is now a matter for the shareholders to conclude any associated transactions," a spokesperson said.
"The EFL is looking forward to working with the new ownership as they seek to ensure a successful and viable long-term future."
Morfuni has been involved in a High Court legal battle with Power over the ownership of the club.
Power has been ordered to sell the Wiltshire side to Morfuni's Axis company against his wishes.
The club are under a transfer embargo, having paid players and staff just 60% of their June wages and have no manager.
Swindon were relegated from League One last season and have just nine contracted senior players with the new campaign less than three weeks away.
Boss John McGreal and his assistant Rene Gilmartin quit the club in June after just a month in charge, chief executive Steve Anderson has departed and director of football Paul Jewell is also understood to have left the County Ground.
The local council, who own the stadium, have taken legal action against the club for not paying rent since April 2020.
The club and Power are still the subject of Football Association charges regarding the ownership and funding of the club.
In April, Power, along with sports agency First Touch Pro Management and its company director Michael Standing, were charged with breaching FA rules on ownership.
Standing, a former Aston Villa trainee who had spells at Bradford and Walsall, had previously stated that he had acquired 50% of Swindon's holding company when Power bought the Robins in 2013.
But, under FA regulations, agents are not allowed to own clubs because of potential conflicts of interest.
The EFL also confirmed it will "continue to review a number of matters relating to the previous ownership arrangements."