Swindon Town and the English Football League (EFL) have jointly announced that the club is facing charges over a breach of regulations.
In a statement released by both parties, it was revealed that owner Clem Morfuni and the club itself are under scrutiny for failing to disclose a crucial transfer of a “significant interest” in the club.
The charges specifically revolve around the transfer of a 17.1% voting right shareholding to Hollie Kiely of Swinton Reds 20 Ltd. The transfer occurred in September 2022, but the information was not disclosed until its official publication at Companies House in August 2023. This failure to promptly disclose such a significant transaction has raised eyebrows and led to the charges being brought against both the club and Clem Morfuni.
It has been clarified that charges have not been issued concerning a 5% shareholding, as it falls below the 10% threshold deemed as a “significant interest” according to EFL regulations. However, the more substantial transfer of the 17.1% voting right shareholding has triggered the breach of regulations, prompting the EFL to take decisive action.
As the charges loom over Swindon Town, the punishment for the club remains undetermined. The matter is set to be referred to an independent Disciplinary Commission, which will have the responsibility of assessing the situation and deciding on an appropriate course of action.
In a statement, the EFL said: “Mr Morfuni has been charged for failing to disclose to the Club’s management the transfer of a 17.1% voting right shareholding to Mrs Hollie Kiely of Swinton Reds 20 Ltd in September 2022, which led to the Club breaching the requirement to disclose to the League details of any shareholder with more than 10% of voting rights and failing to update the official club website with the details for public record.”
