Swindon Town: Power and McCrory ownership battle is settled
Swindon Town's ownership battle has been settled after a High Court judge ruled chairman Lee Power's takeover was carried out properly.
Power and his Swinton Reds 20 firm took control of the club from Jed McCrory's Seebeck 87 company in December.
But former Town chairman McCrory disputed the manner of the takeover and commenced legal action.
Who is Lee Power?
- Started his career in football as a player at Norwich before spells with Bradford, Peterborough, Dundee, Hibernian and Plymouth
- Went on to set up Cre8 Publishing in 2008 and also worked as a football agent.
- He was part of a consortium that took over Luton Town in 2003
- Power became chairman at Cambridge United in 2006 and made himself caretaker manager for 12 games.
- Then joined the board at Rushden & Diamonds, who were dissolved in 2011
- Arrived Swindon in April as a director and part-owner. Assumed control in December under holding company Swinton 20 Reds
The ruling, by Nicholas Strauss QC, means Power is legally the majority shareholder with immediate effect.
McCrory was not in court to hear the verdict, but will have to pay legal costs which could total more than £50,000.
Former Norwich City player Power said he had "no doubt" he owned the club and said it had been a "disappointing time".
"It's put a squeeze on the football club financially over the past three or four months," he added.
"A number of sponsors pulled away and the season tickets more or less stopped. Over the past two months we've sold just over 100."
McCrory's consortium bought a 99% shareholding in Swindon from Andrew Black in February 2013.
Power came in as a director and part-owner two months later and invested £1.2m to help lift the Robins' transfer embargo, which was in place before the consortium's arrival.
Holding company Swinton Reds 20 assumed control in December, with 41-year-old Power named chairman - a decision which prompted McCrory to resign.