Rising debts at Swindon worry fans

Swindon Town lost another £2.5 million during the most recent financial year, and have borrowed over £10 million from Clem Morfuni since he became owner.  The football club’s accounts for the financial year, which ended in May 2025, were published on Companies House and revealed the loss that CEO Anthony Hall said would be the case in his most recent interview on the club’s YouTube channel.

The accounts showed the club now has debts of £10,683,645, which is up from £8,111,047, meaning there was a total loss of £2,572,598 during that financial year.  These losses exceed those of the last two financial years by over £1 million, with those being £1,073,519 in 2023 and £1,340,136 in 2024.

Also, in the documents, Swindon are shown to have bank borrowings of £10,374,725, which have come from Morfuni to support the running of the club.

During that roundtable discussion with Morfuni, Hall, and Ian Holloway on the club’s YouTube channel, the Australian businessman admitted that he was having to invest around £200,000 of his own money a month to keep the club afloat financially, and it was admitted that the club was no closer to being financially sustainable.

Football finance guru, Kieran Maguire, pointed out the extent to which the club has been “propped up” by loans from Morfuni on X.

TrustSTFC have previously brought up their concerns about the growing debt at the club, first mentioning it in their open letter in May 2024 and subsequently bringing it up again during interviews with The Adver and BBC Radio Wiltshire in 2025, and have asked Morfuni to convert some of the debt into equity.

Trust chair Neil Hutchings said in January 2025: “Clem has had to continue to fund the club probably to the tune of £1.5 million a year, so although the club haven’t released any updated finances for nearly a year now, we suspect that the debt owed to Clem Morfuni is probably in the region of £9-10 million.

“From a Trust perspective, we feel it is fine that Clem is funding us day to day, but what is he doing to help take the club forward? How is he generating that additional revenue? How is he bringing supporters in and bringing back supporters?

"We have to start addressing some of these other issues, if he doesn't, for the sake of the long-term security of the club, I don't see how continuing to build up debt year on year with no solution to pay it off helps anybody."