Swindon blame part of the problem on their old stadium

The club had been threatened with closure after defaulting on payments towards a £600,000 VAT bill.

But major shareholder Sir Seton Wills stepped in and brokered a loan deal with property company St Modwen.

The £750,000 cash injection will, the club says, ensure they meet their financial obligations for this season.

St Modwen are currently helping Swindon to either move to a new home or redevelop the County Ground.

Wills support

In a statement the club admitted that their losses since 2002 have been in the region of £750,000-per-year.

Swindon say that without moving to a new stadium the club will "continue to struggle".

Director Bob Holt said: "The board recognises that without the Wills family and St Modwen's support the consequences of the petition would have been grave indeed.

"Basically the position is simple - having reduced expenditure to a minimum, more income is the only solution," said Mr Holt.