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Swindon Town owner Clem Morfuni has said he sold shares in the club to two individuals in 2022 to pay off £2.9m in debt the League Two side owed.

Australian businessman Morfuni took over Swindon following a protracted legal battle two years ago.

Morfuni said he only later became aware the debt needed to be paid imminently, with the individuals stepping in to help pay off what the club owed.

Morfuni said the club could have gone into administration.

"My understanding was it was debt that wasn't due anytime soon," he said.

"Something I believed wasn't an issue became a huge issue and we suddenly had a few days to pay £2.9 million or the club go into administration."

Morfuni's time as owner began with the club in £7.5m worth of debt, which he previously confirmed had been reduced to £1m.

Despite most of the outstanding £2.9m being paid, the individuals - who Morfuni did not name - remain as part of Swindon Town's ownership, meaning he does not own 100% of the club.

"Money was borrowed from two individuals that I reached out to and shares in the club were utilised as security for the loan as virtually all my assets are in Australia," he continued.

"They have had no interest in running the club and want no influence over the club whatsoever.

"Mistakes happen. We're not perfect, and neither is any other club out there.

"What matters is how we own up to it, fix what needs fixing, and keep moving forward. I apologise to all supporters for the confusion this has caused."

Swindon finished 10th in League Two last season and are in the same place early this season after two games.