Swindon have cut their ties with the Kingswood Group after they failed to pay money owed to the club and are currently seeking new sponsors.The property company signed a five-year deal worth £100,000 a year sponsorship deal with the club's former owners last season - a decision chief executive Keith Watkins has described as a "knee-jerk reaction".

He added to the club's official website: "I have held discussions with the Kingswood Group.

"The hand of good financial fortune is not resting comfortably on their shoulders presently and I fear administration may loom large for them.

"The club is now actively engaged in dialogue with new sponsors for 2008/09 and beyond.

"It is not just about a name on the shirts. We need to find someone who will work with us in terms of the club's ethics, and in terms of the community."

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