Reply With QuoteI suppose something to come out of all of this is parties showing an interest. Whether their bids are acceptable to the FA are another thing.
Classic case of one man trying to run a club on his own, even at a lower level the inevitable can happen.
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National League South - Torquay United Docked 10pts - Planned Administration
League Rules - Say clubs intending to appoint administrators is seen as an insolvency
event, liable to a 10 point penalty.
The club announced its plans to go into administration, after owner Clarke Osborne said
last month, he could no longer fund the club.
The financially troubled Gulls now have 41 points, 3 points above the relegation zone, &
drop from 12th to 17th place in the table.
The club have only won 1 game, in the last 11 league games, with the club now at its
lowest position, since first elected to the league in 1927.
* A number of parties have made bids for Torquay United, with the club yet to formally
go into administration.
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I suppose something to come out of all of this is parties showing an interest. Whether their bids are acceptable to the FA are another thing.
Classic case of one man trying to run a club on his own, even at a lower level the inevitable can happen.
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Originally Posted by Ericsladkilnhurst
If the club has not formally gone into administration, have the EFL been a bit premature in deducting point?
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Its the rules Gainsbro_Miller -
Clubs intending to appoint administrators is seen as an insolvency event, liable to a 10 point penalty.
The club announced its plans to go into administration, I see your point that the club has not gone
into administration has yet.
The 10 point deduction now could put off parties looking to take the club over.
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Septuagenarian plutocrat with big ideas eventually drives club into an absolute mess, whilst shielding himself from any financial hardship.
Thankfully, this is a unique situation, and all other clubs are protected from the whims of belligerent entrepreneurs by all the clever guardrails imposed by footballing authorities.
Phew.
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Torquay United - Financial Accounts Year Ending 30th June 2023. [2022-23 season]
Administration threatened Torquay United lost almost £100,000 a month last season,
when they were relegated from the National League.
Figures lodged with Companies House show the Gulls lost £1,163,124 in the year
ending 30th June 2023.
Owner Clarke Osborne's loans to the club rose by just under £1m to £5.28m
February 2024 - Osborne said he intended to appoint administrators, as he could
no longer fund the club, now in the National League South.
The accounts also show Torquay United owe almost £7m in total to various creditors.
The club were docked 10 points last month, following Osborne's announcement, &
the Full Time Gulls are just 4 points & 2 places above the relegation zone.
Last Week - The Torquay United Supports Trust [TUST] announced they had joined
a bid with a group of local business people to buy the club.
TUST aim to raise £150,000 to join life-long fan & season-ticket holder Michael Wescott,
who is leading the investor group, trying to to take control at Plainmoor.
After the approval of the financial statements, Osborne said his financial support would
not continue into the 2024-2025 season. To which he wrote this statement, accompanying
the financial statements of year end 30th June 2023.
Administrators - Intention still to bring them into the club.
TUST & Local Business People - Intentions -
1 - Options being explored to secure company future
2 - Viable solution for the club to continue as a going concern.
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