Torquay United SOS (TUST submit bid to buy TUFC)

[diClarkio]

Kieffer Moore will be back in Devon for Argyle v Ipswich next Saturday - perhaps worth waving a Torquay SOS flag as he gets off the team bus?

If you're lucky, hometown loyalties might see him be happy to volunteer a shirt or something for auction, who knows?

[No idea myself, never met the guy]

 

[Gloucester Green]

Any updates from those who attended today?

 

[X Isle]

Gate was 3,642, about 1,400 above average but less than they got for Truro on Boxing Day.

 

[X Isle]

Still not in administration though mind you.

At a very conservative £10 a ticket, that means at least an additional £14,000 went to Clarke Osbourne today.

He's done well from merely 'announcing an intention' hasn't he 🤔

 

[Argyleloyal]

Still not in administration though mind you.

At a very conservative £10 a ticket, that means at least an additional £14,000 went to Clarke Osbourne today.

He's done well from merely 'announcing an intention' hasn't he 🤔

No money is going to him

 

[X Isle]

No money is going to him

Says who?...

The club...

Currently run by a puppet of?...

Clarke Osborne 😉

Administration firms work 24/7, 365. He's had days to turn his 'intention' into reality. I don't wish any club to go into administration, in this case however they're in a limbo position as it stands and taking the hit would at least give them clarity and focus.

 

[Adam]

No money is going to him

I don’t often agree with @X Isle but in this situation, he’s right.

Until we see proof that the money is not going to CO, then we have to assume it is.

 

[Keepitgreen]

FAQs

FAQs – Updated 05/04/24 - Torquay United

Following the announcement that Torquay United had appointed administrators on 5th April 2024, the Club has revised its FAQs, and will continue to be update these throughout this process. Although no list of Frequently Asked Questions will ever be completely exhaustive, the intention is for this...

torquayunited.com

 

[X Isle]

FAQs

FAQs – Updated 05/04/24 - Torquay United

Following the announcement that Torquay United had appointed administrators on 5th April 2024, the Club has revised its FAQs, and will continue to be update these throughout this process. Although no list of Frequently Asked Questions will ever be completely exhaustive, the intention is for this...

torquayunited.com

But that's the very problem, Edwards and Hayman who are by that CLUB statement, running things on a 'voluntary' basis do not have clean hands in this.

I'll take my steer from the Gulls fans... NOT the club right now in its tainted and hated 'caretakers'. While there is ANY conceivable chance of the money being siphoned away... give your money to the Trust 'fighting fund', NOT the club.

Where's the money going? - TorquayFans.com | Torquay United Fans Forum

I know our make up was different but its a bit like Stapleton 'walking away' and us having to trust Suroy's word that everything is kosher 🤔

 

[Graham Clark]

But that's the very problem, Edwards and Hayman who are by that CLUB statement, running things on a 'voluntary' basis do not have clean hands in this.

I'll take my steer from the Gulls fans... NOT the club right now in its tainted and hated 'caretakers'. While there is ANY conceivable chance of the money being siphoned away... give your money to the Trust 'fighting fund', NOT the club.

Where's the money going? - TorquayFans.com | Torquay United Fans Forum

I know our make up was different but its a bit like Stapleton 'walking away' and us having to trust Suroy's word that everything is kosher 🤔

X Isle's suspicicions are well founded. The Notice to appoint an administrator gives the Directors of TUFC time to stop creditor legal action and offers a short period of time to determine the best way forward for the business. Osborne is still a director - he has just stood down as Chairman. What he has done has stopped a creditor trying to liquidate the Club. I wonder what the HMRC position is?

I wonder if Osborne is pursuing the “pre-pack” arrangement whereby the sale of all or part of a company's business or assets is negotiated with a purchaser prior to the appointment of the administrator, and the sale contract executed on the appointment of the administrator or very shortly afterwards. That way debt is reduced / removed but control is maintained.

The longer the Club do not formally enter adminstration the more suspicions of Osborne's thought process may be raised.

Perhaps contributors should go to the TUST Crowdfunder until the position on administation is clearer.

Torquay United Supporters Trust - Donations Page

To raise funds to support TUST in the next step of the Torquay United journey.

www.crowdfunder.co.uk

 

[bodspafc]

It is now covered on The Price of Football Podcast

 

[Graham Clark]

It is now covered on The Price of Football Podcast

Even the legendary Keiran Maguire couldn't unravel Clarke Osborne's involvement other than TUFC owe one of his companies the best part of £5m. The company trail for where that money came from ran into a dead end. For now it is a case of the old ABC - Assume nothing, Believe no-one and Challenge everything.

 

[WoodsyGreen]

Even the legendary Keiran Maguire couldn't unravel Clarke Osborne's involvement other than TUFC owe one of his companies the best part of £5m. The company trail for where that money came from ran into a dead end. For now it is a case of the old ABC - Assume nothing, Believe no-one and Challenge everything.

£5m? That's unsurvivable for a club like Torquay.

If HMRC goes after them then surely they're toast.

 

[Graham Clark]

According to the last TUFC accounts up to June 2022 the assets held by TUFC totalled £1.8m for land and buildings and £2.7m for plant and machinery making £4.5m in total. Remarkably this almost equates to the £4.6m TUFC owe Riviera Stadium Ltd of which Osborne holds the controlling interest.

Interestingly, in terms of land and buildings, the freehold of Plainmoor is owned by the Council not TUFC and £2.7m to some might appear alot of money for plant and machinery belonging to a National League club.

If you are a bidder for the TUFC - what are you buying? The Club is losing reputably £1m a year and retains its full time status. It all needs a strict application of the the 'sniff test' and the ABC principles. It will be a relief when an administrator is formally appointed as some will be sure Osborne will not roll over and just lose £4.5m without a fight or a cunning plan.

 

[Brussels Bureaucrat]

Gate was 3,642, about 1,400 above average but less than they got for Truro on Boxing Day.

Who knew Truro fans travelled in such numbers!