Torquay United Enter Administration

[supercidered]

I'm a Bristolian that lives in South Devon and know some supporters and season ticket holders. This has been coming for some years now. Some of the money they have been paying players and Management has been mind blowing. Some terrible financial mis-management. 

The positive in all of this is that at least it looks like there is a take over of the club imminently which should secure the club's future. I just hope it isn't some chancer that is looking for a quick buck. Plainmoor has been long sought after for residential building projects which is my worry. However, if this can be achieved with the proviso of a new ground somewhere in or around Torquay then if it means the club survives then I guess it's a compromise that will have to be struck.

[Eddie Hitler]

Any sensible potential buyer will wait until the club goes into administration before making an offer as then they are negotiating with the administrator who will sell much more cheaply than the owner, as the owner has already lost their money and only the creditors have a vote on each bid.

I don't know why people are surprised that Torquay have gone into administration as this almost always happens and it is actually a better deal for the club's future as the buyer's money goes purely to the creditors and not to the previous owner.

 

Also AFAIK the freehold on Plainmoor is owned by the council and the strategy of the previous owners was to have this transferred to them, which didn't happen as the councillors are not retarded.

[supercidered]

10 minutes ago, Eddie Hitler said:

Any sensible potential buyer will wait until the club goes into administration before making an offer as then they are negotiating with the administrator who will sell much more cheaply than the owner, as the owner has already lost their money and only the creditors have a vote on each bid.

I don't know why people are surprised that Torquay have gone into administration as this almost always happens and it is actually a better deal for the club's future as the buyer's money goes purely to the creditors and not to the previous owner.

 

Also AFAIK the freehold on Plainmoor is owned by the council and the strategy of the previous owners was to have this transferred to them, which didn't happen as the councillors are not retarded.

I think you give Torbay Council far too much credit Eddie.

[Eddie Hitler]

6 minutes ago, supercidered said:

I think you give Torbay Council far too much credit Eddie.

 

I can't say that I have been following the saga closely but this is from Feb 2024 and says that the council had very sensibly refused to sell Osborne the freehold.

 

The Gulls’s Plainmoor ground is owned by the council and leased to the club under and agreement which has nearly 60 years still to run.

Previous owner Clarke Osborne, who stood down last week, had wanted to build the club a new stadium away from Plainmoor. But the council had been adamant that Plainmoor itself is not for sale, and Mr Osborne would never be able to build homes on it.

https:w//www.torbayweekly.co.uk/news/home/1435351/council-pledges-to-be-an-anchor-for-torquay-united.html

 

[supercidered]

2 minutes ago, Eddie Hitler said:

 

I can't say that I have been following the saga closely but this is from Feb 2024 and says that the council had very sensibly refused to sell Osborne the freehold.

 

The Gulls’s Plainmoor ground is owned by the council and leased to the club under and agreement which has nearly 60 years still to run.

Previous owner Clarke Osborne, who stood down last week, had wanted to build the club a new stadium away from Plainmoor. But the council had been adamant that Plainmoor itself is not for sale, and Mr Osborne would never be able to build homes on it.

https:w//www.torbayweekly.co.uk/news/home/1435351/council-pledges-to-be-an-anchor-for-torquay-united.html

 

When I saw that you had replied to my last post. I suddenly thought that you were going to say you were a Councillor on Torbay Council. 

The problem here is that there is nothing to say Torbay Council won't build houses on it. This has to be the end game in some shape or form i.e. the new owners given land elsewhere to build a new ground for TUFC. Maybe I'm just a cynical old git.

[Eddie Hitler]

4 minutes ago, supercidered said:

When I saw that you had replied to my last post. I suddenly thought that you were going to say you were a Councillor on Torbay Council. 

The problem here is that there is nothing to say Torbay Council won't build houses on it. This has to be the end game in some shape or form i.e. the new owners given land elsewhere to build a new ground for TUFC. Maybe I'm just a cynical old git.

 

Maybe so, but the council has done the right thing thus far so I'll give them the benefit of the doubt.

Meanwhile the football club killer seeks their next victim.

[TV Tom]

A really sad state of affairs

[Kid in the Riot]

Not sure why it's sad the administrators are in? Surely it's good news the club is no longer in the hands of Clarke Osborne. 

[22A]

Clarke Osborne has been mentioned several times previously on this and other fora.If a sports club; football, rugby, speedway etc is about to fold or become homeless, C O is frequently linked.

[TV Tom]

14 hours ago, Kid in the Riot said:

Not sure why it's sad the administrators are in? Surely it's good news the club is no longer in the hands of Clarke Osborne. 

I didn’t mean the administration part of things but how far Torquay have slid down the Pyramid and that slide might not be over yet

[Red-Robbo]

1 minute ago, TV Tom said:

I didn’t mean the administration part of things but how far Torquay have slid down the Pyramid and that slide might not be over yet

I think thry'll have just about enough in them to survive this season. They'd be nowhere near relegation without the point deduction. 

Taunton Town however, I'm not so sure. It doesn’t help that they have to play home games away. 

[phantom]

TAKEN FROM: https://torquayunited.com/statement-from-the-administrators-of-torquay-united-afc-limited-2/

 

The following statement has been issued by the Administrators of the Club:

A sale agreement for Torquay United AFC Limited has been reached with The Bryn Consortium of Michael Westcott, Mark Bowes-Cavanagh, Tom Allen, Rob Hawes and Simon Robinson, subject to creditor approval.

The proposed company voluntary arrangement would see all tax debts and trade creditors paid in full within six months.

Under the terms of the agreement, Torquay United AFC Limited would continue to operate the football club with the new owner becoming the controlling shareholder.

Scott Kippax, joint administrator, and partner at Begbies Traynor’s Exeter office, said:

“This proposal is the best possible outcome for creditors, the club, and the fans. We are delighted to have reached the point of a conditional sale agreement, which would see all tax debts and trade creditors settled in full in a relatively short period of time. It is good news for the long-term future of the club, and we are pleased to be able to present such a favourable proposal to creditors.”

Michael Westcott, the Bryn Consortium lead added: “We are delighted to have provided a positive outcome for all creditors and provided a future for our beloved football club.  There is much work to be done in the coming days and weeks, and we will issue a series of updates to supporters next week on the preparations and plans for the forthcomi ng season.”

[Lanterne Rouge]

Neil Warnock set for Torquay United role after club is taken over - BBC Sport

 

 

[Rocking Red Cyril]

On 23/02/2024 at 16:47, Red-Robbo said:

 

Your post summed up pretty much everything I wanted to say.  Gulls fans knew this chancer was running them into the ground. I'm afraid GJ has significantly tarnished his legacy as well by staying on, earning reputedly the biggest managerial salary in National South but grinding out terrible results. I mean, how can a team of full-time professionals (with half decent training facilities as well) manage to lose 0-4 at home to part-time St Albans City?

There are said to be some wealthy fans looking to potentially buy the club, without its debts, but the points deduction leaves it 18th and without a win since January 20th and managerless, relegation to the Southern League is entirely possible, which would mean the end of the club as a full-time outfit. 

Yeovil, by contrast, are quids in bounce back to Tier 5 on their first attempt. 

The amount of foreign owners in the game does grind me a bit.

The premier league has gone out in its own now as fast I can see. Foreign owners and crazy money signings 

But lower leagues (all us other lot). Why do not local rich people and business invest in their local footy team?

[Red-Robbo]

17 hours ago, Rocking Red Cyril said:

The amount of foreign owners in the game does grind me a bit.

The premier league has gone out in its own now as fast I can see. Foreign owners and crazy money signings 

But lower leagues (all us other lot). Why do not local rich people and business invest in their local footy team?

Rumours swirling Torquay is it's the Brewdog guy who's in for them. 

[Markthehorn]

19 hours ago, Lanterne Rouge said:

Neil Warnock set for Torquay United role after club is taken over - BBC Sport

 

 

Won’t have to move far !

[Ronnie Sinclair]

Delighted they are out of the brown stuff - hopefully they will get back to the Football League in a few years time 

[Lanterne Rouge]

Neil Warnock to join Torquay United board as football advisor - BBC Sport

 

 

[Ronnie Sinclair]

Paul Wotton appointed as Torquay manager today I see, leaving from Truro City 

[Robbored]

27 minutes ago, Ronnie Sinclair said:

Paul Wotton appointed as Torquay manager today I see, leaving from Truro City 

Wasn’t GJ manager at Torquay? 

[exAtyeoMax]

 

[CodeRed]

30 minutes ago, Robbored said:

Wasn’t GJ manager at Torquay? 

Yeah, for 5 years, he left in February when they entered administration.

Top manager 6 promotions, 8 if you include 2 with Cambridge as part of the John Beck/GJ team that flew through the Football League. He has a CV most EFL managers can only dream of .