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Post by spennyfanchris on Feb 22, 2024 15:01:41 GMT
Clarke Osborne has today issued the following statement regarding TUAFC: “It is with sincere regret that I advise that circumstances beyond my control during the last five weeks have brought me to the position that I am unable to continue financial support for the Club and I have today filed on behalf of the Directors, an intention to appoint an administrator to the Club and Company. The prospect of creating a new stadium and commercial facility was the driver for the investment, the excitement to deliver something truly transformative for the Club and Torbay. I would reiterate what I have said many times, that Torquay United is blessed with fantastic, passionate support and I am sorry that we have not been able to reach our goal for the Club and fans, despite significant effort and investment. I would like to pay a personal tribute to both George Edwards and Mel Hayman who have worked tirelessly for this Club, voluntarily. Their selfless time commitment, and passion for the Club has been limitless despite some very difficult headwinds. I also pay tribute to the entire Torquay United family, the Team both on and off the field of play, for their hard work, commitment and in some instances on a voluntary basis. The financing of football in this country is precarious and can only thrive in the lower divisions where there is either a close collaborative relationship with the local authority, it is a trophy asset or is backed by substantial local individuals and businesses. I believe that it needs a fundamental overhaul of its financing structure, rights distribution in the lower leagues and recognition that many clubs represent a fundamental part of the local community and its visitor attractions. Ambitious Clubs should in my opinion be given special status in their push to bring in investment, develop facilities, bring spend and employment to the local economy. I have today stepped down as Chairman of the Board. Now is the time for the Club, supporters, Torbay community and the Local Authority to come together and continue on the path to the future. I will assist a change of ownership where and when invited. The detailed plans, proposals and related data for the proposed developments will be gifted to the Club as will any time requested to assist in the future planning and development.” Statement Here - torquayunited.com/club-statement-12/ |
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Post by spennyfanchris on Feb 22, 2024 15:03:20 GMT
Following Clarke Osborne’s statement confirming the intention to appoint an administrator, the club wishes to update supporters. The administrator’s role is to try and stop TUAFC being wound up (liquidated) by finding someone who will take the club on. Administration doesn’t necessarily mean the end for a football club. In recent years, clubs such as Southampton and Huddersfield have entered administration Both clubs have come out of the other side of those financial difficulties and have enjoyed time back in the top flight recently. We appreciate there are a lot of questions that supporters will have, and in order to assist the club will have a question and answer article which will be updated on a rolling basis, this will be live as soon as possible. If you do have any questions regarding the administration process then please do not hesitate to email yellowarmy@torquayunited.com and we will forward these onto the administrators and the FAQ will be updated. The administrators will work tirelessly to achieve a sale and new investment. If you are in a position where you feel you could invest singular or as part of a group then please contact the administrator. What can our supporters do to assist? Well yellow army we need your assistance more now than ever! Please come and support your team, whether that is buying a match ticket, meal in the restaurant, replica kit, pint in gulls nest, sponsoring a game, support boots and laces during the week, or a donation to the club. All money that the club raises from now on will be used solely for operational purposes to assist in the running of our club. Legal and administration fees will not be paid from the operational cashflow. The staff and the players of this club need your support and togetherness, and by being together we stand the best chance of this football club of 125 years history finding new owners. What better way to encourage investment into our club than for us to get Plainmoor rocking on Saturday for our game v Aveley, get behind the boys on the pitch and show the world how important our club is!! Statement Here - torquayunited.com/message-to-supporters/ |
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Post by kentrebel on Feb 22, 2024 18:46:02 GMT
Manager has resigned and there is a bit of an ambiguity. They have the "intention to appoint administrators", they haven't done it yet but do seem set on this unless he is doing a cry for help.
I believe that they may now get an automatic 10 pt deduction leaving them just above the drop zone. If they haven't cleared administration by the League AGM then an automatic relegation even if they've already gone down meaning it would be step 4 for them
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Post by sikirk on Feb 22, 2024 18:54:20 GMT
Sad news, whilst folk from up north wont miss the long hikes down there they are a well supported historic club, mind im sure they have had other financial issues in the last decade too
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Post by spennyfanchris on Mar 13, 2024 16:07:19 GMT
Torquay United have been deducted ten points from the 2023/24 National League South table, after the club submitted its intention to appoint administrators. The National League have issued the following statement: ‘Torquay United have been deducted ten points from the 2023/24 National League South table after the club submitted its intention to appoint administrators. The Club had previously announced its intention to appoint administrators, and as such is a breach of League rules with regards to being impacted by an Insolvency Event and is subject to an automatic sporting sanction. As a result, in accordance with National League rule 13.A.1, Torquay United Football Club is now subject to an automatic ten points deduction which is applied with immediate effect. The League is working closely with the Club and will make no further statement at this time.’ Taken From - torquayunited.com/points-deduction-confirmed/ |
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Post by spennyfanchris on Mar 14, 2024 20:13:12 GMT
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Post by spennyfanchris on Apr 5, 2024 18:53:58 GMT
Torquay United: Administration confirmed for National League South side National League South side Torquay United have formally gone into administration. Owner Clarke Osborne announced his intention to place the club into administration in February and the Gulls had 10 points deducted last month - no extra sanction will be applied. It comes after a deadline for a bid for the club passed on Thursday evening. The club will continue to play its matches with Torquay due to travel to Welling United on Saturday. A bid backed by the Torquay United Supporters Trust has been lodged for the club, which made a loss for more than £1.1m in the year to 30 June 2023. Begbies Traynor will be handling the administration process and all creditors can direct queries to the club secretary - directors George Edwards and Mel Hayman will run the club on a voluntary basis in the interim period. "The administrators said the appointment signifies a positive step towards transfer of ownership," Torquay United wrote in a statement on their website. "A further announcement is anticipated within the next two weeks when the administrators hope to confirm that the club's future has been secured." All money raised by the club through ticket sales, food and drink and merchandise during the current period will be used to keep the club afloat. More Here - www.bbc.co.uk/sport/football/68742377 |
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Post by sikirk on Apr 5, 2024 20:01:53 GMT
Was a stinker of a trip for the north east teams but really sad news, a well supported club in a nice stadium let down by bad asset stripper owners
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Post by kentrebel on Apr 12, 2024 19:48:22 GMT
And now deducted a point for an ineligible player
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Post by spennyfanchris on May 10, 2024 18:32:28 GMT
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. Rest Of The Statement Here - torquayunited.com/statement-from-the-administrators-of-torquay-united-afc-limited-2/ |
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Post by pooliehopper on May 10, 2024 22:41:22 GMT
Won't get a better bloke than Warnock at the helm, loves Torquay and knows the local football scene there very well. No matter if he's manager or just an advisor he'll certainly be a huge asset for them.
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Post by kentrebel on May 17, 2024 22:04:53 GMT
Won't get a better bloke than Warnock at the helm, loves Torquay and knows the local football scene there very well. No matter if he's manager or just an advisor he'll certainly be a huge asset for them. Appointed as Director of Football Not sure how well he'll do at present as they are under a transfer embargo and thus will not be able to offer new terms to current players. Southend also under the same embargo www.thenationalleague.org.uk/articles/governance-1709?page=0 |
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Post by kentrebel on Jun 1, 2024 14:28:39 GMT
All good at Torquay now with the takeover completed, CVA agreed and embargo lifted
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Post by spennyfanchris on Jun 1, 2024 14:29:44 GMT
All good at Torquay now with the takeover completed, CVA agreed and embargo lifted Great news |
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