Torquay accounts reveal

RJ_Turner · Post by **RJ_Turner** » 22 Aug 2018, 15:56

https://www.devonlive.com/sport/torquay ... nt-1923155

PhilGull · Post by **PhilGull** » 22 Aug 2018, 16:12

"In 2016-2017 United spent £303,733 more than they earned, but that loss was all but covered with the help of £296,653 of ‘loans written off’ by Riviera Stadium Ltd" Interesting. Is Osborne really 'giving' money to the club? I'm surprised

Yorkieandy · Post by **Yorkieandy** » 22 Aug 2018, 17:45

How much would a two / three bedroom new build place cost in Plainmoor? I reckon if you sold two you'd get a lot more than £300k. Just across the road from where i live there was a detached house with a small field at the back. The property developers persuaded the owner of the detached house to sell up and they created a whole new cul de sac in the space where just one house was and erected about 30 properties selling at from 175k plus. Even in that small space they can cram them in and make a killing.

Osborne isn't giving money to the club. He's speculating to accumulate as many do in business. He's a businessman with a self declared disinterest in football.

Thanks for the post though RJ Turner. Interesting reading.

lucy6lucy · Post by **lucy6lucy** » 22 Aug 2018, 19:20

Yorkieandy wrote: ↑22 Aug 2018, 17:45 How much would a two / three bedroom new build place cost in Plainmoor? I reckon if you sold two you'd get a lot more than £300k. Just across the road from where i live there was a detached house with a small field at the back. The property developers persuaded the owner of the detached house to sell up and they created a whole new cul de sac in the space where just one house was and erected about 30 properties selling at from 175k plus. Even in that small space they can cram them in and make a killing.

Osborne isn't giving money to the club. He's speculating to accumulate as many do in business. He's a businessman with a self declared disinterest in football.

Thanks for the post though RJ Turner. Interesting reading.

As much as I agree with his intentions Andy. Without this cash being available, one struggles to think how the club could have survived. But as we all know the stability of the club is volatile for the foreseeable. We can only hope one of his grand kids starts supporting Torquayunited.

tufcjon · Post by **tufcjon** » 23 Aug 2018, 00:02

PhilGull wrote: ↑22 Aug 2018, 16:12 "In 2016-2017 United spent £303,733 more than they earned, but that loss was all but covered with the help of £296,653 of ‘loans written off’ by Riviera Stadium Ltd" Interesting. Is Osborne really 'giving' money to the club? I'm surprised

Unfortunately, the far less surprising answer is that Dave Thomas does not know what he is talking about.

At 30/6/17, Torquay United owed Riviera Stadium Ltd £455k. If RSL had written off the money they had put in ,that would not be the case.

It is almost certain that the "loans written off" were the money put in by the previous board and more money put in by Thea Bristow. This was discussed five months ago here:

http://torquayfansforum.co.uk/thread/12 ... ts-30-6-17

lucy6lucy · Post by **lucy6lucy** » 23 Aug 2018, 23:22

Really surprised this hasn't had more responses. Maybe the doubters like myself can't quite work out wtf the is going on. As quite clearly money is being spent/invested

Post by **Southampton Gull** » 24 Aug 2018, 00:48

By way of loans to the Football Club.....

Plainmoor78 · Post by **Plainmoor78** » 24 Aug 2018, 11:21

No matter which way you look at it the club is still living beyond its means, and that poses as big a risk for its long term future as does it having dodgy owners.

midtable · Post by **midtable** » 25 Aug 2018, 05:53

On the Herald Express podcast Dave Thomas admitted his report was wrong. The money written off was by the previous ownership as outlined on this thread. However, I have not noticed his report being corrected and certainly not the headline of the article. It might be true that money is being poured into the club in the form of loans in recent times but this presumably will have to be paid back by the next owner. This could be by June 2019 assuming the housing development fails to take place. If we are placed in administration out of season and cannot guarantee a certain amount of revenue then we don't drop a league but at least 3 due to the rules of non-league.
Fingers crossed for promotion.

Neal · Post by **Neal** » 25 Aug 2018, 07:39

I didnt post about this because its blatantly obvious and was from about day one. I have posted now because of the incredible situation that some of you still dont get it.

Osbourne has put no money into this club, it is all loans and just like any loan will be paid back by someone.

The tiresome thing is that it was predicted on here right at the beginning of this saga.

By supporting this regime you are only delaying the inevitable. The club goes bust, or it does move to a new stadium with rents that will cripple ANY chance of this club getting prommoted. If you think we have sunk as low as we can you got a big awakening coming your way.

The best option was to have boycotted at the start and try and force the club out of existence. Then a fans club like many others stsrt again a fresh with no debts. If that club rose a few divisions it would have been noticed and the fans could if they wish then sold it to a genuine football fan with ambitions for the team not the f ing land. But its too late now, because we owe hundreds of thousands of pounds.

If we do get prommoted, and it is possible but unlikely then the debt will be so bad do you really think this owner and management team would keep us there. Best of luck with that one.

And I will say it again, if we do move to a new stadium Osbourne will offer the club to the fans. And probably then write off the loans as a sweetner. Many of you on here will jump for joy no doubt. But the terms of the tennancy ooooh that will be interesting AND very very expensive, nothing like the terms,we have now with the council that is for sure.

Post by **Southampton Gull** » 25 Aug 2018, 10:05

Tenancy of what? We won't get a new stadium, the guy has never built anything in his life without a wrecking ball

standupsitdown · Post by **standupsitdown** » 25 Aug 2018, 20:15

Hereford have shown that administration & fan ownership can succeed in a football league standard ground. I'd gladly take that if Osborne was willing to walk away and accept his losses - which he'll have to if he doesn't get the freehold as otherwise the club is a liability.
£304,000 loss in a year is a lot. Could the club be sustainable at this level if it were fan run I wonder?

smw89 · Post by **smw89** » 25 Aug 2018, 20:24

That would mean 3,000 odd fans putting £100 each a season to keep the club afloat or some arrangement along those lines...

lucy6lucy · Post by **lucy6lucy** » 25 Aug 2018, 20:40

Southampton Gull wrote: ↑25 Aug 2018, 10:05 Tenancy of what? We won't get a new stadium, the guy has never built anything in his life without a wrecking ball

We won't need a stadium as we will soon be playing on a park

standupsitdown · Post by **standupsitdown** » 25 Aug 2018, 20:46

smw89 wrote: ↑25 Aug 2018, 20:24 That would mean 3,000 odd fans putting £100 each a season to keep the club afloat or some arrangement along those lines...

Other clubs have shown it can be done. But they've started with a zero base. It wouldn't be achievable it Osborne had to be bought out.

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