Osborne gone!

[Gloomy Gull]

Now have 10 days before appointment of Administrator is required and no Creditor action can be taken in that period. After that:

An Insolvency Practitioner is appointed as Administrator to restructure a business, with the aim of either turning it into a profitable company or effecting a sale of the business to preserve value and employment.
In essence, administration seeks to either provide time for a business to restructure and become profitable, be sold and revived or be wound up and liquidated.

The defining features of administration include:

Objective: The objective of a business entering administration is to rescue it through restructuring to help it return to profitability and ultimately, to avoid insolvency.

Trading position: The company is currently experiencing cash flow problems however, the underlying business is viable and insolvency could be avoided.

Interests served: When the company enters into an administration, the Insolvency Practitioner is working for the company but must consider the creditors’ interests as well.

I'm not sure that TUFC will be sold or can be restructured to regain solvency and Liquidation/Winding Up is a strong possibility. As TUFC has limited value in realisable assets and requires cash injections annually to pay the bills unless Osborne has agreed a pre-pack deal with someone I cannot see a buyer being found for anywhere near the amount outstanding on Osborne's loan to the club unless he is willing to write that off.

[gullno4]

At a loss of >£1,000,000 per year, that’s roughly £20,000/week we’ll need to shave off. I’d guess all players will be transfer listed as they’re our only real assets. Let’s hope we can see the season out!

[portugull]

We need a 5,000 Gate on Saturday to show a potential buyer that we are NOT going away even if Osborne is.

Get on the phone and persuade every one you know to get down to Plinmoor on Saturday. The survival of Torquay United is at stake.

[Midlandgull]

This is Clarke Osborne being spiteful quite clearly to me. Well, Clarke, you can do one, we don't need you or want you. This club will rise with the mess you've created. All I can say is never show your face in Torquay ever again and keep a low profile for you will not be given a warm welcome.

What goes around comes around Clarke you horrible waste of space.

[Dave_Pougher]

Wasn’t goinlg Saturday but I am now!

Create an atmosphere every point vital

Worse owner than Roberts few thought that possible!

Hopefully it will now stop him doing it ever again to any other club

[Willowgull]

Even if Osbourne writes off the loan, which he might, we still need someone willing to take over and put in new investment.

The club I suspect will only be afford to fulfill fixtures for no more than a month; certainly not until the end of the season.

Time now is very much of the essence....

[kevgull]

We need a 5,000 Gate on Saturday to show a potential buyer that we are NOT going away even if Osborne is.

Get on the phone and persuade every one you know to get down to Plinmoor on Saturday. The survival of Torquay United is at stake.

[bringbackthecowshed]

If Clark Osborne hadn't financed the club all these years there would be no Torquay United.
If TUST hadn't waged a hate war against him he would still be here, I hope they are satisfied now

[aggrey_25]

Osborne has also stood down as club chairman and the club is set to be deducted 10 points, dropping them from 11th to 18th in the National League South table, four points above relegation to the Southern League.

"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 an unable to continue financial support for the club and I have today filed on behalf of the directors an intention to appoint an administrator for the club and company," Osborne said in a statement on the club website.

Osborne had kept the club afloat - the last set of accounts show loans of almost £4.3m to the club.

It is expected that that figure is likely to be well past £5m with new accounts for the year to June 2023 due soon.

"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," Osborne added.

[phoenix1959]

Shots fan here, I have always taken a bit of an interest in how you are doing so really sad to see today's news.

So I just wanted to wish you all the very best and hope things turn out well for you.

Don't despair yet though, we went into administration in 2013 and our administrators kept the club alive for three months until we got new ownership so administration isn't automatically a death sentence for the club. The fact that according to the statement I read the matchday income will be ring fenced to meet ongoing costs means that attending home games will be really important to give the administrators the funds to carry on.

Your a big club with a good support base so should be attractive to someone, who knows you might do a Wrexham and get a Hollywood film star, if you do then good luck to you, I genuinely hope it all works out for you

[Yeofan]

Sorry to hear the news. I genuinely thought you would be our big rivals this season, and am shocked at how things are turning out.

If you get as far as Good Friday, bring some big buckets with you, you will find Yeovil fans will be generous (We've had our share of problems in the past as well) .

Good luck.

[Willowgull]

Shots fan here, I have always taken a bit of an interest in how you are doing so really sad to see today's news.

So I just wanted to wish you all the very best and hope things turn out well for you.

Don't despair yet though we went into administration in 2013 and our administrators kept the club alive for three months until we got new ownership so administration isn't automatically a death sentence for the club. The fact that according to the statement I read the matchday income will be ring fenced to meet ongoing costs means that attending home games will be really important to give the administrators the funds to carry on.

Your a big club with a good support base so should be attractive to someone, who know you might do a Wrexham and get a Hollywood film star, if you do then good luck to you, I genuinely hope it all works out for you

How can match day income be ring fenced, that is utter nonsense.

[greb46]

His lies continued for years re the new stadium,he must come up with a different lie soon as he's kept that one up wherever he goes.Proved himself to be a self centered property developer who only ever had housing in his eyes ,the sort of leech of society no sporting club needs.

[kevgull]

Osborne has also stood down as club chairman and the club is set to be deducted 10 points, dropping them from 11th to 18th in the National League South table, four points above relegation to the Southern League.

"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 an unable to continue financial support for the club and I have today filed on behalf of the directors an intention to appoint an administrator for the club and company," Osborne said in a statement on the club website.

Osborne had kept the club afloat - the last set of accounts show loans of almost £4.3m to the club.

It is expected that that figure is likely to be well past £5m with new accounts for the year to June 2023 due soon.

"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," Osborne added.

This strikes as a “local authority” decision going against him in the past 5 weeks.

[phoenix1959]

How can match day income be ring fenced, that is utter nonsense.

Administrators often do that with business's they take over because debt is frozen once a business goes into administration. New income is used to pay for good's services and wages incurred from the point of administration.