Osborne gone!

[Louis]

Agree. Another failed stadium plan to add to his portfolio of failed projects. Glad Torquay never got an Ikea in place of its ground unlike Bristol Rovers!

[ArmchairArry]

Sorry to hear the news! As a Farnborough fan we understand what you are going through.

I see a lot of “boycotters” (for lack of better phrase) are returning to Plainmoor Saturday to provide the club some much needed gate money. Would the club be able to set up sole “ghost tickets” online so football fans around the country can help support by buying a ticket without attending?

Fingers crossed for a positive outcome. Good luck!!

[SuperNickyWroe]

Sorry to hear the news! As a Farnborough fan we understand what you are going through.

I see a lot of “boycotters” (for lack of better phrase) are returning to Plainmoor Saturday to provide the club some much needed gate money. Would the club be able to set up sole “ghost tickets” online so football fans around the country can help support by buying a ticket without attending?

Fingers crossed for a positive outcome. Good luck!!

Thanks for your support.
You can just go online and buy one.

[ArmchairArry]

Thanks for your support.
You can just go online and buy one.

Okay great - have you got the link so I can share in our forum?

May I also suggest someone jumping in as many national league forums and doing the same.

[Kuflink]

Really sad to hear the news today. No real football fan wants to see another club go under. Keep the faith guys and gals witrh the knowledge that football fans everywhere will be supporting you through this dark time. Good luck and hope you come out the other end with your football club still in business. Ebbsfleet United supporter.

[gullsgullsgulls]

Agree. Another failed stadium plan to add to his portfolio of failed projects. Glad Torquay never got an Ikea in place of its ground unlike Bristol Rovers!

And as was claimed in each prior case, the reason for his Torquay project failing was of course… “circumstances beyond my control”. Wonder who he will choose to blame this time around.

[Nigel L]

I note all the comments in this thread and having been involved in the Business Recovery sector hit 35+ years there are a few things that need clarity.

The debt to CO (Riviera) is Unsecured

A new owner doesn’t have to repay the creditors in full

The Administrators will try and sell the business as a going concern and not choose to close it down.

Administration can last for 12 months and can trade during that period

I assume that the players contracts may have an insolvency clause in them and so they could become free agents

Most important thing is to support the club, support those attempting to save the club (TUST)

Farnborough fan here. We, Farnborough, have been through this more than once and the process can be incredible painful. I wish you well.

The main reason for posting is the message quoted above, which is what happens in a "normal" insolvency event. But, "normal" doesn't apply to National League clubs. The specific League rules concerning a member Club having an insolvency event are fierce, to say the very least, and go way beyond "normal" requirements. See this document - https://s3.eu-west-1.amazonaws.com/file ... 057466.pdf - in particular Sections 2.9.2, 13A and 13B.

Essentially your club has from now until the next League AGM (in June?) to agree a deal where all football creditors' claims have been met in full and all other creditors' claims have either also been settled 100% or the League has agreed to a proposal that these will be settled at 100% in accordance with an agreed payment plan, otherwise your Club will be automatically relegated. Any proposal that doesn't satisfy ALL claims 100% is a completer non-starter and would result in an AFC Torquay starting off life at the bottom level of the pyramid.

Again I wish you well, but time is extremely short. Use it wisely.

[SuperNickyWroe]

And as was claimed in each prior case, the reason for his Torquay project failing was of course… “circumstances beyond my control”. Wonder who he will choose to blame this time around.

Quite simple really....
The "circumstances beyond his control" were the fact that Torbay Council - thankfully - didn't drop their pants and sell him the freehold.

[SuperNickyWroe]

Okay great - have you got the link so I can share in our forum?

May I also suggest someone jumping in as many national league forums and doing the same.

Here you go 'Arry....

https://www.venuetoolbox.com/torquayUni ... Spectators

[wodger of awabia]

where do you advertising selling a club lol, agreed small time frame for new owner so looks grim

Hollywood California

[London-fan123]

Ghost tickets - what a great idea! Lets take the away end and sell up to 1500 tickets at £10 each in aid of our beloved club... ...there is only one golden rule at times of our lives like today and that is to look forward and never look back. Come on the Gulls!!

[Kuflink]

Just posted the link to purchase tickets for Saturday's match against Aveley on Ebbsfleet's forum - every little bit helps! We survived on white bucket collections at the ground before a new investor arrived on the scene!

[Southampton Gull]

Don't be surprised if the club is purchased sooner rather than later. Take a breather and allow events to unfold.

[bobbytanz1963]

Farnborough fan here. We, Farnborough, have been through this more than once and the process can be incredible painful. I wish you well.

The main reason for posting is the message quoted above, which is what happens in a "normal" insolvency event. But, "normal" doesn't apply to National League clubs. The specific League rules concerning a member Club having an insolvency event are fierce, to say the very least, and go way beyond "normal" requirements. See this document - https://s3.eu-west-1.amazonaws.com/file ... 057466.pdf - in particular Sections 2.9.2, 13A and 13B.

Essentially your club has from now until the next League AGM (in June?) to agree a deal where all football creditors' claims have been met in full and all other creditors' claims have either also been settled 100% or the League has agreed to a proposal that these will be settled at 100% in accordance with an agreed payment plan, otherwise your Club will be automatically relegated. Any proposal that doesn't satisfy ALL claims 100% is a completer non-starter and would result in an AFC Torquay starting off life at the bottom level of the pyramid.

Again I wish you well, but time is extremely short. Use it wisely.

Thanks for the input and as you say according to the league rules this isn’t a normal Insolvency. I’m intrigued by the phrase in the rules stating “other creditors are satisfied” in that does this mean 100p in the £ or an agreed settlement figure in a CVA which bound be pence in the £ ?

[Nigel L]

Thanks for the input and as you say according to the league rules this isn’t a normal Insolvency. I’m intrigued by the phrase in the rules stating “other creditors are satisfied” in that does this mean 100p in the £ or an agreed settlement figure in a CVA which bound be pence in the £ ?

100p in the £ for the verified claim, however the amount being claimed by a particular creditor may be a moveable feast