Where's the money going?

[midtable]

Sadly, the debts of wages are very high. Also, according to match reports there are external administrators already in the building. Their job is to assesses what can be sold etc. Getting rid of players is obvious to lessen the wage bill.
A hidden cost is that the administrators charge huge fees for their services. There is no end in sight unless we get lucky with someone who is willing to take over the club and lose a lot of money.
Surely, the most likely scenario is that the club will fold.

We can then remerge in lower leagues and even then there will be no money to continue at Plainmoor.

I think this is reality.

[Taelee73]

All ifs buts and maybes.

Notice WBW has gone a little quiet, maybe not such a know it all after all.

Johnson was on a decent salary, that we know. He signed a new contract on the eve of the Play Off final. That contract would have been aimed at a prospective Football league manager, not unfortunately the NLS one he became. He also told us his contract remained unchanged with relegation to NLS, his ego really knew no bounds and so we can assume he was being paid a football league managers salary to manage in NLS.

If you make the mutual decision to leave you don't do a deal to keep being paid or if he somehow has, then he's a really unpleasant individual. Knowing we're struggling financially and that he doesn't need the income.

So his salary and his brother's off the wage bill would make a big difference. Hanson most have been on decent money, Johnson thought highly of him and must have pushed the boat out for him.

We know all the players who signed on for this season have taken a pay cut though, but what does this equate to actually? Who really knows, amongst them you'd expect Jarvis, Moxey, Dawson, Ash to be higher earners.

Edwards and Mel (?) I assume were on good salaries, but now are working for free. The Groundsman and all over non playing staff you'd expect to be on modest salaries.

The days with Nicho being the bus driver, we were told 1800 was the attendance needed each game to break even. How many were Season ticket holders and how many paid on the day? You may be able to work out roughly what income we need from this number.

I'm assuming the anger towards certain individuals is because they knew we were spending more than we were earning and did nothing to slow that trend, while still being paid themselves?

Anyhow I guess we can talk and talk, without all the facts and figures it's all speculation. No one but a select few know for sure.

[Dave]

Some have inside knowledge and can present facts, others like myself and have beliefs, perceptions and opinions, the ONE things will need to know and this a fact, we're caught in fight now top save our club, avoiding the option of being forced into a phoenix club which isn't ideal.

Being it we're in a fight to save our club I'd suggest it's my personal opinion we need to park our facts, beliefs, perceptions and opinions, because the time frame to find a new buyer is a short one, and if the club is to avoid administration it needs to raise enough money to cover operational costs I.E wages, food and drink to sell etc.

We all have the ability no matter what forum or social media platform to do what I did yesterday. I had a chat with Mel Hayman and asked some questions, note these are her words not mine.

She told me all monies owed to CO had been written off, up to you if you want to believe that.

In line with what Peter Masters posted the club has applied for a protection in court order, which I understand allows them to ring fence monies coming in to cover wages and other costs, the club is looking at additional fund raising through events in boots and laces.

To this ends, I suggested a 'gift a ticket service' as a way of getting gates up, I said I'm happy to buy an extra ticket, but rather than it being snapped up by a freeloader on FB I'd want it to go to, someone who genuinely wanted to go but couldn't to.

On potential new buyers the response was; The club have had some positive feedback.

Also she Mel Hayman, told she was voluntary and was not paid, again up to you whether you believe that or not.

I'll close this post off now, as I'm sure it may not be popular with some, I am fully well aware there can be a certain amount of tell them what they want to hear, so my message is again, it's up you to believe what you want, and make your donations accordingly.

[TommyGunn]

Do you have any idea of the crowd required each week to cover running costs?

[Rjc70]

Great gesture from Weymouth for our match at theirs. For every adult Gulls fan present they are donating £5 toward the TUST fund. With continuing uncertainty as to George Edwards’ interpretation of the term ‘essential operating costs’ given that we are not in Administration, that’s great news.

[Taelee73]

Like I said, in Nicholsons days of driving the bus it was 1800. But we had him, the Groundsman and maybe one office worker, plus the bare bones of playing staff

It would be great news if the debt had been written off, but wouldn't Osbourne have made a big deal of doing that? All he's said is he's gifted the club the stadium plans.

[Rjc70]

Great gesture from Weymouth for our match at theirs. For every adult Gulls fan present they are donating £5 toward the TUST fund. With continuing uncertainty as to George Edwards’ interpretation of the term ‘essential operating costs’ given that we are not in Administration, that’s great news.

When is Weymouth away? Such a great gesture by them. Thats me making the trip, for sure.

[CornishGull]

Like I said, in Nicholsons days of driving the bus it was 1800. But we had him, the Groundsman and maybe one office worker, plus the bare bones of playing staff

It would be great news if the debt had been written off, but wouldn't Osbourne have made a big deal of doing that? All he's said is he's gifted the club the stadium plans.

The 1800 break even attendance was based on a playing budget of £330,000. Like you say the infrastructure of the club was down to bare bones.

[TommyGunn]

Like I said, in Nicholsons days of driving the bus it was 1800. But we had him, the Groundsman and maybe one office worker, plus the bare bones of playing staff

It would be great news if the debt had been written off, but wouldn't Osbourne have made a big deal of doing that? All he's said is he's gifted the club the stadium plans.

I was under the impression that owners take out loans in the name of Torquay united. Wouldn't the debt be the clubs? Or did he put his own cash into the club?
Sorry I'm not clued up on this stuff.
So if we can get 3000 to each remaining game that may be enough?

[Taelee73]

Unfortunately there's so much sleight of hand going on that even individual words can have several meanings.

All money owed to Osbourne has been repaid, doesn't mean all money owed has been. If it's loans taken out on TUFC's behalf by him are not in his name, then the 5 million is still owed.

Unfortunately just can't believe anything we hear at the moment.

[exilegull]

All money owed to Osbourne has been repaid, doesn't mean all money owed has been. If it's loans taken out on TUFC's behalf by him are not in his name, then the 5 million is still owed.

The club owes around £5million to Osborne in unsecured loans - according to the post from Dave, Osborne has agreed to write these off. Other than that the club has debts to banks of around £600k at June-22 and £400k to other creditors.

[Taelee73]

Well if true, it's good news.

More chance of new owners if they don't have to fork out huge amounts to pay off debts before they even begin. That being said it's still a million at least to find, let alone to run the club.

[MellowYellow]

She told me all monies owed to CO had been written off, up to you if you want to believe that

On potential new buyers the response was; The club have had some positive feedback.

If the first statement is true (5 million loan write-off) then I can buy into the second statement as the club would be attractive as a going concern.

It's not beyond belief that Osbourne loan has been written off. The best option for him maybe is a 'charge-off' to remove the loan from their balance sheets and reduce his overall tax liability.

PLUS; you get his development plans thrown in - which in this case is a copy & paste picture of Grimsby's Stadium

[MellowYellow]

If the first statement is true (5 million loan write-off) then I can buy into the second statement as the club would be attractive as a going concern.

It's not beyond belief that Osbourne loan has been written off. The best option for him maybe is a 'charge-off' to remove the loan from their balance sheets and reduce his overall tax liability.

PLUS; you get his development plans thrown in - which in this case is a copy & paste picture of Grimsby's Stadium

EDIT: Giving this some more thought is the loan a 'Write off'' or. 'Write Down'.

When debts are written off, they are removed as assets from the balance sheet because the company does not expect to recover payment.

In contrast, when a bad debt is written down, some of the bad debt value remains as an asset on the balance sheet because the company expects to recover it (i.e through sale of the club). The portion that the company does not expect to collect is written off.

[Stoneybroke]

In reply to Rjc70.

The Weymouth game is this Saturday 2nd March !!

So you'd better get your ticket soon

I've estimated that if we take 1000 adults..that would amount to Weymouth giving us £5000

Really appreciate the gesture