Potential Buyers

[AJW]

As some will notice, this is my first post. I am not a TUFC fan but am a non league football fan. I am not here to gloat as it is not good to see any club in trouble and the people who suffer the most emotionally are the fans, who like me want no more than a team to support and an enjoyable match day experience.

My reason for registering for the forum was that I have experience of dealing with football clubs in an insolvency process and the National League when one of the member clubs enters an insolvency process. Firstly dealing with the administration, I can only imaginem some severe cost cutting by the Administrators. Any debts incurred during the administration rank as a first charge against the receipts in the administration. They rank before any fees due to the administrators, as administrators like to get paid, they are unlikely to be prepared to see the losses continuing on the scale that they have been.

In an administration, the administrators have 14 days from the date of their apppointment to decide which if any employment contracts they adopt. If they continuing employing an individual beyond the 14 period, the payment of wages becomes an expense of the administration as against an unsecured claim. I personally would expect a number of staff, including playing staff to be let go within the next 14 days.

For a football club this is the worst time of year to enter administration. Revenue is about to dry up with only two home games left this season. Football clubs normally get through the close season from season ticket sales and sponsors paying a sizeable chunk of the sponsorship money. Due to the uncertainty of how the club will come out of Administration most sponsors are not going to pay the until this is resolved. Season ticket sales are also problematical. Will people buy a season ticket not knowing where or indeed whether the club will be playing next season. Often card companies will not release the season ticket money, where the payment was made by card, to the club due to the risk of them being liable for charge backs if the club fails to fulfil its fixtures.

Whilst in theory the administrators decide who to sell to, due to the football authorities requiring all debts settled or an agreement with the creditors before sanctioning a transfer of ownership, this alters the position quite dramatically. From what I understand CO is the largest creditor by some distance. If he is not agreeable to doing a deal on his debt with a potential purchaser, the transfer of ownership will not be approved by the FA or the league. This means that often the only purchaser the administrators can proceed with is the one that offers CO the highest percentage of his debt.

The next problem is the National League who are tough to say the least in this situation. There first concern is to have 24 teams in each of the three divisions complete the season and not fold during the season. At the very least they normally seek a bond being given to the League to enable it to make good any loss to clubs by losing a home fixture ot travelling to a game, whose result is later expunged. Any bond is likely to be approaching, if not in excess, of a 6 figure sum. Who will pay this bond?

If the club does not meet any requirements laid down by the league, the likely outcome is expulsion from the league. Throughout the football period leagues seem keen to pass the problem of financially troubled clubs down to the next level below. Expulsion from the league, if is going to occur will occur at the AGM. The options are therefore to get a deal completed and approved by 19 June or find the money for a bond by 19 June. Getting any sale approved by that date is nigh on impossible. From my past experience Southern League football, or no football, arethe most likely outcomes.

Hopefully, a deal is virtually done in principle. This at least gives the club a fighting chance of avoiding expulsion from the league.

[gullsgullsgulls]

Meanwhile in Swindon… GI have formally requested a change to their planning permissions to remove the requirement to build a stadium as part of the agreement to build houses on the Speedway site.

Just in case anyone on here was still of the view that Osborne was a positive force in Torbay.

https://www.swindonadvertiser.co.uk/new ... nning-row/

[The Great Muta!]

Great post , I don't hink anyone with their marbles intact ever thought CO was positive force, ever, you only had to look him up and down and hear his BS, and you just knew what his game was from day one.

[GULL 67]

The boy and me are going to Gloucester on Monday but I must admit I am wondering if there is any point if we are going to get kicked out of this league anyway. So very sad.

[SuperNickyWroe]

The boy and me are going to Gloucester on Monday but I must admit I am wondering if there is any point if we are going to get kicked out of this league anyway. So very sad.

Why would we be?

[SuperNickyWroe]

Meanwhile in Swindon… GI have formally requested a change to their planning permissions to remove the requirement to build a stadium as part of the agreement to build houses on the Speedway site.

Just in case anyone on here was still of the view that Osborne was a positive force in Torbay.

https://www.swindonadvertiser.co.uk/new ... nning-row/

Hopefully, eventually - people are seeing his true colours - although many of us warned about him previously.

[greb46]

Think Osborne will have to come up with another idea of intention wherever he heads next as the new stadium statement must be getting to the stage where even Worzel Gummidge would realise it may be a lie!

[TommyGunn]

From what I understand CO is the largest creditor by some distance. If he is not agreeable to doing a deal on his debt with a potential purchaser, the transfer of ownership will not be approved by the FA or the league. This means that often the only purchaser the administrators can proceed with is the one that offers CO the highest percentage of his debt.

The next problem is the National League who are tough to say the least in this situation. There first concern is to have 24 teams in each of the three divisions complete the season and not fold during the season. At the very least they normally seek a bond being given to the League to enable it to make good any loss to clubs by losing a home fixture ot travelling to a game, whose result is later expunged. Any bond is likely to be approaching, if not in excess, of a 6 figure sum. Who will pay this bond?

If the club does not meet any requirements laid down by the league, the likely outcome is expulsion from the league. Throughout the football period leagues seem keen to pass the problem of financially troubled clubs down to the next level below. Expulsion from the league, if is going to occur will occur at the AGM. The options are therefore to get a deal completed and approved by 19 June or find the money for a bond by 19 June. Getting any sale approved by that date is nigh on impossible. From my past experience Southern League football, or no football, arethe most likely outcomes.

Hopefully, a deal is virtually done in principle. This at least gives the club a fighting chance of avoiding expulsion from the league.

Personally I'd rather CO didn't get a penny and we start again at the bottom as a phoenix club. Thanks for the info.

[North Curry House]

I put the CLUB first, so I want to be in the HIGHEST league possible, even if CO gets a few quid. I dispise him the same as everyone else BUT do NOT cut off your nose.....because you are ugly enough!

However, I share your concerns that the league may impose a bond, which we wl not be able to meet. Maybe our wonderful TUST will pay that bond.......???

[knightmaregull]

Really informative posts, thanks. Reinforces how everyone has to remember the dire position the club is in and so, any buyer with a genuine plan to save us from oblivion should be welcomed and supported, whether that means part time or otherwise.

Whatever happens it's fundamentally important the old regime are completely cleared off though. If most of us knew Osborne's game from the very start without any inside knowledge then they cannot pretend to have not also been looking for personal gain and are equally complicit in the plan to end the life of a historic football club in my eyes. That must not be forgotten.

[hector]

Really informative posts, thanks. Reinforces how everyone has to remember the dire position the club is in and so, any buyer with a genuine plan to save us from oblivion should be welcomed and supported, whether that means part time or otherwise.

Whatever happens it's fundamentally important the old regime are completely cleared off though. If most of us knew Osborne's game from the very start without any inside knowledge then they cannot pretend to have not also been looking for personal gain and are equally complicit in the plan to end the life of a historic football club in my eyes. That must not be forgotten.

Yes, exactly. This revisionist rewriting of what a good chap George Edwards is needs to stop. He has been working for Clarke Osborne for years, doing to Swindon Speedway and others what they intended doing to us.

The post above by the new poster paints a sobering reality of the crap Osborne/Edwards and those complicit in their mission - step forward Mel Hayman - have left us in.

Just what sort of sociopaths are Osborne and Edwards that they see historic sporting venues and just think “housing”, “development”, “sod their history, a chance to profit from something special to so many people”? Odious, vile people.

[Southampton Gull]

Yes, exactly. This revisionist rewriting of what a good chap George Edwards is needs to stop. He has been working for Clarke Osborne for years, doing to Swindon Speedway and others what they intended doing to us.

The post above by the new poster paints a sobering reality of the crap Osborne/Edwards and those complicit in their mission - step forward Mel Hayman - have left us in.

Just what sort of sociopaths are Osborne and Edwards that they see historic sporting venues and just think “housing”, “development”, “sod their history, a chance to profit from something special to so many people”? Odious, vile people.

I've been banging that drum since they first got here yet so many see fit to look past what's been staring them in the face all along. Even now there are still Osborne apologists and those who would welcome a takeover involving Edwards and Hayman. To me they're parasites and need to be gone or ekse I fear it's just the same ownership model with a different figurehead although Osborne liked to stay firmly in the dark. I'd rather a Phoenix club than one with either of those two involved.

[North Curry House]

Our "value" must be going down by the minute

[knightmaregull]

There simply cannot be any financial 'value' in the club. That's why I will treat any bid not based on a not for personal profit / long term fan ownership model with high suspicion. The only comfort is the Council have stood firm and hopefully done enough to see off property developer con artists.

[North Curry House]

Neil Warnock is watching Yeovil v Worthing