Torquay United Fans Forum

Surprised to see both goalkeepers released, thought Lovett may be offered something, even as number 2 again this season. I'm sure that PW and NW have all in hand though.

Refreshing to see that the major clear out being called for by many has happened.

Thanks WBW and Bobby - that's clearer (and a relief!)

I believe that the final piece of the take over puzzle is ratification by Creditors of a CVA - I presume the CVA will be in the name of Bryn Consortium (or whatever trading name they adopt). I have a couple of questions about that:

1. Does anyone know what date the Creditor's meeting is to be held? I guess it hasn't happened yet as there has been no confirmation on the website? Because until that is confirmed we remain in limbo regarding player acquisitions.

2. On the assumption that the CVA will be entered into by the consortium and not the original company that went into Admin, could that of change owner trigger another points deduction under the Leagues Insolvency rules. That would be harsh I know but in effect it is 2 separate legal entities entering into 2 separate, but adjoining, insolvency procedures?

How many times have we been caught out trying to let a ball go out for a goal kick?
Just get rid of the f**king ball !!!!!

There was an interesting comment from Michael Westcott (prospective consortium member) in his interview on Radio Devon yesterday where he said - sustainability was the key driver for the future and that may require part time to hybrid to fulltime to provide a platform to move us up the leagues. He also said, in his view, the Benefactor model (e.g. the Bristows) was not sustainable in lower league football.

I wholeheartedly agree with his comment on the Benefactor model as it has been proved that there comes a point where the Benefactor is no longer prepared to use their own resources to fund the club and we end up back where we started.

I also agree with his view re part time to avoid continual losses being made. I would be happy to see part time to ensure the club survives and becomes financially more stable, especially if it were spearheaded by an owner using that as a springboard to improve the clubs rankings and a vision to reduce the reliance on part time when funding allows.

The negative to part time is, as pointed out by a number on here, whether we would be able to attract players of sufficient quality to progress given the average income in this area is generally lower than conurbations.

I have tried to take a rational and dispassionate view of the circumstances and please be aware I am not an advocate for Osborne or his track record.

Osborne was "gifted" the club by the financial ineptitude of the previous directors who failed/did not have the requisite skills to keep the finances in sufficient shape resulting in a possible Administration being perilously close with no other viable option.

Osborne, absolutely rightly, was called out on his sporting club history by many of the posters on this and other sites and almost immediately his ownership was met, understandably correctly, with significant suspicion and was believed to be a path to problems. These views were made quite vociferously at times.

The underlying burning desire to see him relinquish his ownership has continued throughout his tenure.

Osborne was clear from the get go that he had no interest in football and his desire to do to TUFC what he had done to numerous other sporting clubs regarding the premises they operate from was evident at an early stage. i.e. take control of Plainmoor. He has attempted to bring that to a conclusion that met with his plans on a number of occasions and has been thwarted by the council (thankfully).

BUT despite all the vitriol sent his way over that last few years he was still prepared to "gamble" monies, which may or may not be recovered, on achieving that goal. The offshoot of that action was to sustain TUFC as an operating club during those years - remember the impending Administration at the start.

He has now taken the business decision to cut his losses and step away from a potentially (in his strategy) profitable venture and supporters who did not want him to be the owner anyway, and in recent months have made that view heard louder and louder. The subject of whether he is able to recover any of the loan monies is unclear at this stage, but if Administration is the outcome, it is highly unlikely any repayment of those loans will be made.

Whilst I am devastated that the club I have supported for 60 years is now in a perilous position because of Osborne's actions I do, as someone who has been in the business environment for 40 years, understand why he has chosen to leave.

Perhaps, if he had not been vilified so hard for so long, he may have been more inclined to try to find a buyer rather than walk away from somewhere it was very clear didn't want him. Now we are wringing our hands at the outcome of the "campaign" to oust Osborne. The old adage of "be careful what you wish for" springs to mind here.

Even now he is being pilloried for doing exactly what has been called for by many for the last 5 years! I do not recall Thea receiving such responses when she too decided that she had put enough of her money into the club and walked away - and she loved the club - leaving us back at my opening point, impending Administration.

I do have faith that something recoverable will rise like a phoenix from the ashes and hope to God that the next incumbent to take on the club has only good intentions and believe that we, the supporters, should be focusing on a future rather than continuing to moan about what has happened.

Vick wrote: ↑07 Mar 2024, 13:11 ^ Extended for 10 days.

Thanks Vick

I thought the 10 working day moratorium granted by the "Intention to Appoint" runs out today, unless a further 10 day extension is applied for?

So......are we going into Admin or not ???? The information sources are spookily quiet on the subject

Let’s history not wipe out the fact that a contributory factor in this debacle includes the grandiose ideas of Phillips, Baker et al, whose ineptitude put us in the position that Osborne was the only viable option to Administration 6 years ago.
Osborne saw an opportunity and took it. Not that he has clean hands since taking control.

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.

Need more wins now to offset the incoming points deduction

kevgull wrote: ↑22 Feb 2024, 13:20 Where do we go from here Super?

In the financial shit !!!

No mention if the tickets for the Parkway game will be valid for Taunton?
Bl**dy pain as Bolitho Park is much closer for me than Taunton

I presume as the performance was SO POOR that is why there is no MOM thread?

If there was the crossbar would be a nomination from me as that saved us from a 0 - 7 thrashing !!

Let’s hope his short term contract was no longer than 5 minutes !!