Torquay in crisis?

[EnglishRed]

It was wrong when you had to. It would be wrong to do it again to someone else for the sake of being consistent.

I agree 100%

 

[DarkSithLord]

Torquay "up for sale for a bargain price"

Sounds desperate to me - http://www.thenonleaguefootballpape...r-bargain-price-says-chairman-david-phillips/

 

[Davidimp]

Seen that too, not good at all that by the sounds of it.

 

[Gulliball]

I read that and it barely even registered tbh, I don't think there's anything new there. We've been looking for investment for about four years now without any progress, and we'll carry on as best we can on what revenue we can generate until anything changes.

The current owners were given the club for nothing by Thea Bristow, and any new owners would need to put money in to keep the club running at a reasonable level, so it's not really that surprising that the club itself wouldn't be sold for a very high figure.

 

[yellow]

The supporters trust really undertook a full investigation of the club's finances, and have met to discuss with the board what options we have. 31st October is when a decision will be made as to whether the board feel community ownership is our best offer. The Trust are confident they can raise funds through a community share issue, but I don't really know what sort of level of finance they expect to raise from that?!

I feel community ownership will have it's positives - for a start the TUST board are much better at actually communicating with members than the club is with the supporters - only a small thing, I know, but it can make a big difference.

It's clear we are still staring into the abyss - rumours are surfacing that we borrowed more money than the previously-thought £50,000 from Gaming International, and a Truro fan has recently come on our forum saying that Peter Masters has pumped £100,000+ into our club. Again, these are not reliable sources but it does nothing to help the current negativity around the club.

We are struggling to fill our bench through injuries, some of our marquee signings (I'm looking at Brett Williams here) are just not doing enough to warrant their weekly wages - I imagine a fair bit for BW.

It's been constantly negative (excluding the final two months of last season) since the whole Martin Ling issue, and unfortunately it doesn't look like ending soon.

 

[DarkSithLord]

http://www.bbc.co.uk/sport/football/37826795

Two New take over bids on the table.

 

[Gulliball]

Doesn't say that they are new bidders. Knowing us it will be GI and Pete Masters.

 

[Raymondo316]

Considering Masters said he cant afford to continue funding Truro, i dont know why he'd want Torquay where he would have to spend alot more.

 

[Gulliball]

Most people interested in buying/selling us want to make a deal with the council to build houses on Plainmoor. Plenty of vultures have been circling recently, and we seem to be encouraging them.

Owners who are interested in the football club first and foremost would be lovely. We don't need a lot of investment, just enough to hire a coach for away games would be a start.

 

[yellow]

The Trust have practically confirmed that we borrowed a second loan from GI (this one over six-figures) and if we are still in business come the end of January, but unable to repay that loan (+ interest) in full, then GI will take over the ownership of the club.

Jesus wept.

 

[Pablosammy]

The Trust have practically confirmed that we borrowed a second loan from GI (this one over six-figures) and if we are still in business come the end of January, but unable to repay that loan (+ interest) in full, then GI will take over the ownership of the club.

Jesus wept.

Christ, I'm only just catching up with this. Sounds like a nightmare. Good luck Torquay.

 

[Sparrow]

if we are still in business come the end of January

That's really quite scary.

 

[DarkSithLord]

The Trust have practically confirmed that we borrowed a second loan from GI (this one over six-figures) and if we are still in business come the end of January, but unable to repay that loan (+ interest) in full, then GI will take over the ownership of the club.

Jesus wept.

Thats awful. Fingers crossed you still have a football club to support come the end of the season.

 

[Luke Imp]

The Trust have practically confirmed that we borrowed a second loan from GI (this one over six-figures) and if we are still in business come the end of January, but unable to repay that loan (+ interest) in full, then GI will take over the ownership of the club.

Jesus wept.

The Club has basically been sold, then. If you're borrowing that kind of money now, then little is going to change in the next 3 months.

 

[B2TF]

Who or what is GI?

 

[DarkSithLord]

Who or what is GI?

Gaming International

 

[yellow]

So Wednesday evening saw a fans forum at Plainmoor.

The board are confident that a takeover will be achieved in a month's time. No idea who, but they've got two firm offers on the table and are close to getting two more offers. Where they have come from, and why we (all of a sudden) appear to have so much interest, I don't know. It seems extremely fanciful that these groups are well backed and willing to chuck money in without having an alternative motive, but maybe that's me being pessimistic. I have extremely low confidence in this board to make a good decision after the last 10 months or so.

I'm sure things will come clearer soon, but any new owners will need an initial investment of around half a million just to secure the club and clear the debts to GI/Masters(?).

 

[Tivvyultras]

lets hope its gets sorted soon I personally wout hate to see us as the only yellow team in Devon COYY

 

[yellow]

So a group of Canadians who were linked with the club have withdrawn their bid. There has been a hint on our forum that this was a genuinely good group - I can't say I know much about them at all so I don't know if that would be true. However, it's all irrelevant now. I do hope that it hasn't ended over the current board holding out for their investment back. If so, and it leads us to the hands of GI/Masters (which some are rumouring is pretty much done), then, well.. I don't envisage seeing Football League football back at Plainmoor again, either in this current form or a phoenix club.

Some fans are showing willing to try and raise funds to pay the debt to GI so it's less upfront cost for new owners - but then the rest of the fan base willing to put money in are not keen to as they will not know where the money goes, and would rather use their money in aiding a phoenix, trust run club - if it comes to that.

It's bad when on the pitch results seem almost pointless now. We've been on life support for too long.

 

[barnet_pls]

Wow - sounds pretty bleak , it's a seemly expensive business running any kind of football club + wouldnt wish your position on anyone - even Stevenage - actually perhaps not ! Good luck, still hate you for 2001

 

[dog]

What are GI likely to do?

 

[Railway Blue]

This all sounds like what happened to us in 2009 and what has happened to Darlington, Hereford and Salisbury City since. It may not be the end of the world, but it's depressing and heart-breaking when it happens.

 

[yellow]

What are GI likely to do?

I can't say for certain, but they're property developers. Most fans tend to think they'll try to get their hands on the freehold of Plainmoor, promise a new stadium with all the niceties that come with stadiums these days, and then develop Plainmoor for another use. However, they (the people behind GI) have a track record in greyhound racing, and have left a number of greyhound clubs down the toilet with their stadium promises not being delivered.

They said last year that they don't care what division we are in if they took over - which was clear (to me, anyway) they have absolutely zero interest in the footballing aspect of things.

I don't know where we've managed to find the money to bring in two loan players this week - I imagine it's from either GI or Masters again. It's still so, so quiet from the boardroom.

 

[yellow]

SO apparently a takeover will be completed soon - possibly this week - by a consortium from the Midlands. As GI is Swindon-based, that seems to knock them out of the running. Still, no idea who this is, but apparently relocation isn't high on their priorities.

This seems to have come out of the blue, but whether it'll a) actually ever get finalised or b) be a good move for the club, remains to be seen.

 

[Tivvyultras]

as I have stated already I hope things go well for Torquay, I hate seeing any club go under especially one here in Devon (although if Salisbury go I wouldn't cry) COYY

 

[Gulliball]

Thank-you Tivvy. I also hope that things go well for us in the coming months. We had a good night on the pitch tonight, but off the pitch is so important over the coming months.

I was leaning to drive in 2008 and one of the first long distance drives my dad let me drive (pre-test) was Torquay to Tiverton for a pre-season game in 2008. Chris Hargreaves played centre half and we lost, though went on to be promoted that season.

#weallhatetauntonscum

 

[yellow]

Statement from the board today..

“The Board of Directors are pleased to announce that they entered into an agreement to sell the club, subject to final contract and due diligence, and hope to have completion by 16th December 2016. Due to a contractual requirement for confidentiality, the Board will not release any further statements until the 16th December (or completion of the sale if earlier).”

As before, I'm still of a "wait until it's all done" mindset, but this sounds positive. Whether the agreed new people will be positive is another matter, mind.

 

[yellow]

It's all so eerily quiet as we approach Friday's "deadline". The board have stuck to the above statement, in that they've not released ANYTHING. This doesn't really help though - surely they could say that a party (GI) are not involved, which would go some way to boosting a bit of confidence around the place.

A few rumours flying about - some say Norman Smurthwaite (current Port Vale owner), others are saying we are going to go into receivership, while the talk of Masters being involved continues.

 

[yellow]

It's looking more and more like it's GI/Masters or administration - which wouldn't be for long as we either go bust or GI come in anyway.

I have the faintest hope that Masters may not be as bad as it seems, but unfortunately that's all it is - faint.

I think we're done.

 

[Luke Imp]

AGM cup winners?