Torquay in crisis?

[yellow]

…and now rumours the takeover is off.

Oh dear oh dear.

 

[DT-the-gull]

Don't want to get Alfreton fans hopes up to much, but you may to follow the situation down here, we might be about to do a relegated club a bit of favour.

http://www.westernmorningnews.co.uk...mid-takeover/story-26474181-detail/story.html

 

[ShrewdBlue]

Would Bristow let you get expelled? Surely she will keep you going until a new buyer is found, unless she it is impossible, financially, for her to do so.

 

[Gulliball]

Yeah, we have no debt to anyone but her, and she is writing that off as part of any takeover (whoever that is to). We also only have 6 players under contract (signed last summer on reasonable non-league contracts).

So no debt, and no commitments. There's a 0% chance we're in any long term trouble unless we choose to do it ourselves.

It's just that we're in a four year long negative spiral that makes everyone think we're doomed to part-time Western League football next year.

 

[DT-the-gull]

Would Bristow let you get expelled? Surely she will keep you going until a new buyer is found, unless she it is impossible, financially, for her to do so.

This is key part that some other TUFC fans do not understand, our club posted a £542,000 loss in it's last accounts, next set of accounts could well be in the same area, Thea Bristow has been bailing the club out to the tune £2,000 a day the one and only reason why the club currently has no debt, Thea Bristow can not and will not be putting anymore money into the club, with out a new owner and cash injection the club will not be able to cover any further losses, it's unfortunate that some TUFC fans fail to grasp the fact our club will not remain debt free for very long with out any further money from Thea Bristow which will not be forthcoming.

 

[Gulliball]

We cannot sustain our current level of spending without someone willing to cover the difference. As we only have 6 players at the moment, and have gates of over 2000, we are capable of running ourselves on a reduced budget under new ownership, whoever that is. 12 high earners from our L2 days have gone last week, and we are not replacing them until we know our budget for the coming year. We will likely have a reduced budget, unless a favourable takeover happens, but whoever takes over will have to run the club to the spending level they are comfortable with. They will be starting with a clean slate to do this as they like.

 

[DT-the-gull]

Well lets the conference don't ask us to come up with a £250k bond, or this proposed take over goes through, because who's going to cover the losses for season just gone, this reduced budget will only help in our accounts for the year following.

 

[Gulliball]

Thea is covering the losses for the last year. Our published accounts are revealed a year behind, as with all businesses, but we have unaudited accounts that are right up to date. Everyone who needs to know knows the exact up-to-date state of our accounts, and the new board will take over with no debt at all, as Thea has revealed when she stood down.

The future is going to be bleak in terms of future budgets unless we get taken over by someone competent and with financial backing, but there is no reason at all to think we are going out of business the moment Thea leaves. She's leaving us in a good state, we just don't know what the future holds right now. Hopefully there's good news soon.

 

[genesimmons]

Share your concerns lads. My teams up in air as of friday

 

[DarkSithLord]

Wish the best of luck Gulls fans. This is the one thing I do not want to happen. To profit due to another clubs misforune wouldnt sit right with me especially after such a poor season i dont feel it would be deserved.

 

[B2TF]

Share your concerns lads. My teams up in air as of friday

Chickens will roost. It's what they do.

 

[genesimmons]

Eh?

 

[Gibber_McGee]

The problem you'll have is not so much current debts, but the fact that the club is loss making and without drastic action will continue to be so. When the fans bought Wrexham we were losing £800k a year and it has taken years of work from loads of people, as well as lots of fundraising/donations and cup runs at the right time, to sort it out. It's a bit like trying to turn the proverbial oil tanker around.

I think your club should be looking at a supporter led takeover. It works if the will is there. You just need to get organised and push on with it. Good luck, I hope you pull through.

 

[Luke Imp]

Circa £500k, plus the reduction in parachute payments, plus any youth funding is one hell of a saving needed in a season.

I'm assuming you're off the field staffing levels were cut on relegation?

 

[DT-the-gull]

Thea is covering the losses for the last year. Our published accounts are revealed a year behind, as with all businesses, but we have unaudited accounts that are right up to date. Everyone who needs to know knows the exact up-to-date state of our accounts, and the new board will take over with no debt at all, as Thea has revealed when she stood down.

The future is going to be bleak in terms of future budgets unless we get taken over by someone competent and with financial backing, but there is no reason at all to think we are going out of business the moment Thea leaves. She's leaving us in a good state, we just don't know what the future holds right now. Hopefully there's good news soon.

I agree, I do not think we will go out business from the first moment, the problem will come from whether the club is taken over or not, if no new buyer is found then the current board will take ownership of the club and between them they have nothing, as the Wrexham fan says you don't go from being loss making, to breaking even or even profit making over night, we may have only 6 players at the moment, we can't go through the season like that, we can't control the weather, and other factors that may crop up, our average gate was 1,949 last season largely thanks to Bristol Rovers packing out our away end in one game, the only problem will be this bond, I know as it stands no such bond is in place, if we're asked to provide it, and hope we're not, lets prey Thea, who said she would not fund the club after June helps out once again.

 

[DT-the-gull]

Circa £500k, plus the reduction in parachute payments, plus any youth funding is one hell of a saving needed in a season.

I'm assuming you're off the field staffing levels were cut on relegation?

We have an EPPP category 3 youth set up so no staffing cuts were made there as I believe we retain that funding for 3 years, as for other staffing cuts some we're made the year before, I don't think the club could make anymore, other than the coaching side.

 

[DT-the-gull]

The problem you'll have is not so much current debts, but the fact that the club is loss making and without drastic action will continue to be so. When the fans bought Wrexham we were losing £800k a year and it has taken years of work from loads of people, as well as lots of fundraising/donations and cup runs at the right time, to sort it out. It's a bit like trying to turn the proverbial oil tanker around.

I think your club should be looking at a supporter led takeover. It works if the will is there. You just need to get organised and push on with it. Good luck, I hope you pull through.

Agree with this. Just to point in general there is only very slim and remote chance of TUFC going by the way side, looking at others who have and gone down the road of fan ownership they've all come back stronger and better for it, I hope there is the will amongst our fans to go for fan ownership now.

 

[yellow]

..but even with the trust seeming (in my eyes) the only way forward now, people still aren't arsed about it. I think the current member count is around 250.

I really am concerned as to where we'll be kicking off next season.

 

[DT-the-gull]

That's the think though yellow, what some TUFC fans have been posting across the forums myself included, isn't to muck rake, sensationalize, stir up problems, it's to try a get our own fan base to realise that the situation at our club which Gulliball is right to say hasn't got to that point yet, but will become critical very quickly and potentially spiral out of control if new owners do not buy and invest cash into the club, now.

If that does happen no problem we'll be fine, the TUST is party to the situation behind the scenes at our club but would have signed confidentiality agreements, why does any TUFC think the TUST launched the forever yellow fund last week, if the take over does not go through this week, the TUST which currently has 262 members will need that membership to double this week, and that's what these postings are about, to get our support to wake up.

 

[BeesKnees]

We have an EPPP category 3 youth set up so no staffing cuts were made there as I believe we retain that funding for 3 years, as for other staffing cuts some we're made the year before, I don't think the club could make anymore, other than the coaching side.

Our chairman has said that relegation reduced our income by £1.4m and this is confirmed in the accounts. We have a similar EPPP academy and I recall reading somewhere that the academy funding is phased out over three years, with some lost immediately and most lost in the second year.

On relegation our development squad was disbanded and all coaches let go, second season all first team coaches and most ancillary staff were released (Except the youth squad physio and one other). The players have washed their own kit all year and the first team coaches have been two players plus the occasional out of work manager that Allen could persuade to work for nothing.
I remember when Hereford were in trouble they were still employing masseurs even when cutting the playing staff which was mad. As others have said the priority has to be to get sustainable at conference level as fast as possible and I wish Torquay and their fans all the best in getting there.

 

[yellow]

Ex-chairman Alex Rowe and Simon Baker have recently joined the TUST too. Honestly I cannot say it enough - any Gulls fan should have no hesitancy in joining now. It's £2 a month and the more support we get the higher chance we have of keeping the club as we know it.

As I said yesterday, it is now the only way forward for us - things are getting pretty desperate and I'd still like to have a club to support. It may be me being overdramatic but I cannot see another consortium taking over anytime soon.

 

[yellow]

Interesting couple of days. Firstly, for the people who can't be bothered to read the rest of what I'm going to write - we're still in the shit and nothings really changed on that front. However, a fair bit has come out recently.

Firstly, it was reported that Truro City chairman Peter Masters was linked with the consortium trying to buy the club. Obviously this is not possible unless he sells the Cornish club, which seems unlikely in my view. He has since quashed those rumours by saying he's been talking to officials at TUFC, but only regarding a potential groundshare next season - which seems mental as Truro is nigh on 90 miles away. Unsure if I'd be too impressed with that if it was to come to fruition as our pitch is horrendous anyway, let alone with another team playing on it aswell. Regarding his role in a takeover bid, it seems there isn't anything of that initial report, but I get the impression that the first consortium (the one Masters is linked to) is the clubs favoured option.

The second thing to happen was that a group of fans have tried putting a bid together to buy the club. Steve Breed (runs the away travel club & does radio commentary) and others are involved in this one. I'd have my doubts as to where the money is in this bid to be totally honest. Thirdly, an interesting email from the TUST last night. They were effectively told by the club to stop putting a bid together as it wasn't going to happen, due to the talks with the first mystery party (which now seems to have hit the rocks anyway). The TUST chairman is obviously disappointed with this, and stated his huge concern at the lack of information from the club.

That is something that frustrates me - there is literally nothing coming on the official lines. This is possibly the most serious time I've had since supporting TUFC. 2007 was horrible with Chris Roberts, and I didn't want to see the club ever in that sort of position again, but we aren't far off it now. I am genuinely fearful for the future of the club right now. The Conference AGM is in a fortnight or so, if we have heard nothing by then it could be all over.

It's my personal opinion now, but I almost feel like a clean break is needed. The club has gone so stale over the last two years and it just seems we're lulling towards the end. I would like to see us fan-owned, but it seems the current board don't want that, and so are making it difficult for the TUST to get a serious involvement in the bidding process.

 

[Luke Imp]

Why would you want to play at Truro's ground?

 

[Silver Stone]

I'm down for a trip to Torquay if Truro end up there!

 

[DT-the-gull]

Said all along I wasn't happy with the on going situation at Torquay, not sure how this going to pan out for us now.

http://www.westernmorningnews.co.uk...keover-falls/story-26509713-detail/story.html

 

[DarkSithLord]

Statement from Truro to say they are staying at their stadium http://www.trurocityfc.net/news/ground-share-update-1430112.html

 

[DT-the-gull]

There are some around here who fully believe Peter Masters was indeed looking to buy the club and it was Truro City's promotion from the Southern league to the national south that has stopped it, so was he really looking for a ground share with us, who knows, I will copy and paste a message sent out by our supporters trust to it's members it's a bit long but worth a read.

Dear TUST Member,

In the absence of any hard and fast news about our football club I thought it imperative to bring you up-to-date with developments from TUST's perspective.

But first I must state how disappointed I am over Torquay United's failure to communicate with supporters over the vital matter of the club's future. I fully understand the need for "commercial confidentiality" but, to me, this is another example of how football clubs often behave with complete disregard for their supporters. A further argument, you may say, in favour of community ownership!

TUST's current position can be summarised under three headings:

1. We have had little substantive contact with Kelvin Thomas or Torquay United since being asked to step aside from the bidding process on 15 April. All we have learned during this period has been through informal channels.

This means we have not been invited to table a bid for the club. Nor have we been entitled to undertake due diligence or any form of financial investigation.

2. There has been no contact between TUST and whatever party was deemed to be the preferred bidder as of 15 April. Nor have we been officially notified of the identity of this party. Again any knowledge gleaned has been through other channels and we still remain unsure as to who is behind the reported bid.

3. TUST can confirm we met with members of the "second consortium" on Tuesday 12 May. We were grateful to be given this opportunity. It was pleasing to meet with such a committed group of supporters who are prepared to make significant financial sacrifices in a bid to do their best for Torquay United. We can only wish them well in their endeavours and trust they are given a fair hearing by those who will be deciding the immediate future of Torquay United.

This group was able to supply us with a certain amount of financial detail although, to be fair, their bid is still at a relatively early stage owing to the protracted period of exclusivity afforded to the preferred bidder.

The meeting was cordial and positive with all involved putting their case as to what they believe is best for the club. We cannot break confidences but the group's business model is that of a number of people - each a dedicated supporter of the club - putting considerable sums of money towards what was described as a "rapidly becoming an urgent rescue package".

Although TUST is prepared to support the group's bid, we felt it fair to offer an alternative model in keeping with TUST's wider strategy. This would see a Community Benefit Society being formed with the specific purpose of securing community ownership of Torquay United. This would be followed by the launch of a Community Share Issue in order to raise the necessary amount to see the club through 2015/16 and beyond.

To facilitate this approach our proposal is that the second consortium "kick starts" the process by depositing their proposed collective investment into the Community Share Issue. Then, with a high-profile launch and all-out fundraising campaign, we would hope to generate significant amount within a short period of time.

The bidding group invited us to submit this proposal in writing. This was duly done late on Wednesday 13 May. We await their reply with interest.

TUST also laid out certain conditions to be met prior to formal and ongoing support of the group's bid. These are exactly the same as would set when meeting with any group or consortium. Consequently I'm reporting these out in full:

1. TUST is, and has to be seen to be, independent from the Club and its owners.

2. TUST will, at all times, represent the views of its members. Where these are at variance with
decisions made by the club, TUST reserves the right to make representations to the board of directors. This will be on the understanding that, if such matters remain unresolved, TUST is at liberty to make its' position public.

3. TUST will continue with the Forever Yellow Fund to build the financial ability to achieve community ownership should the occasion arise. Please note this fund is ring fenced and not available for any other purpose.

4. TUST are not seeking a board position but we do seek to establish a formal process that encourages transparency and visibility through regular meetings and communication.

5. TUST is willing to become the community face of the Club subject to further discussions.

6. TUST will support all efforts that are in the best interests of the club.

I hope this clarifies TUST's position. Naturally I would have wished to have been able to tell you more by now. Let's hope the next few days bring positive news about our club. We remain hopeful.

Finally, please look out for an announcement next week regarding a TUST planning and strategy event to be held between 10.30am and 1pm on Saturday 20 June.

Kind regards....

Michael

 

[yellow]

Another weekend passes, and no more news.

What the FUCK is going on?

 

[DarkSithLord]

i must admit as an outsider looking in The sheer ineptitude of Torquay towards their own fans beggars belief! An update would be nice. If I was a torquay fan Id be livid.

And some of your posts on your forum may me laugh! The classic there is more important things in life well yes... but this forum is for TORQUAY UNITED!

 

[yellow]

http://www.torquayunited.com/news/article/talks-reopen-2462211.aspx

FINALLY! Something from the club. Admittedly I take that statement to effectively paper over the cracks as I still reckon we are heading up shit creek, but about time we had something regarding the whole situation.

The donation seems interesting, I wonder how much/who, and I hope it's better used than the last donation from a fan (£50k towards the signing of Billy Bodin )