Where's the money going?

[wbw]

Apologies for "going quiet" lol...other jobs to do. Also apologies for calling the poster clueless, that was wrong.
Including NI, pension costs and other expenses, the monthly salaries cost is in excess of £100k. The club has been losing over £20k a week for years, that's nearly £85k a month.
The immediate issue is not the debts, whom ever they are owed to, but cash flow. Players contracts will include an agreement that, if not paid with 14 days, they are entitled to a free transfer and can move immediately. Since none of them are worth anything, the free transfer is irrelevant, but they can leave.
That would be a bonus to any Administrator appointed as the only funds he will have are those left in the club when appointed and any generated afterwards. I would suggest that this will be insufficient to continue.

[TommyGunn]

So two home games a month with a crowd of 3000 x £18 x 2 = approx £108000 would cover the wages?

[Torbay Taxman]

No idea how much finance is required to operate Torquay FC but all the various calculations would seem to overlook the fact that VAT is chargeable on admission receipts. VAT is a complex area but in broad terms for every £12K in gate receipts mean £10k for football and £2k for HMRC.
And the latter seem to take priority in the pecking order for payment along with any administrator appointed. Another factor that is being overlooked is that full time contracts would need to be through summer months when there is no football income.

[Taelee73]

Apology accepted.

Unfortunately those 3000 gates are going to include many (like me) Season Ticket holders, and I assume the money we paid was used up by around June/July of this year.

Yes, no way we should have allowed £20k a week losses to keep going, against the hope of a promotion, cup run or selling a player. It’s a gamble that hasn’t now paid off. Maidstone have made around £700k before tax from their cup run so far. If only we could have beaten them/been promoted in that awful Ashton Gate season finale.

Would have just kicked the can down the road I guess.

Apologies if I also said anything OTT.

[Taelee73]

I guess ST holders could pay again for their next games until the end of the season.

[TommyGunn]

Well I didn't think of that. But I would be prepared to pay for an extra ghost ticket for each home game until the end of the season. It would be nice to know exactly what is required from supporters to give time for a buyer to be found.

[TorquayUntied]

We've had an amazing output of energy and hopefully money in the last 24 hours, with the anticipation of a season's best attendance tomorrow.

Although it's great we are not in administration yet, where does this leave the money coming in at the moment? Who is deciding how and where it's spent? Someone within the club? Does Osbourne still have a say or any money coming out?

Goes to pay the bills. 4.3 million owned administrator pay the staff the electricity bills the catering staff the groundsman the diesel to cut the grass in the mower the paint to paint the lines. The cleaners to clean the ground.

Luckily not Clarke's responsibility anymore already 4.3 million lost and amazingly only 700 grand till end of season to find some can compete in this league next season.

Osbourne out TUST in oh hang on they not got enough to repair the mower 5 years ago.

Club is dead

[Rjc70]

Goes to pay the bills. 4.3 million owned administrator pay the staff the electricity bills the catering staff the groundsman the diesel to cut the grass in the mower the paint to paint the lines. The cleaners to clean the ground.

Luckily not Clarke's responsibility anymore already 4.3 million lost and amazingly only 700 grand till end of season to find some can compete in this league next season.

Osbourne out

Club is dead

Nope. Osborne is still owner, Edwards is still here and we are NOT in administration.

[bobbytanz1963]

Goes to pay the bills. 4.3 million owned administrator pay the staff the electricity bills the catering staff the groundsman the diesel to cut the grass in the mower the paint to paint the lines. The cleaners to clean the ground.

Luckily not Clarke's responsibility anymore already 4.3 million lost and amazingly only 700 grand till end of season to find some can compete in this league next season.

Osbourne out TUST in oh hang on they not got enough to repair the mower 5 years ago.

Club is dead

Why do you bother posting this as your negative views won't help in this troubling situation. For once try and add one ounce of positivity

[wbw]

Someone, an Administrator perhaps, needs to assess the situation and see what's possible in the very short term.
2 home games a month has achieved a £20k a week loss, so that's not the answer.
Basically, the club is woefully overspending and that's OK as long as someone keeps covering the shortfall. When he's driven out.....disaster looms, I'm afraid.

[Southampton Gull]

It's your client who is at fault for the mismanagement of finances for the last several years. The sooner she trots off the better.

Once we're rid of all the Osborneites the club will eventually find it's natural level through the support of its fans. We'll get the club we deserve so it'll be up to us. If Osborne had gotten what he wanted the club would have ceased as we know it. His track record proves it. Osborne is no saviour and even profited in the demise of the very club he claims to support. I'm sure the IKEA is great but Rovers have suffered ever since. If he can do it to a club 2 or 3 times our size we didn't stand a chance unless he was driven away.

You used the word clueless to describe another fan, I'd suggest your presenting the image of someone who is clueless whilst actually being clued up. Have you ever researched Osborne? Are you aware of what he's done to every sporting venture he's ever invested in? Have any of them ever come out better than when he walked in? No, not a single venture yet he proudly boasts of his successes in business. Luckily for us it would seem he's about to Foxtrot Oscar. Can't come soon enough for me. Many of us will buy 2 tickets each week as long as he can't get his greasy mits on the money, we'll be fine.

[wbw]

Time will tell Gull. Your opinion is noted, loud and clear, others have different opinions.
At the end of the day, someone has to pay the bills. Not everyone is fortunate to be able to pay for 2 tickets in these tough times, I'm pleased that you can.

[Southampton Gull]

I said 'many' not all. I would have thought a solicitor could read simple English and you'll also find the vast majority of fans will share my opinion.

[Guildford Gull]

Someone, an Administrator perhaps, needs to assess the situation and see what's possible in the very short term.
2 home games a month has achieved a £20k a week loss, so that's not the answer.
Basically, the club is woefully overspending and that's OK as long as someone keeps covering the shortfall. When he's driven out.....disaster looms, I'm afraid.

Sounds like the business was appallingly run if the club is woefully overspending.

[desperado]

As Bobby T said we could without the negativity of WBW and Torquay United ! Inappropriate user name !
If an extra 2000 turned up for the remaining home games plus ghost tickets etc that would make a difference.