Jon
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Post by Jon on Mar 31, 2019 23:54:24 GMT
Good to see that the accounts have been filed on time. We already knew three quarters of the story as RSL's accounts told us three months ago the size of the loan at 31/3/18: The amount owed by Torquay United Association Football Club Limited to Riviera Stadium Limited as at 31 March 2018 was £1,200,000. The main point of interest was whether the club's most disastrous season ever on the pitch - with the appointment of our worst manager ever - would lead to the first ever million pound loss. In the end, the total dipped just below. On top of the £745k that RSL lent to TUFC in the first nine months of the season, the following three months saw a further £220k added to the debt. So a £965k debt increase in the year to 30/6/18 (From £455k to £1.42m) to cover a trading loss of £959k. The accounts again wrongly state that Toklon Limited is the ultimate parent company. It is not. Toklon sold RSL to Clarke Osborne. I did mention a year ago that I was sure this was a genuine error and not a deliberate attempt to mislead. I would hope that the financial results for the current season are far healthier since the departure of Mr Owers and the arrival of Mr Johnson. But who knows what events may unfold in the next twelve months?
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rjdgull
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Post by rjdgull on Apr 10, 2019 14:53:39 GMT
link - Devon Live have now caught up! Obviously this amount includes preparation work for the new stadium but that on public display so far has been fairly rudimentary. Starting to think that 2020 deadline may slip somewhat.... Hopefully this season is at least break even
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Deleted
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Post by Deleted on Apr 10, 2019 16:59:08 GMT
I'd viewed 2020 more as a target, and a pretty ambitious one at that, rather than any sort of 'deadline' with all the ramifications that could conjure up.
The club forging ahead with their scheme or forking out for detailed plans, at a time when, as Devon Live points out: 'Councillors have already voted in principle against the idea' of developing Nightingale Park, would have been a rash and most undiplomatic move, and possibly resulting in Councillors digging their heels in to an even greater extent.
Personally, I was only too happy for the focus and a big chunk of the finance, to be directed towards the football itself, and an all out assault on the NLS and overcoming it at the first attempt. That said, TUFC based at Plainmoor is a business that has leeched money for a good long while, to the extent that you can hardly give it away if it had to stay marooned at it's present location.
Big expenditure is fine and can continue.....but only as long as the real prospect of big revenue coming on stream fairly soon is realistic. Level headed Gulls fans know we can't have our cake and eat it.....and if political power games or petty officialdom pushes things too far, or indulges in unnecessary brinkmanship, while clipping the wings of an ambitious football club too severely, then we can all foresee the unhappy consequences.
If it's possible that we've broken even this season so much the better, although I'm not too certain it will be achieved. There's been a lot of expenditure. For a start employing a first rate Manager will have been a not inconsiderable outlay, as well as paying up the old one. Then there are other staff in managerial or administrative roles who will have got a financial settlement to leave. Players, from Super Josh downwards, won't have walked out the door for our convenience.....and if they were on a good number here they'll have got their agent to insist their contract was paid up. A number of postponed games, when there will have been an outlay in advance that you're committed to, whether the game goes ahead or not.
On the plus side, there's been improved attendances to boost the coffers, and our Chairman has commendably saved money on travel costs from Somerset by not scheduling any meetings with TUST. Take care of the pennies and promotion will take care of itself....but remember those overnight stays before, and sometimes after games, all had to be paid for. Financial matters will remain a great concern until we can breathe a sigh of relief on hearing the news that the Osborne Arena has been given the go ahead. It's a feature of modern life where politicians are involved. Plenty who voted in June 2016, probably didn't dream that as we head towards Summer 2019, that political foot dragging would still be denying the will of the people. Let's hope local political games aren't used to deny the will of our football club.
#CLARQUAY
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Deleted
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Post by Deleted on Mar 31, 2020 11:04:29 GMT
2019 accounts published January 2020.
see rsl post.
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