Post by Jon on Dec 30, 2019 12:53:01 GMT
Readers of financial accounts will know that in the year to 30/6/18, Torquay United posted a record-shattering financial loss of £959,000.
The loan outstanding to Clarke Osborne increased by £965,000 to £1.42 million.
This was the season Gary Owers got us relegated to National League South - the club's worst footballing season ever.
2018/19 was far healthier on the field giving rise to hopes that the leaking of money may have slowed up. I am sure Gary Johnson does not come cheap, but he won the title using a small squad packed with young loanees.
First indication comes with the publication on December 28 of the holding company RSL's accounts for the year to 31/3/19.
These show that, in the nine months since 30/6/18, the debt has risen by a further £714,000 to £2.134 million.
This suggests that we continue to lose money at a similar rate. We can only guess how that loss divides between the playing budget, management budget and non-football activities.
Clearly that rate of travel is a very long way from being sustainable.
Just a reminder of how the debt has stacked up:
Up to 31/3/17 360,000
3 months to 30/6/17 95,000
9 months to 31/3/18 745,000
3 months to 30/6/18 220,000
9 months to 31/3/19 714,000
Total as at 31/3/19 2,134,000
Of course another nine months have passed since then so if there is no significant improvement we will be well on the way towards the £3 million mark.
It would be nice to know if there are any plans to write any of the debt off or to convert any of it to share capital.
The loan outstanding to Clarke Osborne increased by £965,000 to £1.42 million.
This was the season Gary Owers got us relegated to National League South - the club's worst footballing season ever.
2018/19 was far healthier on the field giving rise to hopes that the leaking of money may have slowed up. I am sure Gary Johnson does not come cheap, but he won the title using a small squad packed with young loanees.
First indication comes with the publication on December 28 of the holding company RSL's accounts for the year to 31/3/19.
These show that, in the nine months since 30/6/18, the debt has risen by a further £714,000 to £2.134 million.
This suggests that we continue to lose money at a similar rate. We can only guess how that loss divides between the playing budget, management budget and non-football activities.
Clearly that rate of travel is a very long way from being sustainable.
Just a reminder of how the debt has stacked up:
Up to 31/3/17 360,000
3 months to 30/6/17 95,000
9 months to 31/3/18 745,000
3 months to 30/6/18 220,000
9 months to 31/3/19 714,000
Total as at 31/3/19 2,134,000
Of course another nine months have passed since then so if there is no significant improvement we will be well on the way towards the £3 million mark.
It would be nice to know if there are any plans to write any of the debt off or to convert any of it to share capital.
