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League 2 Relegation fight


tommytunstall

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It is a massive shock in some ways as Colchester were doing well getting money for players they had sold on. 

However their attendances are awful, which is a shame as the new ground is a great day out. I think mainly because we have put in some good efforts in recent years and the weather is often nice. 

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1 hour ago, Doha said:

There must be some new ground debt in that, surely? How does such a small operation spend so much, not least for so little result?

@Doha remarkably it appears not. The ground cost £14m and was paid for / owned by the council who got £4m of grants and paid the remaining £10m. Prior to the move to the new stadium, the club sold Layer Road to "clear its debts" 

I'm taking the above from Wikipedia.

According to the Price of football Twitter feed, Colchester were losing 23k a week from 2018 onwards but that comes nowhere near to £25m so gawd knows where that huge figure has come from.

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Their chairman has been able to subsidise the club until his main business profits got hit by Covid. Despite fans the country over believing football makes a profit the reality is most clubs need a sugar daddy, or in our case a sugar mummy and daddy.

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54 minutes ago, robf said:

@Doha remarkably it appears not. The ground cost £14m and was paid for / owned by the council who got £4m of grants and paid the remaining £10m. Prior to the move to the new stadium, the club sold Layer Road to "clear its debts" 

I'm taking the above from Wikipedia.

According to the Price of football Twitter feed, Colchester were losing 23k a week from 2018 onwards but that comes nowhere near to £25m so gawd knows where that huge figure has come from.

Looks like they did clear the debt and actually had £3.4m net assets when the 'new' ground opened at the end of '08, but managed to get rid of that in one season in '08/'09 and been sat on a net liability ever since, creeping up £2-3m every year. Nothing sudden, just an accumulation of losses over the years that have just sat on the balance sheet, assumedly been subsidised/absorbed by the owner, but apparently never been written off, (if I'm reading that right).

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I always assumed that Cowling put all his money in as loans because there are some clever accountancy / tax things going on with all his group companies.

I'd be a bit surprised if he was calling his debt in, particularly at this moment in time.

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3 minutes ago, Santa said:

I always assumed that Cowling put all his money in as loans because there are some clever accountancy / tax things going on with all his group companies.

I'd be a bit surprised if he was calling his debt in, particularly at this moment in time.

Perhaps it's not him? Maybe HMRC have stepped in?

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10 hours ago, valefan16 said:

Southend have apparently sacked Mollesy and are appointing Phil Brown tomorrow!

Now confirmed... Feel sorry for Molesley, has been fighting with two hand tied behind his back for most of the season.

Will 'Mr Chocolate' Phil Brown have the impact they need... does he have enough time?  

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