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League 2 Relegation fight


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How do tinpotters like Colchester or Oldham spend £30m?

If there's actually anything in it, god I hope it's Bradford. That would be hilarious. 

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Posted (edited)

image.thumb.png.cb442a9596285bc3743605c827b8c7c7.png

I'd be very worried as a L2 club owing £26m to creditors.

This was from 2020 too so another season without fans and the £30m looks plausible.

If those creditors decided to call their debts in, and force Colchester to pay up (which they couldn't), then they would indeed be in administration.

It seems they're being propped up by a parent company, Aspire Media Group.

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Without delving further, I don't know who these creditors are. If they are just the parent company then they could write the debt off.

I feel for the fans, they don't deserve this. And how on Earth does a L2 club spend £30m?! Unless you're Salford of course.

Edited by valeparklife

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image.thumb.png.cb442a9596285bc3743605c827b8c7c7.png
I'd be very worried as a L2 club owing £26m to creditors.
This was from 2020 too so another season without fans and the £30m looks plausible.
If those creditors decided to call their debts in, and force Colchester to pay up (which they couldn't), then they would indeed be in administration.
It seems they're being propped up by a parent company, Aspire Media Group.
image.png.94b71aab121f4ffb12edebca7ca3d42a.png
Without delving further, I don't know who these creditors are. If they are just the parent company then they could write the debt off.
I feel for the fans, they don't deserve this. And how on Earth does a L2 club spend £30m?! Unless you're Salford of course.

Apparently it’s the owner who the debt is too.
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Colchester had to be in big trouble to sack John McGreal and release their best players.

Sounded like the owner wouldn't or couldn't pay to keep the club going as a League Two club

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Colchester had to be in big trouble to sack John McGreal and release their best players.
Sounded like the owner wouldn't or couldn't pay to keep the club going as a League Two club

The debt is to him but of course his company funding it could be in trouble and a knock on I guess.

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23 minutes 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?

Is their owner from the Smurthwaite school of proprietorship?! I don't know much about him.

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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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