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Twitter rumour re administration

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BobbyCummingsTackle
April 8, 2021, 4:28pm
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Quoted from ginnywings
Is the timing anything to do with the new financial year starting over Easter?

Asking for a financial dunderhead.


Could be but not necessarily.

Loans may be due in this financial year with no obvious way of paying them. They may have done internal end of year accounts and it's shown that they're up sh*t creek without a paddle. Their tax bill may be untenable.

I suspect it's got more to do with a mix of their financial position and their football position added together. A couple of other clubs have gone into administration about this time as well.

See also MarinerDevil's post above.


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GollyGTFC
April 8, 2021, 4:35pm

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Quoted from ska face
Very unlucky for Colchester that a debt of £30m has accumulated over a number of years and only become a problem 7 games before the end of the season, when a points deduction would see them relegated to the conference.


The conference would stick them straight into NL South. They don’t mess around.
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Rodley Mariner
April 8, 2021, 4:53pm
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This is Fenty-Partridge hybrid gold, particularly point 2.

https://www.cu-fc.com/news/2021/april/club-statement/
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MarinerDevil
April 8, 2021, 4:57pm
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BBC reporting it's not true, or at least, it's not Colchester.

https://twitter.com/BBCEssexSport/status/1380182400974618628
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Zmariner
April 8, 2021, 5:14pm
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Quoted from ginnywings
Is the timing anything to do with the new financial year starting over Easter?

Asking for a financial dunderhead.


The personal tax year is the 5th of April, corporate tax year is whatever you deem it to be. I am not sure any correlation here
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GollyGTFC
April 8, 2021, 5:20pm

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Quoted from MarinerDevil
BBC reporting it's not true, or at least, it's not Colchester.

https://twitter.com/BBCEssexSport/status/1380182400974618628


What I would say about that is BBC Essex approached the club and they told the truth as it is today.

But the club owe £26m to Aspire Media Group (owned by Col U owner Robbie Cowling).

If Aspire goes bust then an administrator would be appointed and they would call in all debts and Col U would be faced with a demand for immediate repayment of £26m.

Presumably they would have no way of making that repayment and Col U would have to go into administration themselves to protect themselves from winding up orders and having their assets seized.

The same thing happened to Notts County when Alan Hardy’s business went into administration.
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Poojah
April 8, 2021, 5:22pm
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Quoted from MarinerDevil

Not a financial expert either but their chairman stated recently that they had paid their tax liabilities and PAYE for this year, rather than deferring them until next year like most other clubs (presumably including us) have.  So I don't expect this to be anything tax-related, at least at the club.  More likely that the group of businesses that Cowling owns has hit the rocks and adminstrators will look to liquidate part of the £26-30m held in Colchester, effectively putting the club into adminstration.  This could all just be horsewhack yet, is this ex-agent fella at all reliable?  I saw that someone posted the rumour in the #gtfc hashtag earlier in the morning so it might have legs.



That group is Aspire Media Group which owns a number of recruitment brands including Jobserve and a handful of less renowned web sites. As of their 2019-20 accounts they look perfectly solvent to me.

Granted, 2020 was a shocker of a year however given the bulk of their focus appears to be around IT / digital jobs I imagine they remain comfortable. This, along with the post from BBC Essex would indicate that the rumour is indeed untrue, or at least the club in question isn't Colchester. Personally, I think the former is most likely and we're unlikely to receive a lifeline.


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Hagrid
April 8, 2021, 5:38pm

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Colchester release statement saying the club will never go into administration
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Northbank Mariner
April 8, 2021, 5:40pm
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That's another straw that's slipped my grasp then!
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forza ivano
April 8, 2021, 5:42pm

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Quoted from Hagrid
Colchester release statement saying the club will never go into administration


the Fenty/Day masterplan for 20-21 (i.e. don't spend a bean, coz there's bound to be loads of teams that will go bust) suffers a fatal, final blow
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