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Posted by: marinerdazza, April 8, 2021, 10:22am
[tweet] https://twitter.com/1901mainstand/status/1380079627306217473?s=21[/tweet]


Anyone heard this rumour?
Posted by: immariner, April 8, 2021, 10:32am; Reply: 1
A 12 point deduction would not auto-relegate Colchester. Incoherent nonsense.
Posted by: marinerdazza, April 8, 2021, 10:34am; Reply: 2
It seems like straw clutching to me, but you do wonder how long Colchester can carry on for with that amount of debt.

Just wondered if there was any truth in the admin aspect, not the fact that someone has run away with it and deemed us close to safety.
Posted by: marinerdazza, April 8, 2021, 10:36am; Reply: 3
And Colchester owe £30 million...
Posted by: Northbank Mariner, April 8, 2021, 10:39am; Reply: 4
I don't think any team could be definitely relegated as yet with a 12 point reduction, although it's a known fact Colchester are in one hell of a financial hole right now, so the "going into administration" would come as little surprise to most...funny as f@ck if it turns out to be Scunny though..🤞🤞
Posted by: ginnywings, April 8, 2021, 10:42am; Reply: 5
If true, wouldn't it be next season that the points deduction would start? Only way it would help us is if they fold completely and we got a Stevenage type reprieve. A points deduction for Colchester would help struggling sides next season.

Typical Town, we pick the wrong season to finish in the bottom 2.  ::)

30 million though. How did that happen?
Posted by: marinerjase, April 8, 2021, 10:45am; Reply: 6
I’d have this one marked down in the ‘twaddle..clutching at straws’ file.

Maybe admin further down the line, but won’t affect us. And the bit about manager and players being informed...well..I stopped reading after that. Come on...

If/when we go down - it’ll be because we deserve too- for the rubbish preparation beforehand, and events during. Harsh but true.

Wishing/hoping others go belly up isn’t the way to go about it imho, we’ve had that before and some prat was lauded around a pitch ..

New start all round - if - we go down. No excuses.
Posted by: 140067 (Guest), April 8, 2021, 10:58am; Reply: 7
Southend and Oldham are close to going under.
Posted by: immariner, April 8, 2021, 11:09am; Reply: 8
Quoted from marinerdazza
It seems like straw clutching to me, but you do wonder how long Colchester can carry on for with that amount of debt.

Just wondered if there was any truth in the admin aspect, not the fact that someone has run away with it and deemed us close to safety.


Also the 'PH and squad informed' bit. Informed of what, the twitter rumour? There's plenty of L2 clubs, who, with 1 turn of the screw could end up in administration, hardly secretive stuff. Only about 6 of the 24 teams going into admin would have any effect on our season anyway, so odds areit wouldn't benefit us. Clutching at straws at best. Made up shite to get a reaction more than likely.
Posted by: Les Brechin, April 8, 2021, 11:10am; Reply: 9
Quoted from 140067
Southend and Oldham are close to going under.


If it's Southend then it won't make much difference for us will it.
Posted by: psgmariner, April 8, 2021, 11:16am; Reply: 10
https://www.cu-fc.com/news/2021/april/club-statement/

But Colchester seem so professional and well run?!
Posted by: marinerdazza, April 8, 2021, 11:18am; Reply: 11
Quoted from psgmariner
https://www.cu-fc.com/news/2021/april/club-statement/

But Colchester seem so professional and well run?!



Kin ell!
Posted by: Hagrid, April 8, 2021, 11:21am; Reply: 12
some agent bloke tweeted it too, but this is GTFC it doesnt happen to us. not gonna even let myself believe for the tiniest second
Posted by: Northbank Mariner, April 8, 2021, 11:23am; Reply: 13
https://twitter.com/ex_goodwin/status/1380099289930694656?s=19
Posted by: pizzzza, April 8, 2021, 11:27am; Reply: 14
Quoted from Northbank Mariner


With that much information why doesn't he just say it's Colchester?
Posted by: immariner, April 8, 2021, 11:27am; Reply: 15
You'd have thought Colchester could hold on for 7 games (that's if the penalty would take effect this season). Not sure what the strategic value would be for them right now, especially as the debt is owed to two companies within the same group of companies, neither of whom are in dire straits.
Posted by: marinerdazza, April 8, 2021, 11:29am; Reply: 16
Quoted from immariner
You'd have thought Colchester could hold on for 7 games (that's if the penalty would take effect this season). Not sure what the strategic value would be for them right now, especially as the debt is owed to two companies within the same group of companies, neither of whom are in dire straits.


You could argue that they’ve a better chance of staying up this season with the points deduction rather than next...
Posted by: Northbank Mariner, April 8, 2021, 11:32am; Reply: 17
Don't know how it sits within the EFL rules operating at an unsustainable level, whether that influences having to go into administration I'm not sure
Posted by: louth_in_the_south, April 8, 2021, 11:33am; Reply: 18
If a club goes into admin during the season isn’t if an automatic 12 point deduction?
Posted by: Poojah, April 8, 2021, 11:36am; Reply: 19
Quoted from ginnywings
If true, wouldn't it be next season that the points deduction would start? Only way it would help us is if they fold completely and we got a Stevenage type reprieve. A points deduction for Colchester would help struggling sides next season.


Not that I'm giving any particular credence to the rumour, but I believe any deduction would be applied in the season in which it would have most material impact. If a club was mid-table for example and a points deduction would have no effect on their league status, the deduction would apply next season. If however it would relegate them, it would apply this season - see Wigan in the Championship last season.

This is to deter clubs from reaching a point of safety, or conversely finding themselves in an irretrievable league position, and avoiding any meaningful punishment for entering administration.

Posted by: immariner, April 8, 2021, 11:37am; Reply: 20
Quoted from marinerdazza


You could argue that they’ve a better chance of staying up this season with the points deduction rather than next...


How? They'd be 7 points from safety and have won once in 24
Posted by: ska face, April 8, 2021, 11:40am; Reply: 21
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.
Posted by: louth_in_the_south, April 8, 2021, 11:45am; Reply: 22
I don’t call accumulating a debt of £30m unlucky. I call it reckless at our level of football
Posted by: DB, April 8, 2021, 11:53am; Reply: 23
Tweets are only one thing, rumors until there is proof. I would much prefer some sort of proof before getting our hopes up.
Posted by: Abdul19, April 8, 2021, 11:56am; Reply: 24
Quoted from immariner


Also the 'PH and squad informed' bit. Informed of what, the twitter rumour?


I've got an image of JF running across Cheapside excitedly pointing at his phone, his mind wandering onto thoughts of being carried aloft again.
Posted by: mimma, April 8, 2021, 12:07pm; Reply: 25
Quoted from ginnywings
If true, wouldn't it be next season that the points deduction would start? Only way it would help us is if they fold completely and we got a Stevenage type reprieve. A points deduction for Colchester would help struggling sides next season.

Typical Town, we pick the wrong season to finish in the bottom 2.  ::)

30 million though. How did that happen?


It happened because they didn'thave Fenty in charge LOL

Apart from Fenty's " benign" loans we don'thave any other debt. We have apparently even cleared our over draught.
Posted by: Marinerdeano, April 8, 2021, 12:07pm; Reply: 26
We know for sure that they have saddled lots of debt (10's of millions). Evidence of that can be found quite easily. So surely Tisdale must be working for them for free.
Posted by: diehardmariner, April 8, 2021, 12:31pm; Reply: 27
Quoted Text


What is the penalty for entering into administration?


For a club, entering into administration is no easy decision. It will most likely result in large scale player sales and will most definitely result in a points deduction. For an EFL team the deduction stands at up to 12 points. When this deduction is applied, however, depends on two factors:

When the insolvency occurs

Where the team finishes in the league


If the insolvency event occurs outside of the normal playing season the team will begin the next season on minus 12 points. If the event occurs before the fourth Thursday in March the deduction will apply immediately. Finally, if the event occurs after this time yet still within the normal playing season the deduction is applied when the final league standings are confirmed. If the team ends the season within the relegation zone the deduction is then applied the following season. This applied to Bolton Wanderers who started the 2019/20 League One season with minus 12 points, having finished in the Championship relegation zone the season before. If the team is not within the relegation zone the deduction is applied at the end of the season.[vii] This may still drag the team into the relegation zone and subsequently lead to their relegation.

https://lexsportiva.blog/2020/08/05/administration-the-football-league-and-the-effect-of-covid-19/


So, presuming it is Colchester, they'll need to finish 12 points above the relegation zone this season to avoid the points deduction kicking in.

The other presumption is that this isn't all balderdash.
Posted by: BobbyCummingsTackle, April 8, 2021, 12:50pm; Reply: 28
I'm not getting my hopes up but a 12 point deduction for Colchester would make the next 7 games look VERY different.

2 points behind Southend with a game in hand....
Posted by: Norseman, April 8, 2021, 12:55pm; Reply: 29
Even if it happened Southend have a much easier run in than town. One of the games being against Colchester. How motivated would they be if in effect they are already relegated
Posted by: LondonMariner43, April 8, 2021, 12:55pm; Reply: 30
Knowing Town we will still finish 23rd and go down
Posted by: promotion plaice, April 8, 2021, 12:57pm; Reply: 31

Word is getting around:

http://d3d4football.com/southend-and-grimsby-could-be-handed-relegation-lifeline-as-rumours-of-administration-hit-league-two-club/
Posted by: BobbyCummingsTackle, April 8, 2021, 1:02pm; Reply: 32
Quoted from promotion plaice


Interesting that they take the angle that the debt is due to Covid. My understanding is that Colchester's debt (if it is Colchester) was already significant before the pandemic.

Sadly, just because a rumour is gaining traction it doesn't mean it's going to turn out to be true.
Posted by: GrimRob, April 8, 2021, 1:07pm; Reply: 33
Problem is we need two clubs to suffer this fate!
Posted by: promotion plaice, April 8, 2021, 1:08pm; Reply: 34
Quoted from GrimRob
Problem is we need two clubs to suffer this fate!

Not if we finish above Southend.

Posted by: Poojah, April 8, 2021, 1:08pm; Reply: 35


Interesting that they take the angle that the debt is due to Covid. My understanding is that Colchester's debt (if it is Colchester) was already significant before the pandemic.

Sadly, just because a rumour is gaining traction it doesn't mean it's going to turn out to be true.


Indeed, this is in effect a regurgitation of what's already been spouted on Twitter. For me, the validity of a rumour isn't determined by how loud it is, but rather the sources from which it originates.

The 'ex-agent' Twitter handle posted earlier does tend to be one of the more reliable sources as far as social media goes, however equally it's not like this is coming from the BBC or a local media source. It's probably around a 4 or a 5 out of 10 on the trust scale.

All that said, whether it's bóllocks or not, if there's sufficient noise the question is surely going to be asked by local journalists in fairly short order. I suspect it will become much clearer over the next 24 hours as to whether there's anything in this or not.
Posted by: pen penfras, April 8, 2021, 1:08pm; Reply: 36


Interesting that they take the angle that the debt is due to Covid. My understanding is that Colchester's debt (if it is Colchester) was already significant before the pandemic.

Sadly, just because a rumour is gaining traction it doesn't mean it's going to turn out to be true.


It's nothing to do with covid, 2 seasons ago they lost something like £6 million. They've been mismanaged for quite a while now and had no success.

If they go into administration, it's surely too late to be resolved before next season and would mean they drop 3 divisions.
Posted by: GrimRob, April 8, 2021, 1:10pm; Reply: 37
Quoted from promotion plaice

Not if we finish above Southend.



I know, just pessimism I don't want to get my hopes up, Colchester could well overtake us as well. Fingers crossed though.
Posted by: DB, April 8, 2021, 1:50pm; Reply: 38
Quoted from mimma
[/b]

It happened because they didn'thave Fenty in charge LOL

Apart from Fenty's " benign" loans we don'thave any other debt. We have apparently even cleared our over draught.


We don't have any decent players
We don't have any decent training facilities
We don't have a new ground
We don't have any future with him
We don't have any hope with him

What we do have is passionate fans and supporters
Posted by: KingstonMariner, April 8, 2021, 1:54pm; Reply: 39
If it is true, I expect another round of ‘look where we’d be if it wasn’t gor Fenty’. Trouble is with that argument, the place I’d be looking is Accrington not Colchester.
Posted by: scrumble, April 8, 2021, 2:03pm; Reply: 40
I wouldn't want us to go into admin, but how nice would it be to have certain benign loans reduced to a penny on the pound
Posted by: DB, April 8, 2021, 2:05pm; Reply: 41
Quoted from scrumble
I wouldn't want us to go into admin, but how nice would it be to have certain benign loans reduced to a penny on the pound


Too generous, 1p per £100k. Anybody got 15p
Posted by: aldi_01, April 8, 2021, 2:06pm; Reply: 42
Quoted from KingstonMariner
If it is true, I expect another round of ‘look where we’d be if it wasn’t gor Fenty’. Trouble is with that argument, the place I’d be looking is Accrington not Colchester.


Fenty and his chums have spent years perfecting the art of looking back, looking to exist as being the most important thing. Look at the rhetoric used when discussing the salary cap.

Instead of wanting to progress and move forward we are desperate to claw everyone back to our negative and backwards ways. Zero investment and woe be tide any other club that wants to try and better themselves...
Posted by: DB, April 8, 2021, 2:08pm; Reply: 43
Quoted from promotion plaice


Does anybody know if and when this can become official? We could all do with some good news.
Posted by: BobbyCummingsTackle, April 8, 2021, 2:16pm; Reply: 44
Quoted from KingstonMariner
If it is true, I expect another round of ‘look where we’d be if it wasn’t gor Fenty’. Trouble is with that argument, the place I’d be looking is Accrington not Colchester.


That argument would be a bit thin, if it happened tomorrow (let's imagine) we would be second from bottom of the 4th division and still staring relegation in the face. If it wasn't for Fenty...
Posted by: BobbyCummingsTackle, April 8, 2021, 2:17pm; Reply: 45
Quoted from DB


Does anybody know if and when this can become official? We could all do with some good news.


It becomes official when said club appoints administrators.
Posted by: arryarryarry, April 8, 2021, 2:19pm; Reply: 46
Quoted from diehardmariner


So, presuming it is Colchester, they'll need to finish 12 points above the relegation zone this season to avoid the points deduction kicking in.

The other presumption is that this isn't all balderdash.


Isn't that what happened to Wigan Athletic when they entered admin.?

They didn't finish in a relegation place but within 12 points of one so that deduction was applied in the current season and they were subsequently relegated.
Posted by: Theimperialcoroner, April 8, 2021, 2:46pm; Reply: 47
TBF I’m clutching at any straws you want to throw at me. If the football gods are just having a laugh at our expense and we stay up because a team are £30m in debt then I’ll be streaking down the prom one night this summer (a warm night mind, there’s no need for further embarrassment if Mr Winky shrivels up to nowt in the bracing sea air)
Posted by: mimma, April 8, 2021, 2:47pm; Reply: 48
Quoted from DB


We don't have any decent players
We don't have any decent training facilities
We don't have a new ground
We don't have any future with him
We don't have any hope with him

What we do have is passionate fans and supporters


My comments were tounge in cheek mate, hence the LOL.

Chill out
Posted by: RichMariner, April 8, 2021, 3:04pm; Reply: 49
I wouldn't take any glee from staying up at the expense of another club, but I'll take those straws and clutch tightly because I just can't see us picking up the four wins we need to stand a chance of surviving.

I remain hopeful that we'll at least make a fist of it, and perhaps take it into the last day. I've said all along that if we can't get ourselves out the mire, we can at least try and make 23rd because you never know what might happen off the field.
Posted by: Mikey_345, April 8, 2021, 3:07pm; Reply: 50
Whilst it isn't nice to see, if confirmed i'd happily take the straw of a second chance.

Let's be honest though, £30 million in the fourth tier is a ridiculous amount of debt, no matter if it is primarily to their chairman - not as if they haven't had a fair crack at it.
Posted by: GollyGTFC, April 8, 2021, 3:12pm; Reply: 51
Quoted from Poojah


Not that I'm giving any particular credence to the rumour, but I believe any deduction would be applied in the season in which it would have most material impact. If a club was mid-table for example and a points deduction would have no effect on their league status, the deduction would apply next season. If however it would relegate them, it would apply this season - see Wigan in the Championship last season.

This is to deter clubs from reaching a point of safety, or conversely finding themselves in an irretrievable league position, and avoiding any meaningful punishment for entering administration.



After a certain date in April the points are only applied during the current season if it directly effects which division they will be in next season.

So the points deduction would need to mean the club would either miss out on promotion or be relegated as a result of the deduction.

The deduction would only be applied after all matches have been completed.

I doubt it’s true because the HMRC have stopped issuing winding up orders during the COVID crisis.
Posted by: forza ivano, April 8, 2021, 3:32pm; Reply: 52
Quoted from GollyGTFC


After a certain date in April the points are only applied during the current season if it directly effects which division they will be in next season.

So the points deduction would need to mean the club would either miss out on promotion or be relegated as a result of the deduction.

The deduction would only be applied after all matches have been completed.

I doubt it’s true because the HMRC have stopped issuing winding up orders during the COVID crisis.



But HMRC  don't necessarily have to be involved,as i know from bitter experience!
Posted by: MarinerDevil, April 8, 2021, 3:36pm; Reply: 53
Quoted from GollyGTFC
I doubt it’s true because the HMRC have stopped issuing winding up orders during the COVID crisis.

Cowling's business (the creditor) is in financial trouble and may be obligated to call in assets, such as the loan in the club.  As per the rumour, of course.

Posted by: BobbyCummingsTackle, April 8, 2021, 4:12pm; Reply: 54
Quoted from GollyGTFC


After a certain date in April the points are only applied during the current season if it directly effects which division they will be in next season.

So the points deduction would need to mean the club would either miss out on promotion or be relegated as a result of the deduction.

The deduction would only be applied after all matches have been completed.

I doubt it’s true because the HMRC have stopped issuing winding up orders during the COVID crisis.


You don't have to have a winding up order against you to go into administration. Administration is (very simplistically) a way of holding your hands up and admitting "this business is f*cked". A winding up order is HMRC telling you you're f*cked!

The 2 are regularly intertwined because struggling businesses often hold on to tax payments to keep the business going and eventually HMRC step in to demand the tax the business owes. At that point HMRC often issue a winding up order and appoint administrators.

HMRC appointed administrators are basically told (by HMRC) extract the money we are owed from the business and the rest can be flogged off for whatever you can get and we don't give a sh*t what that looks like. If the business goes to the wall, so be it.
Posted by: BobbyCummingsTackle, April 8, 2021, 4:19pm; Reply: 55
Quoted from RichMariner
I wouldn't take any glee from staying up at the expense of another club, but I'll take those straws and clutch tightly because I just can't see us picking up the four wins we need to stand a chance of surviving.

I remain hopeful that we'll at least make a fist of it, and perhaps take it into the last day. I've said all along that if we can't get ourselves out the mire, we can at least try and make 23rd because you never know what might happen off the field.


And let's not forget, if it did happen it would be the second time under the Principle Funder that we have avoided relegation from the EFL because of another club having points deducted.
Posted by: ginnywings, April 8, 2021, 4:22pm; Reply: 56
Is the timing anything to do with the new financial year starting over Easter?

Asking for a financial dunderhead.
Posted by: aldi_01, April 8, 2021, 4:22pm; Reply: 57


And let's not forget, if it did happen it would be the second time under the Principle Funder that we have avoided relegation from the EFL because of another club having points deducted.


What wonderful ambition from our beloved...pray on others to fail rather than prepare to succeed...
Posted by: BobbyCummingsTackle, April 8, 2021, 4:24pm; Reply: 58
Quoted from aldi_01


What wonderful ambition from our beloved...pray on others to fail rather than prepare to succeed...


I think you are massively overstating the Principle Funder's planning ability. More luck than judgement.
Posted by: MarinerDevil, April 8, 2021, 4:27pm; Reply: 59
Quoted from ginnywings
Is the timing anything to do with the new financial year starting over Easter?

Asking for a financial dunderhead.

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.

Posted by: BobbyCummingsTackle, April 8, 2021, 4:28pm; Reply: 60
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.
Posted by: GollyGTFC, April 8, 2021, 4:35pm; Reply: 61
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.
Posted by: Rodley Mariner, April 8, 2021, 4:53pm; Reply: 62
This is Fenty-Partridge hybrid gold, particularly point 2.

https://www.cu-fc.com/news/2021/april/club-statement/
Posted by: MarinerDevil, April 8, 2021, 4:57pm; Reply: 63
BBC reporting it's not true, or at least, it's not Colchester.

https://twitter.com/BBCEssexSport/status/1380182400974618628
Posted by: Zmariner, April 8, 2021, 5:14pm; Reply: 64
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
Posted by: GollyGTFC, April 8, 2021, 5:20pm; Reply: 65
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.
Posted by: Poojah, April 8, 2021, 5:22pm; Reply: 66
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.
Posted by: Hagrid, April 8, 2021, 5:38pm; Reply: 67
Colchester release statement saying the club will never go into administration
Posted by: Northbank Mariner, April 8, 2021, 5:40pm; Reply: 68
That's another straw that's slipped my grasp then!
Posted by: forza ivano, April 8, 2021, 5:42pm; Reply: 69
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
Posted by: MNH1972, April 8, 2021, 5:59pm; Reply: 70
And there’s me thinking John and Phil were true supporters of the club
Posted by: GollyGTFC, April 8, 2021, 6:04pm; Reply: 71
Quoted from Hagrid
Colchester release statement saying the club will never go into administration


But he’s admitted selling off assets to ensure his businesses have funds if required. And we know Col U’s budget was cut back to the bone this season.

I don’t think Col U will be funded to anywhere near the same level going forward.
Posted by: MarinerDevil, April 8, 2021, 6:08pm; Reply: 72
Quoted from Poojah
Personally, I think the former is most likely and we're unlikely to receive a lifeline.

I guess you're right.  Must learn to never get sucked in by a Twitter ITK again. :(
Posted by: forza ivano, April 8, 2021, 6:10pm; Reply: 73
could it be  Oldham (on 48 points ,before you ask!) , they've been in financial trouble for years haven't they?
Posted by: Theimperialcoroner, April 8, 2021, 6:20pm; Reply: 74
All the lasses in Meggies will be gutted they’ll not be seeing me starkers down the prom.
Posted by: Knut Anders Fosters Voles, April 8, 2021, 6:20pm; Reply: 75
Quoted from forza ivano
could it be  Oldham (on 48 points ,before you ask!) , they've been in financial trouble for years haven't they?


I might be making this up but when I was on the forum yesterday (?) I thought Mr Noche started a thread saying that several of Oldham’s sponsors had pulled their support.

The thread disappeared so I don’t know if Mr Noche had self-censored!
Posted by: Dan, April 8, 2021, 6:23pm; Reply: 76
Maybe it’s us. We’re going down anyway, Fenty loses all his money, Stockwood purchases the club for what it’s actually worth from the administrators. Everyone’s a winner.
Posted by: DB, April 8, 2021, 6:35pm; Reply: 77


I might be making this up but when I was on the forum yesterday (?) I thought Mr Noche started a thread saying that several of Oldham’s sponsors had pulled their support.

The thread disappeared so I don’t know if Mr Noche had self-censored!


Some of the main sponsors have pulled out, as per Oldham news 31st March saying they don't want to be involved regarding a sensitive matter. One director also resigned.

https://www.oldham-chronicle.co.uk/news-features/139/main-news/140150/principal-sponsor-and-others-end-deals-with-oldham-athletic

The article also referred to a £60k per year sponsorship being curtailed, so in the plan of club finance, it's not massive, so the club going into admin. for £30 million maybe another one!
Posted by: Northbank Mariner, April 8, 2021, 6:52pm; Reply: 78
Quoted from DB


Some of the main sponsors have pulled out, as per Oldham news 31st March saying they don't want to be involved regarding a sensitive matter. One director also resigned.

https://www.oldham-chronicle.co.uk/news-features/139/main-news/140150/principal-sponsor-and-others-end-deals-with-oldham-athletic

The article also referred to a £60k per year sponsorship being curtailed, so in the plan of club finance, it's not massive, so the club going into admin. for £30 million maybe another one!


Be interesting to see what Youngs do with their sponsorship of GTFC after this year's debacle with May....
Posted by: KingstonMariner, April 8, 2021, 7:59pm; Reply: 79
Quoted from Dan
Maybe it’s us. We’re going down anyway, Fenty loses all his money, Stockwood purchases the club for what it’s actually worth from the administrators. Everyone’s a winner.


Problem with that is, the points deduction will be deducted from next season if we’re going down anyway.
Posted by: louth_in_the_south, April 8, 2021, 8:03pm; Reply: 80
I’d actually like this scenario
Posted by: KingstonMariner, April 8, 2021, 8:10pm; Reply: 81
On the basis that we’re not guaranteed to go straight back up anyway, I suppose a 12 point deduction won’t be disastrous. But Fenty is unlikely to pull the plug because he’s the one who will lose out.
Posted by: immariner, April 8, 2021, 8:47pm; Reply: 82
Quoted from MarinerDevil

Cowling's business (the creditor) is in financial trouble and may be obligated to call in assets, such as the loan in the club.  As per the rumour, of course.



Is that true of companies whose debtors are part of the same group of companies? That's like me being made bankrupt and my savings account calling in the £40 I took out of it last month and put in my current account (poor analogy I know haha).
Posted by: Azimuth, April 8, 2021, 8:55pm; Reply: 83
Quoted from Northbank Mariner


Be interesting to see what Youngs do with their sponsorship of GTFC after this year's debacle with May....


Pretty sure I read somewhere Youngs themselves are being taken over.
Posted by: KingstonMariner, April 8, 2021, 9:02pm; Reply: 84
Quoted from immariner


Is that true of companies whose debtors are part of the same group of companies? That's like me being made bankrupt and my savings account calling in the £40 I took out of it last month and put in my current account (poor analogy I know haha).


ColU might have the same owner as the other companies but might not be part of the same group, strange as it might sound. Aside from that, companies have a ‘legal existence’ of their own, and the directors or administrators have an obligation to look after the interests of the company that they are appointed to run, including doing whatever they can to pay off creditors. Legally it’s different from individuals having multiple different bank accounts because those accounts don’t have separate legal existences.
Posted by: promotion plaice, April 8, 2021, 9:07pm; Reply: 85


I might be making this up but when I was on the forum yesterday (?) I thought Mr Noche started a thread saying that several of Oldham’s sponsors had pulled their support.

The thread disappeared so I don’t know if Mr Noche had self-censored!

Yeah I also saw it, pretty sure Noche deleted it himself.



Posted by: immariner, April 8, 2021, 9:40pm; Reply: 86
Quoted from KingstonMariner


ColU might have the same owner as the other companies but might not be part of the same group, strange as it might sound. Aside from that, companies have a ‘legal existence’ of their own, and the directors or administrators have an obligation to look after the interests of the company that they are appointed to run, including doing whatever they can to pay off creditors. Legally it’s different from individuals having multiple different bank accounts because those accounts don’t have separate legal existences.


I read somewhere they are part of the same group of companies that include Aspire and Jobserve (not sure if there's any more). They'd just find a way of transferring the debt to another company within the group (hence the excrement analogy), so that CU owe another company and not the one going in to admin.

Posted by: Fillipe Noche, April 8, 2021, 9:54pm; Reply: 87
I posted this yesterday but then quickly deleted it.

It’s Oldham Athletic who are in big trouble. Trouble that has caused sponsors to withdraw support and insist their name is removed from their kit
Posted by: Fillipe Noche, April 8, 2021, 9:58pm; Reply: 88
Quoted from promotion plaice

Yeah I also saw it, pretty sure Noche deleted it himself.





You are absolutely correct.

I deleted it as I didn’t realise at the time that there was sensitive situation still to be resolved.

Yes it’s Oldham matey
Posted by: louth_in_the_south, April 8, 2021, 10:06pm; Reply: 89
Still hope then . This would leave them on 36 with Southend , us a game in hand but with our GD basically 3 points ahead .
Posted by: bawarmy, April 8, 2021, 10:09pm; Reply: 90
That would still put Oldham 2 points in front of us. Have they thought that they can get that reduction and still stay up as there’s a good chance they would.
Posted by: louth_in_the_south, April 8, 2021, 10:12pm; Reply: 91
I’ll take them being thrown into the mix . Makes our chance of survival a whole lot better than it was a few hours ago !!
Posted by: Poojah, April 8, 2021, 10:12pm; Reply: 92
Quoted from bawarmy
That would still put Oldham 2 points in front of us. Have they thought that they can get that reduction and still stay up as there’s a good chance they would.


As per already posted, the deduction would be calculated at the end of the season. If they were to stay up with the points deducted, it would apply next season instead.
Posted by: louth_in_the_south, April 8, 2021, 10:15pm; Reply: 93
Makes 24th April a big game ....
Posted by: Fillipe Noche, April 8, 2021, 10:16pm; Reply: 94
Don’t get too excited. The process of forcing an administration situation can be lengthy and drawn out.

Didn’t want to get your hopes up too much at a very sensitive and emotional time of the season
Posted by: arryarryarry, April 8, 2021, 11:49pm; Reply: 95
https://www.cu-fc.com/news/2021/april/amended-club-statement
Posted by: Meza, April 9, 2021, 1:22am; Reply: 96
Wigan got docked points in the same season (what relegated them) after the season finished i believe.
Posted by: arryarryarry, April 9, 2021, 3:43am; Reply: 97
Quoted from Meza
Wigan got docked points in the same season (what relegated them) after the season finished i believe.


As has been mentioned, if a club goes into administration and that club is within 12 points of a relegation spot the penalty will be applied so the club gets relegated.

If they are well clear of a relegation place the points deduction will be in place at the start of the following season.
Posted by: Jarmo.Is.God, April 9, 2021, 8:20am; Reply: 98
I would say the most important thing for this club atm, isn't staying in the league
It's getting new owners IMO

I would rather start in non-league with these 2 guys, than league 2 with Fenty 100%
Posted by: marinerdazza, April 9, 2021, 8:53am; Reply: 99
Quoted from Jarmo.Is.God
I would say the most important thing for this club atm, isn't staying in the league
It's getting new owners IMO

I would rather start in non-league with these 2 guys, than league 2 with Fenty 100%


100%.
Posted by: aldi_01, April 9, 2021, 8:59am; Reply: 100
So so ambitious. I mean let’s face it, we only stayed up a year longer last time because teams lost points...how embarrassing that we’re clutching those straws once again.

I’ve already come to terms with being non league. It’s been apparent that it’s been highly likely since before the season started really. We were horrifically underprepared and sat back and pretended we were alright...you reap what you sow...

We deserve to go down in fairness. Personally, offing Fenty would soften the blow somewhat...
Posted by: forza ivano, April 9, 2021, 5:04pm; Reply: 101
if it is Oldham, then it makes their game tonight v Col U even more interesting/relevant.
Are we now hoping for a draw rather than an Oldham win?
Posted by: BobbyCummingsTackle, April 9, 2021, 5:28pm; Reply: 102
Quoted from forza ivano
if it is Oldham, then it makes their game tonight v Col U even more interesting/relevant.
Are we now hoping for a draw rather than an Oldham win?


No on 2 counts:

1. It would make us like Hollowords and the Principle Funder - gambling on 'what might be'
2. If Oldham win then get docked 12 points it's another club sucked into the mire, they might panic and that's good for us.

But right now if Colchester lose and we win tomorrow we can all be a bit more optimistic on Saturday evening.

UTM

Posted by: Posh Harry, April 9, 2021, 6:29pm; Reply: 103
Quoted from Jarmo.Is.God
I would say the most important thing for this club atm, isn't staying in the league
It's getting new owners IMO

I would rather start in non-league with these 2 guys, than league 2 with Fenty 100%


Completely agree.

We don’t know how a new regime will do things, but what we do know is that this club will never move forward with John Fenty at the helm.
Posted by: KingstonMariner, April 9, 2021, 6:40pm; Reply: 104
If you gave me the choice right now, relegation with Fenty removed or staying in the League with him still here, and I’d pick the former.

Relegation is just a matter of time with him at the helm. At least change will give us the chance to break the cycle and move forwards.
Posted by: Limerick Mariner, April 9, 2021, 7:19pm; Reply: 105
Quoted from KingstonMariner
If you gave me the choice right now, relegation with Fenty removed or staying in the League with him still here, and I’d pick the former.

Relegation is just a matter of time with him at the helm. At least change will give us the chance to break the cycle and move forwards.


Yep, that's my view.

In the All time League table [url]http://alltimeleaguetable.co.uk/[/url], of the current football league clubs we are the furthest below our all-time ranking. Oldham are close and Bury, above us in the all-time. don't exist. Stockport and Wrexham are similar in number of hierarchy places below their all-time ranking. We've averaged 40 plus places below our all-time ranking for over the past 12 years. The stats don't lie...

Posted by: RichMariner, April 9, 2021, 10:26pm; Reply: 106
Beyond the immediate elation of surviving relegation, I don't see what there is to look forward to if we stay in the FL and Fenty remains at the club. It'll just be more of the same.

Of course I want the club to be in the highest possible league, but if I had to accept relegation in order for Fenty to clear off then I would. As many others have said, our future is brighter, albeit a league lower, if Fenty is gone and Stockwood et al take over.

It feels like we can't look up while Fenty's here. We can never aspire to be higher than mid-table in division four, because that's the best we've achieved under Fenty (bar that Slade season, which looks more and more of an anomaly with every passing season).

Staying up AND the consortium taking over is the dream, really. It's possible — a win at Bradford will really help!
Posted by: Jarmo.Is.God, April 10, 2021, 9:52am; Reply: 107
Quoted from Jarmo.Is.God
I would say the most important thing for this club atm, isn't staying in the league
It's getting new owners IMO

I would rather start in non-league with these 2 guys, than league 2 with Fenty 100%


And just like that, I'm extremely optimistic about our club again!

Now Hurst can plan ahead, and hopefully be the leader for years to come, and help make this club, what we all hope it can be!

UTFM
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