Crisis club lost more than £1.1m last year
Crisis threatened football club Torquay United lost more than £1.1m after they were relegated from the National League last year.
Figures lodged with Companies House show the club lost £1,163,124 in the year to 30 June 2023.
Meanwhile Clarke Osborne, the owner of the club, saw his loans to the club increase by just under £1m to £5.28m
Earlier this year Osborne said he was intending to appoint administrators as he could no longer afford to keep the club afloat.
The club was docked 10 points last month following the announcement and the full-time team is now just four points above the relegation zone.
Last week the Torquay United Supports Trust (TUST) announced they had joined a bid with a group of local business people with the hope of buying the club.
Michael Westcott who is leading the investor group trying to take control of the club.
The group also includes fellow fans Mark Bowes-Cavanagh, Simon Robinson, Andrew Beaulieu and Tom Allen.
“At the time of approval of these financial statements, the directors are aware that this financial support will not continue into the 2024/25 football season,” Osborne wrote in a statement accompanying the accounts.
“The club has announced the intention to appoint Administrators, however, all possible options are being explored in order to secure the company’s future and the directors consider there is a very real prospect that a viable solution may be found to allow the company to continue as a going concern.”
