Torquay United forced to call in the administrators
One of the oldest football clubs in the South West has formally gone into administration.
Torquay United, which was formed in 1899, has been taken over by the administrators after months of financial uncertaiunty.
Owner Clarke Osborne announced his intention to place the club into administration in February and the club had 10 points deducted last month.
The league has said there will be no extra penalties.
The club will continue to play its matches until new owners can be found.
Clarke Osborne said he could no longer afford to back the club and was intending to call in the administrators.
Company accounts have revealed Osborne lent the firm more than £4m with the final figure expected to be even higher.
A bid backed by the Torquay United Supporters Trust has been lodged for the club, which made a loss for more than £1.1m in the year to 30 June 2023.
Begbies Traynor will be handling the administration process and all creditors can direct queries to the club.
Directors George Edwards and Mel Hayman will run the club on a voluntary basis during the interim period.
“The administrators said the appointment signifies a positive step towards transfer of ownership,” Torquay United said in a statement on their website.
“A further announcement is anticipated within the next two weeks when the administrators hope to confirm that the club’s future has been secured.”
All money raised by the club through ticket sales, food and drink and merchandise during the current period will be used to keep the club afloat.
“At the moment, it will very much be business as usual on and off the pitch here at Plainmoor, with Aaron Downes’ side looking forward to the remaining five fixtures in order to retain their National League South status,” Torquay added.
“The club continues to rely on all income generated to continue functioning during this interim period, through usual club business and fundraising, and also via the generous donations it continues to receive from supporters.”
