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League Two Administration

Discussion in 'General Football' started by Thelittlegerman, Apr 8, 2021.

  1. Thelittlegerman

    Thelittlegerman Fringe Player

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  2. Edin Nowhere

    Edin Nowhere Impact Sub
    P.L.22/23 Entrant

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    I'm not sure but if we left Edin to it he wouldn't have fallen far short.
     
  3. Kevin1954

    Kevin1954 Squad Player
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  4. Storck

    Storck Regular Starter

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    But a majority of it isn’t due in next 12 months and is to their owner. Would be strange for the owners to go for administration so must be a small debt which I would think the owners would cover.
     
  5. Storck

    Storck Regular Starter

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    They only lost £1.8m last year so £30m would be 16 years at that level of loss unless they spent big on the ground or something?
     
  6. Dennis

    Dennis Captain
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    Colchester invested significant sums in the 3 or 4 years prior to Covid on their training and development facilities when they applied for the their academy to be Cat 2. Their league postion suggests thay aren't yet reaping the rewards of that investment!

    Nearly all of the club's debt (which is around £26m) is with their holding company and most of that specifically with the Cowling family who are long term supporters of the club. Rob Cowling is currently Colchester's chairman. I'm struggling to understand why the owners would want to place the club in Administration when the club's debts are all held by the owners. It doesn't make any sense to me.
     
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  7. Storck

    Storck Regular Starter

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  8. Kevin1954

    Kevin1954 Squad Player
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    Ive been a number of times as I didn’t live all that far away. I’ve posted this multiple times I know but the ground is literally in the middle of nowhere and a trek from the Town centre.( 45 min walk to the station!) Built I suppose because of its proximity to the A12. It’s surrounded by car dealers and tin shed industrial units, and no doubts housing estates , if not now but in the future.
    It is now called the Job serve stadium, but it was originally called the Weston Homes stadium.( Major house builders and developers in Essex.


    Alongside a loan secured by Colchester Borough Council other funding that helped to bring the project to life was received from the East of England Development Agency, the Department of Communities and Local Government and the Football Foundation's Football Stadia Improvement Fund.

    Colchester Community Stadium is owned by the Council, the total construction cost was £15.4m of which Colchester Borough Council contributed £10m As it’s a Borough asset I suggest they would want a return on their investment so rent won’t be cheap. (See below for rental information)

    Sadly it’s downfall imho is that it is so far from the community it is supposed to serve!

    A piece written by local press 4 years ago

    JobServe has signed a 10-year deal with the club, through which the Colchester Community Stadium will become known as the JobServe Community Stadium. Building firm Weston Homes was the previous sponsor of the 10,000-seat stadium.

    JobServe was founded by club chairman Robbie Cowling and John Witney in 1994.

    Cowling said: “JobServe have been involved in sponsoring Colchester United for even longer than I have been the owner of the club, but we recognise that the stadium is much more than just a venue for football matches and we want to be involved in all aspects of what the stadium can offer.

    “The new sponsorship deal is a great new deal for Colchester United, especially now the club’s rent payments have changed to being a percentage of the gate receipts.

    “JobServe have agreed to pay sponsorship that will be equal to the club’s new rent meaning that the club can effectively enjoy their wonderful stadium rent free.


    RENT FREE FOR THE LAST 4 YEARS.

    What are they doing?
     
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  9. SimonW

    SimonW Administrator
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    It's almost certainly not Colchester, they were one of the few league 2 clubs that choose not to defer various tax payments which a club in trouble wouldn't have done as they would have used that money to deal with today's issue and dealt with the later issue when they had to
     
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  10. Storck

    Storck Regular Starter

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    Only way it could be Colchester is if it is a minor debt that has been overlooked and the debtor has gone to court but it will get cleared before it gets to the court hearing
     
  11. Kevin1954

    Kevin1954 Squad Player
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    They invested in their academy structure years ago. It seems to do them little good? Hence debt irrespective of its to?



    Contents


    HistoryEdit


    Under Colchester United chairman Robbie Cowling's stewardship, the club put forward a planning application for a nine-hectare site for a new training ground based in the nearby village of Tiptree in 2009. Planning permission was granted in 2010 for the centre which cost £3.5 million. It was built to house a new academy and provide training facilities for all teams within the club.[1]

    Under the new Elite Player Performance Plan development scheme, Colchester United were first granted Category Two status for their academy in July 2012. The new system allowed greater contact time between the young players within the academy and the club's coaching staff.[2] However, in August 2013, the club fell short of the required standard set by the EPPP by three percent,[3] but the club secured Category Two status once more in June 2014 after operating with an increased academy budget during the 2013–14 season.[4] During the 2013–14 season, the Colchester United under-18 side secured a league and cup double by winning the Football League Youth Alliance South East division and the national Youth Alliance Cup.[5][6]
     
  12. Kevin1954

    Kevin1954 Squad Player
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  13. Kevin1954

    Kevin1954 Squad Player
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    Jobserve can’t have done much recruiting over the last year?
     

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