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Col U may be slipping into administration

Col U are reported to be £30M in debt with the risk of slipping into administration and possible points deduction.
Sad to see even if they are our old enemy.

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Comments

  • £30 million!! How on earth has that happened

  • That is insane. No-one would wish this on them, and I am only wondering how many clubs are teetering.

  • I think most of the EFL is teetering...

  • True. We may be only club set to come out of Covid in a better state financially than when we went into it.

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  • covid has placed clubs already not performing well financially into even greater jeopardy. Perhaps the biggest surprise here is that more clubs (apart from Dover) have not gone over the edge in these times.

    I don't know the details of Colchester's case but again "debt" figures can be scary but misleading. Debt doesn't force companies out of business, lack of cash does. An organisation with £30m in debt but the debt holder not asking for it back can continue trading, an organisation with no debt but no cash to pay the contracted salaries at the end of the month or the utility bill can be forced into administration immediately.

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  • 30 million! Crikey I’ve had my run ins with the Essex apes but I wouldn’t wish administration on anyone.
    Anyhow it was kind of fun having them as the bad guys our rivalries have been a little tame recently.

  • Am I right in thinking Col U don't own their ground?

  • Bitter sweet for relegation threatened Sarfend (Col U's other hated rivals I understand) ironically a financial basket case themselves but ColU point deduction might save them from non-league!

  • @MindlessDrugHoover said:
    Am I right in thinking Col U don't own their ground?

    Looks like it. I also didn’t know that they had sold Layer Road to the council to clear debts in the early 1990s so they haven’t owned their ground for a while

  • How in god’s name could they get 30 million in debt? Clearly no love for the Essex Apes but we certainly don’t want them disappearing.

  • If a multi millionaire owner keeps writing cheques out, its quite easy to get £30m in debt. Imagine if Sheik Mansour called in all his loans at Man City.

  • Statement on Col Us site

    I’m making this statement in response to rumours that Colchester United are about to go into administration.

    I can assure everyone that Colchester United will never go into administration whilst I am its owner and I intend to remain as the owner for the foreseeable future .

    I wonder why any club would bother responding to unsubstantiated Twitter rumours

  • Even if the debt isn’t about to be called in, £30M is a frightening number.

    Let’s hope they go down the old fashioned way.

  • Wonder what that Colchester fan who came on the Gasroom goading us the week before Torquay about little Wycombe dropping out the football league is thinking now.

  • Consoling himself together with @redandwhiteforever I imagine.

  • @MorrisItal_ said:
    30 million! Crikey I’ve had my run ins with the Essex apes but I wouldn’t wish administration on anyone.
    Anyhow it was kind of fun having them as the bad guys our rivalries have been a little tame recently.

    I can think of one franchised football business that I’d happily see go out of business

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  • A Col U supporting colleague is equally sanguine about it. Apparently it's all some tax 'efficiency' by the owner who has loads of businesses he moves money about between. Dodgy, but he does not believe there is any clear and present danger...except being relegated!

  • Phil permatan Brown back in at Saafend.

  • @StrongestTeam said:
    Phil permatan Brown back in at Saafend.

    I would have put money on it being them rather than ColU that owed £30 mill

  • @Guppys_Left_Leg said:

    @StrongestTeam said:
    Phil permatan Brown back in at Saafend.

    I would have put money on it being them rather than ColU that owed £30 mill

    If they don't already they will soon, still don't see how they can build a new stadium while seemingly not having a pot to p in

  • @Guppys_Left_Leg said:

    @StrongestTeam said:
    Phil permatan Brown back in at Saafend.

    I would have put money on it being them rather than ColU that owed £30 mill

    I know a couple who expect the club to die most seasons...

  • @StrongestTeam said:

    If they don't already they will soon, still don't see how they can build a new stadium while seemingly not having a pot to p in

    They just ignore the tax man half the time. Phil Brown must be desperate to go back there

  • Col U lost 5-2 tonight. Don't want them to go bust but would chuckle if they ended up back in the Conference on footballing merit. Maybe they could reinstate Roy McDonut to get them back up.

  • They will probably barely stay up, owing to Southend and Grimsby being so poor. Might be quite the end to the season, though.

    'Essex: The Only Way Is Up'

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  • ColU now only four points above Southend. They play each other on the 20th, there’s a chance I’ll be iFollowing that one.

  • Grimsby with a game in hand too..Essex could be joining the 'counties with no League team' club.

  • I hope not. Football is made by your competitors.

  • I would dearly love Col U to get relegated personally

  • As much as I'd love to see Col U go down, I do not want to see any club (except one not too far from us) ever go out of business.
    I'm amazed how many have survived this long given the pandemic. Last April / May several journalists were reporting up to 15 clubs could go bust. I suspect the loans this season may have papered over the cracks, maybe we will see the problems over the summer and into next season.

  • It’s not just in football, there were a remarkably low number of companies in general that became insolvent in 2020 - much lower than you would expect even in a ‘normal’ year.

    The crunch time will come when the government stops providing as much financial support.

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