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Rumours are just rumours 13:59 - Apr 8 with 2472 viewsthrillseeker

https://fanbanter.co.uk/league-two-club-allegedly-put-into-administration-with-p

Big rumours on Twitter and above link that we are going into Administration

Personally I think this is complete rubbish.

If there are any clubs in this situation my guess would be Oldham or Mansfield.

I would not wish Administration on any club
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Rumours are just rumours on 15:07 - Apr 8 with 1821 viewsburnsieespana

Where the hell does this sort of crap come from or are we the ones who have been taken in?
Hope somebody refutes it pretty damn quick, however it would not be a surprise if at least one club in the EFL does go into administration.
If you work through the maths suppose the total debt at £2m a year would come out at £30m when RC took over! I saw recently he is alleged to be worth £40m which might seem a lot to us but in the scheme of things is chicken feed in the daft world of football
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Rumours are just rumours on 16:27 - Apr 8 with 1725 viewsRSCOSWORTH

I saw that balance sheet a week or so ago. Didn't think anything of it, we all know that the club runs at a loss and has done for quite some time now. My assumption is that figure is what Robbie has put into the football club out of his own pocket. That is of course if this document isn't completely bogus.

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Rumours are just rumours on 16:32 - Apr 8 with 1714 viewspwrightsknees

Rumours are just rumours on 15:07 - Apr 8 by burnsieespana

Where the hell does this sort of crap come from or are we the ones who have been taken in?
Hope somebody refutes it pretty damn quick, however it would not be a surprise if at least one club in the EFL does go into administration.
If you work through the maths suppose the total debt at £2m a year would come out at £30m when RC took over! I saw recently he is alleged to be worth £40m which might seem a lot to us but in the scheme of things is chicken feed in the daft world of football


If you want to make a small fortune out of owning a football club, you must start out with a large fortune.
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Rumours are just rumours on 16:41 - Apr 8 with 1703 viewsLeadbelly

Rumours are just rumours on 16:32 - Apr 8 by pwrightsknees

If you want to make a small fortune out of owning a football club, you must start out with a large fortune.


If the club has paid all its bills, as the chairman has said, then I don’t know who would be trying to put it into administration. Either another club involved or the story is boIIocks.

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Rumours are just rumours on 16:51 - Apr 8 with 1692 viewsTheOldOakTree

Rumours are just rumours on 16:41 - Apr 8 by Leadbelly

If the club has paid all its bills, as the chairman has said, then I don’t know who would be trying to put it into administration. Either another club involved or the story is boIIocks.


If Aspire Media Group want their money back, allegedly £26M, then I guess they can put it into administration.
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Rumours are just rumours on 17:05 - Apr 8 with 1666 viewsLeadbelly

Rumours are just rumours on 16:51 - Apr 8 by TheOldOakTree

If Aspire Media Group want their money back, allegedly £26M, then I guess they can put it into administration.


It’s possible I suppose but I can’t see one RC company doing that to another. At least I hope not.

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Rumours are just rumours on 17:09 - Apr 8 with 1662 viewsFruitbat

Isn't the club a component part of Aspire Group? Not sure putting in into administration on its own achieves anything other than removing it from the group's control. I think the only way that happens is if the whole group is going down the pan.

Also, not sure I'm using fanbanter as a reliable news source.
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Rumours are just rumours on 17:46 - Apr 8 with 1622 viewsmfb_cufc

Statement from Robbie Cowling

https://www.cu-fc.com/news/2021/april/club-statement2/

mfb

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Rumours are just rumours on 17:50 - Apr 8 with 1610 viewsdurham_exile

Rumours are just rumours on 17:46 - Apr 8 by mfb_cufc

Statement from Robbie Cowling

https://www.cu-fc.com/news/2021/april/club-statement2/


I hope that we can all enjoy the result against Oldham.

One thing appears to be moving ever closer and that is a change in Ownership at Colchester United football club.

It seems that RC will be gone in weeks rather than months.

This instability is hardly helpful for any aspect of our club.

Up the U's

Durham_exile

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Rumours are just rumours on 18:08 - Apr 8 with 1588 viewsburnsieespana

Why do you come to that pouint of view Durham as that is certainly not what I read into RC's statement
Certainly more than one EFL club will be in trouble over the next new months of be that I am sure.
Although the football club might have a debt of close to £30m I am sure the group as a entity will have received tax breaks because of the debt
It does however, put into perspective the reason why economies have been made this last 12 months.
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Rumours are just rumours on 18:12 - Apr 8 with 1581 viewsRSCOSWORTH

Rumours are just rumours on 17:50 - Apr 8 by durham_exile

I hope that we can all enjoy the result against Oldham.

One thing appears to be moving ever closer and that is a change in Ownership at Colchester United football club.

It seems that RC will be gone in weeks rather than months.

This instability is hardly helpful for any aspect of our club.

Up the U's


What makes you think that Durham?

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Rumours are just rumours on 18:26 - Apr 8 with 1562 viewsgerry_us

Sorry to disagree but without Robbie Cowling we would not have survived this long. Much as I understand others will have a different view RC has never been slow in answering rumours, stories and downright false statements.
I repeat then, I have great confidence in Robbie Cowling and yes, he may be getting really pi**ed off with all that's going on now and in the past year but we would be a much poorer club without him and maybe not exist at all. Never bite the hand that feeds you; he is U's through and through and will not let us down in the foreseeable future.
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Rumours are just rumours on 18:26 - Apr 8 with 1562 viewswessex_exile

Rumours are just rumours on 18:12 - Apr 8 by RSCOSWORTH

What makes you think that Durham?


Indeed - can't see how that interpretation can be drawn whatsoever?

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Rumours are just rumours on 18:34 - Apr 8 with 1556 viewsthrillseeker

Rumours are just rumours on 18:26 - Apr 8 by wessex_exile

Indeed - can't see how that interpretation can be drawn whatsoever?


Same here - not sure how DE came to that conclusion from that statement
[Post edited 8 Apr 2021 18:34]
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Rumours are just rumours on 18:34 - Apr 8 with 1554 viewsburnsieespana

Gerry you have hit the nail on the head and as fans we should get behind RC, the players and club in this hour of need.
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Rumours are just rumours on 18:58 - Apr 8 with 1535 viewsnoah4x4

Folks, this is a balance sheet, not a profit and loss account (albeit the ringed item might suggest that). Hundreds of companies are in “negative equity” for one reason or another, particularly start up technology companies. During the pandemic, major companies have posted huge losses.

I imagine “Colchester United” possibly does “owe” RC and his companies £30m in historic “Directors Loans” . That would be reflected as a deficit in the balance sheet. However, Directors Loans were prohibited with the advent of Financial Fair Play. So this level of indebtedness has probably existing for many years. There might even have been a technical crystallisation of these loans. We just don’t know from such limited information, nor do we know how CU fits with within a much larger corporate structure. Crystallising debts might be a clever technical manoeuvre. We just don’t know.

It perhaps suggests fans should respect RC for his investment. It doesn’t indicate any likelihood of the club going into administration as that would not benefit RC beyond stemming his future losses. Primary creditors (like HMRC) would get first dibs. I also can’t see RC waking away if my assumption is correct, as he will never recover his investment. But what if we did produce a few £1M players, got back into Championship? I suggest RCs interest is common with ours.
[Post edited 8 Apr 2021 19:11]
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Rumours are just rumours on 20:17 - Apr 8 with 1462 viewsTheOldOakTree

Rumours are just rumours on 18:58 - Apr 8 by noah4x4

Folks, this is a balance sheet, not a profit and loss account (albeit the ringed item might suggest that). Hundreds of companies are in “negative equity” for one reason or another, particularly start up technology companies. During the pandemic, major companies have posted huge losses.

I imagine “Colchester United” possibly does “owe” RC and his companies £30m in historic “Directors Loans” . That would be reflected as a deficit in the balance sheet. However, Directors Loans were prohibited with the advent of Financial Fair Play. So this level of indebtedness has probably existing for many years. There might even have been a technical crystallisation of these loans. We just don’t know from such limited information, nor do we know how CU fits with within a much larger corporate structure. Crystallising debts might be a clever technical manoeuvre. We just don’t know.

It perhaps suggests fans should respect RC for his investment. It doesn’t indicate any likelihood of the club going into administration as that would not benefit RC beyond stemming his future losses. Primary creditors (like HMRC) would get first dibs. I also can’t see RC waking away if my assumption is correct, as he will never recover his investment. But what if we did produce a few £1M players, got back into Championship? I suggest RCs interest is common with ours.
[Post edited 8 Apr 2021 19:11]


Not particularly relevant in light of RC's statement, but do the restrictions on Directors loans only apply to how much a club spends on players wages? i.e. it could borrow money to improve the ground for example (obviously not relevant to us), but could it borrow money to build and/or run an academy, thereby running up directors loans?

It's not called FFP for leagues 1 and 2, it has some other name SCMP?, but it's all pretty confusing.

https://www.bbc.com/sport/football/55997868
[Post edited 8 Apr 2021 20:19]
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Rumours are just rumours on 21:07 - Apr 8 with 1405 viewsmfb_cufc

Amended Club Statement

https://www.cu-fc.com/news/2021/april/amended-club-statement/

mfb

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Rumours are just rumours on 21:10 - Apr 8 with 1401 viewsdurham_exile

The club has now issue a revised statement - RC has withdrawn his claim that someone at the EFL leaked the news. I would imagine that his legal advisor told him to do so.

The statements that we have been receiving from RC are becoming more and more difficult to digest.

This has been a difficult year. Which started with the removal from the club of 5 decent players following our defeat to Exeter.

On the field it has been challenging with defeat to Marine, a mauling at Exeter and then demise from just outside the top seven to third from bottom.

The adverse publicity that the club has suffered, WB appointment (the racism storm), the players not taking the knee and the supporters booing the gesture, RC's loss at the Employment Tribunal and firing first without considering the implcations all suggest that he is unhappy at the club.

Notwithstanding what has been happening behind the scenes, do not be suprised if RC leaves the club within the next few months.

There are more problems behind the scenes than we possibly know. Finnacial, managerial, administrative you name it.

Whatever happens there is clearly one club close to Administration offering Grimsby a lifeline and if not us then Southend or Barrow or A.N Other.

It is a total mess and certainly not helping the club prepare for Oldham away.

We simply must get something at Boundary Park because Crawley will lose to Southend on Saturday.

There are enough distractions at present and it does not help the club to have all this negative publicity about the chairman in the press and his affairs on and off the field.

Up the U's

Durham_exile

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Rumours are just rumours on 21:15 - Apr 8 with 1399 viewsburnsieespana

Whoever leaked this is looking to destabilise us and or seek revenge on RC.
Interestingly he has amended his statement because presumably the EFL took issue with being blamed
This has not come at a good time in our fight to avoid relagation.
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Rumours are just rumours on 21:29 - Apr 8 with 1389 viewsmfb_cufc

There is an indication if any club is going into addministration it is Oldham. There has been what I assume is a lot of money bet on them to be relegated today, because skybet have currently withdrawn the prices for League 2 relegation.

mfb

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Rumours are just rumours on 21:31 - Apr 8 with 1386 viewswessex_exile

Rumours are just rumours on 21:10 - Apr 8 by durham_exile

The club has now issue a revised statement - RC has withdrawn his claim that someone at the EFL leaked the news. I would imagine that his legal advisor told him to do so.

The statements that we have been receiving from RC are becoming more and more difficult to digest.

This has been a difficult year. Which started with the removal from the club of 5 decent players following our defeat to Exeter.

On the field it has been challenging with defeat to Marine, a mauling at Exeter and then demise from just outside the top seven to third from bottom.

The adverse publicity that the club has suffered, WB appointment (the racism storm), the players not taking the knee and the supporters booing the gesture, RC's loss at the Employment Tribunal and firing first without considering the implcations all suggest that he is unhappy at the club.

Notwithstanding what has been happening behind the scenes, do not be suprised if RC leaves the club within the next few months.

There are more problems behind the scenes than we possibly know. Finnacial, managerial, administrative you name it.

Whatever happens there is clearly one club close to Administration offering Grimsby a lifeline and if not us then Southend or Barrow or A.N Other.

It is a total mess and certainly not helping the club prepare for Oldham away.

We simply must get something at Boundary Park because Crawley will lose to Southend on Saturday.

There are enough distractions at present and it does not help the club to have all this negative publicity about the chairman in the press and his affairs on and off the field.

Up the U's


My apologies Durham, but this needs careful consideration and response.

The club has now issue a revised statement - RC has withdrawn his claim that someone at the EFL leaked the news. I would imagine that his legal advisor told him to do so. Undoubtedly, but who knows if he might have been on the right track to begin with. I guess it might come out if there was an inquiry?

The statements that we have been receiving from RC are becoming more and more difficult to digest. It's a personal opinion, and I respect yours, but not to me. If anything, I've found his honest frank statements throughout the pandemic quite reassuring.

This has been a difficult year. Which started with the removal from the club of 5 decent players following our defeat to Exeter. No dispute with that, but we know why, and when the brown stuff started to hit the fan, RC brought one of them back.

On the field it has been challenging with defeat to Marine, a mauling at Exeter and then demise from just outside the top seven to third from bottom. Yep, don't disagree.

The adverse publicity that the club has suffered, WB appointment (the racism storm), the players not taking the knee and the supporters booing the gesture, RC's loss at the Employment Tribunal and firing first without considering the implcations all suggest that he is unhappy at the club. Again, it's all about opinions, but none of that indicates RC is unhappy at the club. Quite the opposite, RC's response on all those matters has been positive, pro-CUFC, and indicative of someone who's in this for the long haul.

Notwithstanding what has been happening behind the scenes, do not be suprised if RC leaves the club within the next few months. Based on his recent statements, there's no evidence to draw that conclusion, and I'll be exceptionally surprised if he does. In the unlikely event he does, you do realise we'll really be in the brown stuff?

There are more problems behind the scenes than we possibly know. Finnacial, managerial, administrative you name it. You may know more than you're saying, but what is that based on?

Whatever happens there is clearly one club close to Administration offering Grimsby a lifeline and if not us then Southend or Barrow or A.N Other. There may be, who knows, but the twitter rumour may well just be that, a rumour?

It is a total mess and certainly not helping the club prepare for Oldham away. I agree, the recent flurry of negative reporting is an extremely unhelpful distraction, and we know there are more than a few who would dearly like RC to go just because they don't like him.
[Post edited 8 Apr 2021 22:25]

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Rumours are just rumours on 23:05 - Apr 8 with 1310 viewsdurham_exile

Rumours are just rumours on 21:31 - Apr 8 by wessex_exile

My apologies Durham, but this needs careful consideration and response.

The club has now issue a revised statement - RC has withdrawn his claim that someone at the EFL leaked the news. I would imagine that his legal advisor told him to do so. Undoubtedly, but who knows if he might have been on the right track to begin with. I guess it might come out if there was an inquiry?

The statements that we have been receiving from RC are becoming more and more difficult to digest. It's a personal opinion, and I respect yours, but not to me. If anything, I've found his honest frank statements throughout the pandemic quite reassuring.

This has been a difficult year. Which started with the removal from the club of 5 decent players following our defeat to Exeter. No dispute with that, but we know why, and when the brown stuff started to hit the fan, RC brought one of them back.

On the field it has been challenging with defeat to Marine, a mauling at Exeter and then demise from just outside the top seven to third from bottom. Yep, don't disagree.

The adverse publicity that the club has suffered, WB appointment (the racism storm), the players not taking the knee and the supporters booing the gesture, RC's loss at the Employment Tribunal and firing first without considering the implcations all suggest that he is unhappy at the club. Again, it's all about opinions, but none of that indicates RC is unhappy at the club. Quite the opposite, RC's response on all those matters has been positive, pro-CUFC, and indicative of someone who's in this for the long haul.

Notwithstanding what has been happening behind the scenes, do not be suprised if RC leaves the club within the next few months. Based on his recent statements, there's no evidence to draw that conclusion, and I'll be exceptionally surprised if he does. In the unlikely event he does, you do realise we'll really be in the brown stuff?

There are more problems behind the scenes than we possibly know. Finnacial, managerial, administrative you name it. You may know more than you're saying, but what is that based on?

Whatever happens there is clearly one club close to Administration offering Grimsby a lifeline and if not us then Southend or Barrow or A.N Other. There may be, who knows, but the twitter rumour may well just be that, a rumour?

It is a total mess and certainly not helping the club prepare for Oldham away. I agree, the recent flurry of negative reporting is an extremely unhelpful distraction, and we know there are more than a few who would dearly like RC to go just because they don't like him.
[Post edited 8 Apr 2021 22:25]


Wessex, in view of the pressure which the club is under at present none of the publicity is helpful.

I know that there is only one thing worse than being talked about and that's not being talked about but we are in a serious situation to say the least.

I put a different perspective on RC's recent postings to many others on this board. I am of the opinion that RC although being in the hot seat for the past 15 years is reaching the end of the line. Perhaps COVID pressures affecting his business interests have taken a greater toll than we know.

I am all for transparency and welcome any statement which clarifies or explains issues but none of this is helping the club at this extremely difficult time. RC made considered judgements concerning the financial status of the club and if we survive then perhaps we can look forward to brighter times next season. However if we are relegated and RC walks away the only loser is the Club, its players, supporters and backroom staff.

I wish things were different but the managerial changes and inherent costs associated with severance payments will not have helped the club.

Frankly all that matters at present is securing the points to finish third from bottom.

If someone has been spreading lies about the club's position and it can be proved then legal action must be pursued but there is no time to focus on that at present. It is all about points from our remaining games.

In the meantime Up the U's

Durham_exile

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Rumours are just rumours on 01:04 - Apr 9 with 1279 viewswessex_exile

But you’re spreading baseless speculation that Robbie Cowling is about to leave the club, here, now. How’s that helping?

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Rumours are just rumours on 08:51 - Apr 9 with 1232 viewsburnsieespana

If RC put us into administration it would allow a reorganisation of its finances but the biggest looser in financial terms would be him.
As we have just seen with Ipswich whilst Evans has remained a 5% shareholder to sell the club he and or his overall company has taken a massive haircut on the historical debt.
The set up of his companies owning the club and various assets was not dissimilar to ours. The training ground has been sold in the transaction but a big chunk has been retained by Evans because presumably it is suitable for housing development which is how, in time, I assume he will get his money back.
I for one think we need to fully support RC in this hour of need but am worried as to the future regardless of at what level we will play next season but we, I suspect will not be the only club
On a lighter note rumour has it Phil Brown is going to make a return to Southend for the remainder of the season!
Up the U's and get us at least a point tonight.
[Post edited 9 Apr 2021 8:53]
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