is there a twist in the relegation battle....

[nevereatwhitesnow]

There are rumours circulating around social media that colchester could be in real financial trouble!! Not sure how true this is but
them going into administration might not be too far away!!

Satellite delay to your planet is there!?!

 

[Mad Cyril]

What about the rumours that they are two bob mug punters?

 

[sufc4life21]

So col u are £30m in debt to their owner...that’s actually news to me and worse than us...wonder why they are not revolting like we want to do??? We’ve had col u fans on this forum slagging of Ron but their guy seems worse right?
Anyway they won’t go into administration as then the chairman don’t get his money-just like us!

Na, Ron worse in my opinion....... Colchester haven't had countless winding up orders and transfer embargo's. That is heck of debt which Colchester owe 1 of his company's i presume. I find the guy quite honest with his fanbase in regards to what happening at their club.

 

[GDM]

Most of it is a technical debt to offset tax in other parts of his many business interests, there is no issue with financial stability overall.

Out of interest what was the debt before he took over?

 

[Austin the Shrimper]

Colchester also got a new stadium... all this praise towards Colchester is turning my stomach ?

 

[GDM]

Na, Ron worse in my opinion....... Colchester haven't had countless winding up orders and transfer embargo's. That is heck of debt which Colchester owe 1 of his company's i presume. I find the guy quite honest with his fanbase in regards to what happening at their club.

Maybe he’s just a better salesman than Ron?

 

[Colchester and proud!]

Out of interest what was the debt before he took over?

I think it was very small by comparison around a million or so.

 

[Colchester and proud!]

Na, Ron worse in my opinion....... Colchester haven't had countless winding up orders and transfer embargo's. That is heck of debt which Colchester owe 1 of his company's i presume. I find the guy quite honest with his fanbase in regards to what happening at their club.

Its a collective debt he has 27 directorships so roughly a million per company!

 

[nevereatwhitesnow]

So col u are £30m in debt to their owner...that’s actually news to me and worse than us...wonder why they are not revolting like we want to do??? We’ve had col u fans on this forum slagging of Ron but their guy seems worse right?
Anyway they won’t go into administration as then the chairman don’t get his money-just like us!

Few key differences between Col U and Southend situation:

1, Col Chairman is not trying to fund a golden pension pot by selling current stadium (which isn’t owned by your club) and building a new one (which won’t be owned by SUFC)
2, Our debt is openly reported in accounts submitted on time and not layered through various comments
3, We have never paid any employees late
4, We have never been under an embargo
5, We haven’t been to to court for late payment of tax
6, Cowling regularly offers very honest press statements advising intent and addressing issues (idiot fans booing taking the knee, COVID restrictions, Addressing stupid rumors today etc)

He is far from perfect and made plenty of mistakes but he is honest and transparent, the debt is showing as will help offset some tax liabilities for profit making companies in his group. He wasted cash on players with wrong managers and tightened belt to try and make us sufficient and moved money into academy and first team has suffered from that (and poor managerial appointments) but I cannot think of a single Col U fan (all 10 of us!) who would switch Robbie with Ron.

From the outside your Chairman’s mistakes have been far more costly, and I just hope for your sakes that he manages to sort out finances and new stadium (as it’s obvious only one can happen once the other does) sooner rather than later.

 

[GDM]

I think it was very small by comparison around a million or so.

So he’s increased the debt by £29m? Weird that you appear to be ok with that?
Hasn’t he stole that to reduce his tax bill?

 

[nevereatwhitesnow]

I think it was very small by comparison around a million or so.

When he purchased club previous loans were wiped out (at various points under previous chairman administration was a distinct possibility as Layer Road didn’t generate any income and board didn’t have wealth needed to sustain the club) so change of ownership was desperately needed

 

[nevereatwhitesnow]

So he’s increased the debt by £29m? Weird that you appear to be ok with that?
Hasn’t he stole that to reduce his tax bill?

It’s a balance sheet debt that could only ever be called in if he found a buyer willing to buy the club for that much money, we generated a pipeline of player sales for mega money via academy or we somehow managed to fluke promotion to the ultimate cash cow of Premier League.

It is showing purely to help offset some tax on profitable parts of his business (which generated the wealth he spends to keep club running)

 

[Colchester and proud!]

So he’s increased the debt by £29m? Weird that you appear to be ok with that?
Hasn’t he stole that to reduce his tax bill?

No he always said he wouldn’t leave our club in a worse situation than he found us in. We now have a new stadium and a impressive training ground, and a decent reputation in the game for the way the club operates. That debt will be reduced over time, especially when he builds the 200 plus houses he has planned to build near our training ground in Tiptree.

 

[GDM]

Ours is a balance sheet debt too, I’m also sure our chairman said he won’t leave the club in a worse state than he found it(I don’t think he did actually but it’ll pretty difficult not too as we were about to be liquidated!) Ours get wiped out if we build a new stadium ( yes I know big if lol) - then we’ll be in a better situation than you?
Do you guys own your stadium?

 

[meerkat54]

No he always said he wouldn’t leave our club in a worse situation than he found us in. We now have a new stadium and a impressive training ground, and a decent reputation in the game for the way the club operates. That debt will be reduced over time, especially when he builds the 200 plus houses he has planned to build near our training ground in Tiptree.

That was a jammy move.

 

[nevereatwhitesnow]

Ours is a balance sheet debt too, I’m also sure our chairman said he won’t leave the club in a worse state than he found it(I don’t think he did actually but it’ll pretty difficult not too as we were about to be liquidated!) Ours get wiped out if we build a new stadium ( yes I know big if lol) - then we’ll be in a better situation than you?
Do you guys own your stadium?

I hope for your sake everything you say is true but I wasn’t aware of any Ron’s companies have posted a decent profit in recent years??

I guess it’s about trust, Robbie has pretty much been open and honest throughout and statements/accounts pretty much bear that out. I don’t see the same from Ron but if you do, then that’s fine too.

No, we don’t own the stadium but we do lease the whole thing so the club get all of the income for non-match day income (room hires during week, concerts etc). We do own the training ground facilities and land however

 

[Strykr]

Its a collective debt he has 27 directorships so roughly a million per company!

Seems like a sound and succesful businessman...

 

[GDM]

I hope for your sake everything you say is true but I wasn’t aware of any Ron’s companies have posted a decent profit in recent years??

I guess it’s about trust, Robbie has pretty much been open and honest throughout and statements/accounts pretty much bear that out. I don’t see the same from Ron but if you do, then that’s fine too.

No, we don’t own the stadium but we do lease the whole thing so the club get all of the income for non-match day income (room hires during week, concerts etc). We do own the training ground facilities and land however

Look if I had a choice between your guy and our guy I choose your guy, but I didn’t realise that despite a new stadium you are £30m in debt and don’t own the stadium...something for you to be a little concerned about I would think - thanks for the exchange though I learnt some stuff

 

[flangejackrabbit]

Seems like they got a ticking off for suggesting the leak came from the EFL.

Looks like it, as the revised statement does indeed withdraw that accusation. It's still not come out exactly what has happened at Oldham since the start of this thread and I wouldn't be surprised for more drama there before the end of the season.