COLCHESTER?

[B2TF]

In administration, points deduction to follow, resulting in relegation?

Reprieve for Grimsby?

 

[#Beebot]

It's just a rumour at the moment.

 

[GTFCfish]

Seems like it was just a bullshit rumour.

 

[Sestonpoolie]

Not happening.They are £31 million in debt though.Wow.

 

[KeithH]

Not happening.They are £31 million in debt though.Wow.

Christ, that's worse than we were. Feel for their fans and hope to hell something better happens for them than we suffered.

 

[The_Boss]

£31m? But no sign of the EFL going after them though?

 

[Optipez]

£31 million to a club of Colchesters size is pretty much unpayable. Whoever takes them on is going to be saddled with a couple of mill stones round their necks.
Looks like administration, begging buckets, relegation(s) without a billionaire sugar daddy if that's true.

 

[ForzaCounty]

How the hell do they build up a debt like that?

And how do they keep up the pretence of being solvent?

 

[#Beebot]

How the hell do they build up a debt like that?

And how do they keep up the pretence of being solvent?

Mostly debt to their owner, which many would argue isn't "real" debt, depends on whether the owner is prepared to write it off in the long run. If he isn't, then there are easier investments he could make.

 

[Luke Imp]

Yeah it's owed to their Chairman who isn't going to call £31m in. He'll do the same as others when it's time to sell and write most, if not all, of it off.

Over recent seasons he's been scaling back his financial support until they're not reliant on him at all, which is why they've gone from a top half L1 Club to bottom half of L2.