Time is tight for Torquay United ownership transfer

Timing is everything, they say. It certainly is on a football pitch, and it’s likely to be playing a major role in the search for new owners of Torquay United.

Gulls’ fans are still trying to get their heads around how, less than nine weeks (65 days to be exact) after reaffirming his commitment to the club in an online fans forum (Dec19), former chairman Clarke Osborne suddenly announced last Thursday that he was leaving and withdrawing his financial support for the club.

Osborne talked about ‘circumstances beyond my control’, but we can only surmise whether they arose from a recent ‘new stadium’ meeting with landlords Torbay Council or if they lie elsewhere.

But the time-scale of his notice to place United into administration is now key to finding a successor.

The club is in the middle a ‘window’ of maybe three weeks – two from his actual ‘I’m Out’ bombshell – for potential bidders to get their acts together.

That will involve gathering consortiums, having a proper look at the club’s accounts, conducting other due diligence and mobilising the necessary funds.

It’s a big ask.

The threat of administration, and with it a likely ten-point deduction, could possibly be pushed back a bit if Osborne or the administrators were so inclined.

But the pressure is still on.

Several potential new owners have approached the club and received Non-Disclosure Agreements, which gives them access to United’s books.

They include some local business people and others from further afield, including from abroad.

As things stand, and as long as his Riviera Stadium Ltd continues to own the club, Osborne himself will presumably make the decision on who takes over from him.

That in itself promises to be an interesting and revealing process.

But, when push comes to proverbial shove, how strong the field of final serious bidders is will depend on how quickly they can put people and money together under the current time constraints.

Whether that produces the ‘right’ regime for a club with TUFC’s potential and ambitions remains to be seen...