Torquay United Accounts
- Credit: Sean Hernon/PPAUK
A government grant and the 'Covid Furlough' Scheme helped Torquay United to cut their losses in the club's latest accounts to the end of the 2019-2020 season.
The Gulls' owner Clarke Osborne, through his Riviera Stadium Ltd, still appeared to have increased his investment in United to more than £4 million by the end of June 2020.
But they received £50,000 in grants and £235,612 via Furlough payments after the first 'lockdown' which prompted the early end of the season in March of last year.
The pattern will have been repeated, but on a larger scale, during the just-ended 2020-2021 campaign which saw United reach the National League Play-Off Final.
Osborne covered losses of just over £959,000 in 2017-2018 and nearly £944,000 in 2018-2019, but the deficit dropped to £811,265 the following year.
More details will be revealed at the club's next annual shareholders' meeting, which will take place, via 'Zoom', on Friday, July 23.
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