Torquay United: Administration confirmed for National League South side

Plainmoor hosted matches in the English Football League until Torquay were relegated from League Two in 2014

National League South side Torquay United have formally gone into administration.

Owner Clarke Osborne announced his intention to place the club into administration in February and the Gulls had 10 points deducted last month - no extra sanction will be applied.

It comes after a deadline for a bid for the club passed on Thursday evening.

The club will continue to play its matches with Torquay due to travel to Welling United on Saturday.

• Torquay could go part-time

• Supporters trust submits bid to buy Torquay

• Gulls lost more than £1.1m in relegation season

A bid backed by the Torquay United Supporters Trust has been lodged for the club, which made a loss for more than £1.1m in the year to 30 June 2023.

Begbies Traynor will be handling the administration process and all creditors can direct queries to the club secretary - directors George Edwards and Mel Hayman will run the club on a voluntary basis in the interim period.

"The administrators said the appointment signifies a positive step towards transfer of ownership," Torquay United wrote in a statement on their website.

"A further announcement is anticipated within the next two weeks when the administrators hope to confirm that the club's future has been secured."

All money raised by the club through ticket sales, food and drink and merchandise during the current period will be used to keep the club afloat.

The Gulls were relegated from League Two in 2014 and dropped into the sixth tier for the second time at the end of last season.

They are currently five points above the relegation zone with five games left to play.

"At the moment, it will very much be business as usual on and off the pitch here at Plainmoor, with Aaron Downes' side looking forward to the remaining five fixtures in order to retain their National League South status," Torquay added.

"The club continues to rely on all income generated to continue functioning during this interim period, through usual club business and fundraising and also via the generous donations it continues to receive from supporters."

Osborne ownership comes to an end

Clarke Osborne rarely attended Torquay United matches

The decision to go into administration ends the ownership of chairman Clarke Osborne.

The businessman took over the club at the end of 2016 with the aim of building a new stadium and selling off Plainmoor to be developed for housing.

But his stadium plans never got off the ground and he became unpopular with the fanbase - he rarely attended matches and the club were relegated to the sixth tier for the first time in their history under his leadership.

However, he did pump in millions to keep the club going - accounts released recently show his firm Riviera Stadiums Limited lent Torquay United £5.28m in his time in charge - and he is unlikely to see any of that cash now the club has gone into administration.

In total the club owed creditors around £7m according to the last accounts - and it may well be that new owners have to take the club from a fully-professional playing squad to a part-time one to get finances back on an even keel.

Analysis

Brent Pilnick, BBC Sport

Torquay's decision to finally call in the administrators will have little effect on the club from a footballing perspective.

The Gulls were already under a transfer embargo and wages have been paid for February and March.

Players will have to be paid in full by any new owner of the club for the footballing authorities to approve a deal.

It does mean that those unsecured creditors owed money by Torquay United are only likely to get a fraction of what they are owed, and it may mean businesses are reticent about doing business with the club.

But from a takeover perspective it means any prospective new owner will have to spend less on clearing the club's debts, making it a more attractive business proposition and possibly increasing the number of people who may want to bid for the club.