Losing £2m a season. Not sure how sustainable that’s going to be long term. Hope the Cowleys did their homework.

Story courtesy of The Price of Football which someone on here kindly put me on to.

Chepstow'sFine wrote: February 5th, 2024, 9:01 pm Losing £2m a season. Not sure how sustainable that’s going to be long term. Hope the Cowleys did their homework.

Story courtesy of The Price of Football which someone on here kindly put me on to.

Good point - Chepstow’s Fine. Colchester’s collective debt over the past 10 years is £35 million. That was a staggering fact on the Podcast.

Let's hope they survive long enough for FGR to be relegated.

excessbee wrote: February 5th, 2024, 10:42 pm Let's hope they survive long enough for FGR to be relegated.

I get the feeling that as long as Jobserve carry on making profits Colchester will be OK.

What on earth are they spending their money on? suppose *gasp* having to run and maintain your own stadium isn't cheap (could leasing one in a city center location be a good option for a club at league 2 level I wonder?!) - sarcasm aside, although the stadium probably does cost a fair bit to run, again what do they spend it all on?

Equally the recent success of Ipswich is probably pulling away fans from their hinterlands.

CathedralCounty wrote: February 6th, 2024, 9:01 am What on earth are they spending their money on? suppose *gasp* having to run and maintain your own stadium isn't cheap (could leasing one in a city center location be a good option for a club at league 2 level I wonder?!) - sarcasm aside, although the stadium probably does cost a fair bit to run, again what do they spend it all on?

Equally the recent success of Ipswich is probably pulling away fans from their hinterlands.

Without even looking, I imagine the people running the show are well paid.

Robin Cowling the Colchester owner has lent money to the club in interest free loans, which is incredibly generous or incredibly foolish… or maybe both! He obviously loves his club and is not going to recoup his investment by being the executive producer on a Netflix doco.
The Hollywood Hills “benefactors” are loaning money to Wrexham at a not overly generous 3% above base.

Athletico Lovells wrote: February 6th, 2024, 9:39 am Robin Cowling the Colchester owner has lent money to the club in interest free loans, which is incredibly generous or incredibly foolish… or maybe both! He obviously loves his club and is not going to recoup his investment by being the executive producer on a Netflix doco.
The Hollywood Hills “benefactors” are loaning money to Wrexham at a not overly generous 3% above base.

According to Colchester's latest accounts (30 June 2022) they owed £30,993,208 to JobServe. Going on to say - "JobServe Limited has provided the Company with an undertaking that the amount is not due for repayment for at least 12 months from the balance sheet date. This amount bears interest at a rate of 5% per annum and in unsecured."

I make that over £1.5million a year in interest.

For the lender, is that better than putting money in a savings account for you or me?

SCMP rules would appear to prevent clubs spending money obtained through loans on the players' budget but I guess there is nothing to prevent you from borrowing the money to pay the interest on the money you previously borrowed if somebody is happy to lend it to you?