Goldeneye Posted June 9, 2013 Report Share Posted June 9, 2013 Very glad to see that AFC Totton, Truro's vase final opponents, are on the verge of sealing a rescue package to save them from folding. Some of the best supporters I've ever met and look forward to them coming to Truro next season. From the Southern Daily Echo:- AFC Totton close in on survival deal AFC TOTTON can make two giant strides towards survival in the coming days.Testwood Park Limited (TPL), a new company set up to oversee the management of the debt-ridden Southern League club, are on course to agree a 99-year lease with the Testwood Stadium trustees by this weekend. In the meantime Ed Holmes, managing director of TPL, is hopeful that negotiations about the unpaid wages owed to team boss Steve Riley and his playing staff will reach a satisfactory conclusion, enabling the Stags to remain a Southern Premier Division club. Although it’s unlikely Riley and his players will get the full £47,000 owed, indications are that they will accept a proportion of the money and agree to stay on board. All told, Totton’s overall losses have alarmingly soared from £58,000 a year ago to £185,000 – a sobering sign of how poorly the club has been managed – but Holmes is confident the creation of the new company will help “stop the rot” and find new ways to generate income. He explained: “TPL is a community sports club which will be like a landlord to two subsidiaries – AFC Totton, which will remain a members’ club, and a new sports and social club, which will be a limited company. The trustees asked me to come in and help and, with the assistance of professional financial advisers, we’ve uncovered an enormous debt of £185,000. “I’m not putting money into the club and I’m not looking to be paid anything other than out-of-pocket expenses, but I will be looking at developing AFC Totton as a business through the fabulous facilities they’ve got. Link to comment Share on other sites More sharing options...
Martin Eddy Posted June 9, 2013 Report Share Posted June 9, 2013 drove past their ground earlier this year and was very impressed Link to comment Share on other sites More sharing options...
TheolderIgetthebetterIwas Posted June 9, 2013 Report Share Posted June 9, 2013 Same problem as Truro...they don't own their ground!!!! Link to comment Share on other sites More sharing options...
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