Post by dennisrofe on Jul 20, 2024 8:33:06 GMT
I think Os played Woking at one time, cant recall when ?
Another football club owner who went in with the best of intentions and ended up in a right mess after losing a pile of money. buyer beware !
The owner even ended up borrowing £600,000 from the bank of mum and dad !
Woking's owner has said the National League club will go into administration if a buyer cannot be found in the next few weeks - and he is willing to sell for £1.
A £600,000 loan from owner Drew Volpe's parents has given the Cards a lifeline to begin the new season next month.
Speaking to BBC Radio Surrey, Volpe revealed he had invested "over £3.425m" in the club since taking over in 2021.
When asked if the club would now be in administration without the loan from his parents, Volpe said: "Yep, 100%".
"The bottom line is I'm not made of money, so I couldn't keep on doing this for a fourth year straight," he added.
"Between tax stuff, insurance, some other liabilities, the numbers add up real fast – to a scary, scary degree.
"Once it's in your veins it's hard to stop, you want to keep chasing that promotion - but I realise now I can't keep doing it. I don't want to be eating out of a dumpster outside of my apartment."
The Cards are due to begin the new season away at Altrincham on Saturday, 10 August.
Volpe said the loan from his parents would ensure the team could start the league season, when money would begin coming in from gate sales on matchdays.
But Volpe said he was now more confident a deal could be reached for new owners to rescue the club after making "great progress" with takeover talks.
"Obviously we're still bringing on new investment, which should be happening in the next couple of weeks, but at this moment we are fine," he added.
"It's absolutely been sleepless nights, a lot of worry, but for now we're safe.
"I'd be lying if I said it wasn't dire straits until [we got] the money into the account.
"The reality of it, is that the club's going to be sold for probably £1 - based on the liabilities that we have, the money I sent over will be able to pay off almost all of that and then we'll have games and money will be coming in."
A £600,000 loan from owner Drew Volpe's parents has given the Cards a lifeline to begin the new season next month.
Speaking to BBC Radio Surrey, Volpe revealed he had invested "over £3.425m" in the club since taking over in 2021.
When asked if the club would now be in administration without the loan from his parents, Volpe said: "Yep, 100%".
"The bottom line is I'm not made of money, so I couldn't keep on doing this for a fourth year straight," he added.
"Between tax stuff, insurance, some other liabilities, the numbers add up real fast – to a scary, scary degree.
"Once it's in your veins it's hard to stop, you want to keep chasing that promotion - but I realise now I can't keep doing it. I don't want to be eating out of a dumpster outside of my apartment."
The Cards are due to begin the new season away at Altrincham on Saturday, 10 August.
Volpe said the loan from his parents would ensure the team could start the league season, when money would begin coming in from gate sales on matchdays.
But Volpe said he was now more confident a deal could be reached for new owners to rescue the club after making "great progress" with takeover talks.
"Obviously we're still bringing on new investment, which should be happening in the next couple of weeks, but at this moment we are fine," he added.
"It's absolutely been sleepless nights, a lot of worry, but for now we're safe.
"I'd be lying if I said it wasn't dire straits until [we got] the money into the account.
"The reality of it, is that the club's going to be sold for probably £1 - based on the liabilities that we have, the money I sent over will be able to pay off almost all of that and then we'll have games and money will be coming in."
