National League South side Torquay United are set to go into administration after former owner Clarke Osborne has money issues and has stepped away from the club.
The Gulls were loaned up to £5 million pounds by the businessman, up to June 2022, but the 72-year-old decided to pull the plug on his investment in the football club based on his current financial situation.
The Devon outfit are set to be docked 10 points in the National League South as they plummet to 18th position in the division and will be four points above the relegation zone.
“It is with sincere regret that I advise that circumstances beyond my control during the last five weeks have brought me to the position that I an unable to continue financial support for the club and I have today filed on behalf of the directors an intention to appoint an administrator for the club and company.” Osborne expressed on Torquay’s website.
Manager Gary Johnson has also stepped down from his role after mutually agreeing with the club that it was best for both parties.
The 68-year-old has been at Plainmoor since 2018 and has a wave of emotions whilst in the hot seat in the English Riviera.
Johnson has endured a full cycle whilst in charge at Torquay: promoted as National League South champions, experienced heart break in the National League final as they lost on penalties to Hartlepool and were relegated last season back to the sixth tier.
“After discussions today with the football club, we have mutually agreed that I should leave Torquay United with immediate effect,” Johnson expressed on their club website.
“I have enjoyed most of my five-and-a-half year tenure, but given the current situation, both parties agreed to part ways.
“I wish the club all the best for the future.”
