Post by QPR Report on May 19, 2010 11:39:26 GMT
Torquay
Club Statement
Posted on: Wed 19 May 2010
After the substantial losses made in the financial year to June 2009 the Club will make a substantial loss for the financial year ending June 2010. This loss is in the region of £600,000.
In the circumstances the Club needs to take urgent action to reduce its overheads as it is operating well beyond its financial means. As part of the review of overheads the Club has concluded that it is no longer viable to retain the services of a Chief Executive.
Accordingly, the Club have decided to give notice to terminate his employment. Having given notice the Club feels it would be best for all parties concerned that the Chief Executive be placed on gardening leave during his notice period.
The Club are appreciative of all the hard work of the Chief Executive over the last 3 years and his contribution to establishing the Club back in the Football League. This was a very difficult and regrettable decision but inevitable given the substantial losses incurred by the Club over the last two years.
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