Got the dreaded Time Machine read only error message this morning.
Unplugged external USB TM disk, rebooted imac, tried disk utility, nothing worked.
In the end I attached the TM drive via USB to a PC, quick formatted it, then back into iMAc via USB, Apple disk utility would allow me to format Apple Extended Journalled.
TM menu popped up immediately, so I have lost all previous TM backups, but at least I am now TM'ing my iMac again.
Any ideas as to why this happened, first time in 2 years for me.
Fortunately for me I also CCC and direct copy backups too.