This is a brief statement by TUST to inform you of what we have been doing over the past week or so. We hope that you will understand why much of this has been of a confidential nature and will continue to be so for the time being.
TUST has held conversations with a number of prospective owners, some of whom have been the subject of speculation and others who have not. Some of these have formally expressed their interest to the Club and signed a Non Disclosure Agreement (NDA) which is why we must respect their right to confidentiality. We have, in some cases, put individuals in touch with each other with a view to forming consortiums. We have been exploring all options and continue to do so.
However, we have been informed by our advisers that to say more at this stage could breach protocols and jeopardise potential outcomes. We are not able to share further details of any proposals or parties involved at this stage but will do so as soon as we are able. In the meantime please be assured that the TUST board remain dedicated to securing the best possible future for our football club.
We thank you for your patience and understanding
TUST Updates
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TUST_Official
- Verified by Admin
- Posts: 321
- Joined: 30 Apr 2018, 14:19
- Contact:
Official Account of Torquay United Supporters Trust
-
Watford Gull sort of
- Reserve Player
- Posts: 18
- Joined: 28 Mar 2019, 13:47
- Favourite player: Tony Bedeau
- Location: Binfield
Not sure if this is the right place for this. As you can tell Torquay United are not my team but have always had a soft spot for them and for some unknown reason I’ve seen them at Burnley in the play offs, Wolves in the Leyland DAF, Colchester when it was members only as well as Wembley and of course Plainmoor.
It filled me with great sadness that the club was forced in to administration. I’ve no idea if the owner is to blame or it’s a culmination of lots of things.
I’ve donated via the Torquay website and just wanted to wish all of you the best and hopefully better times are round the corner
It filled me with great sadness that the club was forced in to administration. I’ve no idea if the owner is to blame or it’s a culmination of lots of things.
I’ve donated via the Torquay website and just wanted to wish all of you the best and hopefully better times are round the corner
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westbaygull
- Top Scorer
- Posts: 1510
- Joined: 05 Sep 2010, 11:11
That's really kind of you. I have many happy memories of Saturdays in Watford as a young(er) girlWatford Gull sort of wrote: ↑23 Mar 2024, 17:28 Not sure if this is the right place for this. As you can tell Torquay United are not my team but have always had a soft spot for them and for some unknown reason I’ve seen them at Burnley in the play offs, Wolves in the Leyland DAF, Colchester when it was members only as well as Wembley and of course Plainmoor.
It filled me with great sadness that the club was forced in to administration. I’ve no idea if the owner is to blame or it’s a culmination of lots of things.
I’ve donated via the Torquay website and just wanted to wish all of you the best and hopefully better times are round the corner
Your good wishes and donation are appreciated. And yes, it was the owners fault.
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TUST_Official
- Verified by Admin
- Posts: 321
- Joined: 30 Apr 2018, 14:19
- Contact:
A BRIGHT YELLOW FUTURE
TUST is working in partnership with a group of business people who are long-standing supporters on a plan to save and rebuild our football club. This will involve a call to arms to raise further funds with details to follow in due course.
***************************************************************
The last five weeks have been an incredibly stressful time for all supporters as we face the very real possibility that our beloved football club could cease to exist.
As far as we are aware, the option of somebody being prepared to single-handedly shoulder huge losses going forward is not on the table. But after a period of intense work behind the scenes, TUST is pleased to announce an exciting proposal which it believes will lead to a bright, sustainable future for the club if our bid is successful.
Since Clarke Osborne’s announcement of his withdrawal from the club on 22nd February, we have been in discussions with several potential owners. We are now working in partnership with a consortium of passionate businessmen who are all long-standing supporters. Together, we are of the opinion that it is possible to rescue the football club.
With this in mind we have submitted a bid, as a TUST-led consortium, to take on the ownership of Torquay United. The objective of the partnership is to create a successful and sustainable fan-owned club with a sound, sensible financial foundation.
Initially, the club would become partially fan-owned, with TUST being the vehicle for this fan ownership, and the remaining shareholding being held by a group of investors who are experienced business professionals or successful entrepreneurs.
It is our hope and ambition that by the start of next season, the fans would own half of the club. It is important to note that the long-term vision of both the investors and TUST is that the club ultimately becomes 100% fan-owned.
TUST have access to the Forever Yellow Fund, which currently stands at £60,000, some of which will form part of the required funding for us to “buy into” the club alongside the investors.
As fans we will need to raise further funding over the next few weeks, approximately £150,000 as a minimum, to fulfil our obligations as part of the partnership to stabilise and reset the football club. We envisage that this will happen through a Community Share Issue but will confirm the details of this in the coming few days.
The consortium believes the fund-raising target is both realistic and achievable, given the precedent set by other clubs who have found themselves in our position. Examples include Hereford FC, whose supporters’ trust raised £289,000 for 50% of their club in 2022, as well as Newport County, who raised £195,000 in under four weeks in 2015.
The business and investor group working alongside TUST is led by Michael Westcott, a life-long fan and season ticket holder with strong family ties to the club, He is joined by fellow fans Mark Bowes-Cavanagh, Simon Robinson, Andrew Beaulieu and Tom Allen. Joe Lovell has also joined the working group to help develop the strategic plans to secure the immediate future of the club. The group will draw upon their considerable business and commercial experience and a variety of skills and expertise to ensure that we can move forward in a sustainable and community-led fashion.
The consortium members would be contributing a considerable sum to kickstart the project. We should stress that the people involved are genuine fans and are not in this for their egos, personal gain or any reason other than a desire to save the club and build a brighter future. Indeed, they have no expectation of a return on their investment. The consortium group is by no means a closed shop, and so should anyone reading this also be willing to help, please contact TUST and we will introduce you to the group.
Implementing a sustainable model
Fundamental to plan is a belief that the existing cost structure of the Club is unsustainable at National League South level.
The consortium has identified several areas where services and engagement with both supporters and the local business community can be significantly improved. We strongly believe that the promise of “a club owned by us all” provides a great incentive to leverage the benefits of human capital through the work that volunteers can do.
Our friends at Exeter City and other community-owned clubs have seen the rewards from this in practice. In addition, with the knowledge and business experience of the investors, the group are developing a new commercial plan for immediate implementation to improve commercial revenue streams to strengthen the financial position of the club while improving the match-day experience for all.
To achieve the long-term plan, it will be necessary for changes to be made as to how the club operates and is managed both on and off the field. The new Board and its advisors will work to agree a realistic budget for next season and to deliver the group’s business plan over successive seasons in the medium-term.
At this stage the above is only a high-level summary of the TUST led consortium’s vision. But all involved believe that it can deliver a major upturn in the club’s future and lead to a stronger, sustainable, fan-owned and community focused football club.
We will, of course, be providing more detail if our bid progresses to the next stage and will consult TUST members before making a final commitment to this proposal. The TUST board are confident that it offers a once-in-a-lifetime opportunity and will be supported by the vast majority of you.
Finally, it must be noted that if our bid is successful the completion of this proposed acquisition of Torquay United is subject to the satisfactory completion of full-scope due diligence and approval of football authorities including the National League and the Football Association.
TUST is working in partnership with a group of business people who are long-standing supporters on a plan to save and rebuild our football club. This will involve a call to arms to raise further funds with details to follow in due course.
***************************************************************
The last five weeks have been an incredibly stressful time for all supporters as we face the very real possibility that our beloved football club could cease to exist.
As far as we are aware, the option of somebody being prepared to single-handedly shoulder huge losses going forward is not on the table. But after a period of intense work behind the scenes, TUST is pleased to announce an exciting proposal which it believes will lead to a bright, sustainable future for the club if our bid is successful.
Since Clarke Osborne’s announcement of his withdrawal from the club on 22nd February, we have been in discussions with several potential owners. We are now working in partnership with a consortium of passionate businessmen who are all long-standing supporters. Together, we are of the opinion that it is possible to rescue the football club.
With this in mind we have submitted a bid, as a TUST-led consortium, to take on the ownership of Torquay United. The objective of the partnership is to create a successful and sustainable fan-owned club with a sound, sensible financial foundation.
Initially, the club would become partially fan-owned, with TUST being the vehicle for this fan ownership, and the remaining shareholding being held by a group of investors who are experienced business professionals or successful entrepreneurs.
It is our hope and ambition that by the start of next season, the fans would own half of the club. It is important to note that the long-term vision of both the investors and TUST is that the club ultimately becomes 100% fan-owned.
TUST have access to the Forever Yellow Fund, which currently stands at £60,000, some of which will form part of the required funding for us to “buy into” the club alongside the investors.
As fans we will need to raise further funding over the next few weeks, approximately £150,000 as a minimum, to fulfil our obligations as part of the partnership to stabilise and reset the football club. We envisage that this will happen through a Community Share Issue but will confirm the details of this in the coming few days.
The consortium believes the fund-raising target is both realistic and achievable, given the precedent set by other clubs who have found themselves in our position. Examples include Hereford FC, whose supporters’ trust raised £289,000 for 50% of their club in 2022, as well as Newport County, who raised £195,000 in under four weeks in 2015.
The business and investor group working alongside TUST is led by Michael Westcott, a life-long fan and season ticket holder with strong family ties to the club, He is joined by fellow fans Mark Bowes-Cavanagh, Simon Robinson, Andrew Beaulieu and Tom Allen. Joe Lovell has also joined the working group to help develop the strategic plans to secure the immediate future of the club. The group will draw upon their considerable business and commercial experience and a variety of skills and expertise to ensure that we can move forward in a sustainable and community-led fashion.
The consortium members would be contributing a considerable sum to kickstart the project. We should stress that the people involved are genuine fans and are not in this for their egos, personal gain or any reason other than a desire to save the club and build a brighter future. Indeed, they have no expectation of a return on their investment. The consortium group is by no means a closed shop, and so should anyone reading this also be willing to help, please contact TUST and we will introduce you to the group.
Implementing a sustainable model
Fundamental to plan is a belief that the existing cost structure of the Club is unsustainable at National League South level.
The consortium has identified several areas where services and engagement with both supporters and the local business community can be significantly improved. We strongly believe that the promise of “a club owned by us all” provides a great incentive to leverage the benefits of human capital through the work that volunteers can do.
Our friends at Exeter City and other community-owned clubs have seen the rewards from this in practice. In addition, with the knowledge and business experience of the investors, the group are developing a new commercial plan for immediate implementation to improve commercial revenue streams to strengthen the financial position of the club while improving the match-day experience for all.
To achieve the long-term plan, it will be necessary for changes to be made as to how the club operates and is managed both on and off the field. The new Board and its advisors will work to agree a realistic budget for next season and to deliver the group’s business plan over successive seasons in the medium-term.
At this stage the above is only a high-level summary of the TUST led consortium’s vision. But all involved believe that it can deliver a major upturn in the club’s future and lead to a stronger, sustainable, fan-owned and community focused football club.
We will, of course, be providing more detail if our bid progresses to the next stage and will consult TUST members before making a final commitment to this proposal. The TUST board are confident that it offers a once-in-a-lifetime opportunity and will be supported by the vast majority of you.
Finally, it must be noted that if our bid is successful the completion of this proposed acquisition of Torquay United is subject to the satisfactory completion of full-scope due diligence and approval of football authorities including the National League and the Football Association.
Official Account of Torquay United Supporters Trust
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Stoneybroke
- On the Bench
- Posts: 135
- Joined: 02 Jan 2022, 09:33
Well guys I'm sure all fans wish you well Good Luck !!
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TUST_Official
- Verified by Admin
- Posts: 321
- Joined: 30 Apr 2018, 14:19
- Contact:
FAN ZONE
TUST's Chair, Nick Brodrick's column in this week's Herald Express - updated for the latest news.
DEVON DAY SUCCESS FOR UNITED IN FRONT OF RIVAL FANS
WILL TUST’S FAN LED CONSORTIUM SAVE TORQUAY UNITED?
WILL AN INDEPENDENT REGULATOR BREATHE NEW LIFE INTO FOOTBALL?
On a crisp, sunny but windswept Spring afternoon the Yellow Army, swelled by fans predominantly from Plymouth Argyle and Exeter City, plus a few seen with scarves of Nottingham Forest, Bristol Rovers, Yeovil, Leicester and Carlisle swelled the Plainmoor gate to 3,029 on what was a special Devon Day on the annual Non-League Day.
They witnessed two sides of Torquay United; in the first half an exhibition of possession, fast flowing football which resulted in a 1-0 lead and a backs-to-the wall rearguard display with players putting their bodies on the line to defend that lead in the second half.
And there was a collective sigh of relief as the final whistle blew.
*****
United’s woes off the pitch are well documented as the club goes into a second extension of 10 business days (more when you factor in Easter) to buy more time to find a buyer.
Both Argyle and Grecian fans are well aware of grave situations like this. It was 20 years ago that Exeter City fell into administration with Plymouth suffering a similar fate 12 years ago.
Both went through pain and demotion before making return journeys back through the leagues with Argyle now in the Championship and City in League 1.
Yes, the Gulls might be fighting for their lives to stay in National South but who is not to say that at some point in the future United will be a football league side once again, under the right ownership?
And on Thursday the TUST led consortium was announced as a bidder to take over the club to take the club off life support. But it’s now in the hands of owner Clarke Osborne to decide - unless the club goes into administration.
*****
Saturday was a special day for several reasons for a number of people. Much travelled Neil Warnock, manager of eighteen clubs, including a stint at Torquay, having been in talks with a group of potential investors, made an appearance.
It was also a day to remember for TUST’s 750th member, Stuart Chapman from Essex, who was presented with a book, “Torquay United - A History in 50 Matches” written and signed by its author Steve Harris in a ceremony in Boots & Laces before the game.
And for the one lucky winner of the half-time 50-50 draw who walked away with a whopping £1,900 which included a £750 rollover from an unclaimed draw last home match.
*****
So, after two damaging defeats - Taunton and Tonbridge - what had changed to see such a transformation?
Last week’s column called for no more Mr Nice Guy and maybe Robbie Herrera being drafted in to help Aaron Downes helped. However, Downes’s ‘get out of jail’ card was putting skipper Asa Hall in the middle of defence with Dean Moxey.
This experienced duo gave a master class in defending not bad for 37 and 38 year olds with between them almost 1,200 professional appearances in their careers.
The big question now is can Downes motivate this squad to replicate Saturday’s performance on the away travels? Good Friday’s defeat at Yeovil answered that.
With only six fixtures left, four on the road, and United’s last away success back in November, points on their travels are vital. Saturday’s three points gave the Gulls a cushion of five points away from the danger zone, now down to four.
*****
With new owners one of the hopes is the establishment of a proper academy. Last week I wrote about Ollie Watkins, local lad who ‘got away’ and is now an England international. So, what about another local boy Kieffer Moore? A Wales international. And to these two we can now add Jamie ‘he’s one of our own’ Reid who on his Northern Ireland debut scored inside the first seven minutes. Future talented youngsters living in and around Torbay have to be snapped up in the Torquay model for they are the ones who will generate much needed income.
*****
In the National League it’s congratulations to Chesterfield who clinched promotion back to the EFL with a 3-0 win over Boreham Wood, surprisingly in the relegation drop area. Chesterfield have dominated the division having been top since September.
*****
It’s well known that the Premier League is awash with funds which they keep talking about distributing down through the football pyramid but have yet to agree how. With their recent inability to deliver £900million, the Government announced the Football Governance Bill which has cross-party support in the Commons. With an independent regulator running football with powers to fine clubs, as well as sorting out financial mismanagement, it’s a win for fans who will have a stronger voice in the running of their clubs.
The one disappointing fact is that the regulator’s influence will stop at the National League Premier but that doesn’t mean clubs below that can’t set up their own fan involvement.
*****
Non-League Crowd Watch: Chesterfield 9,907, Southend 7,251, Bromley 3,738, Aldershot 3,501, Torquay 3,029.
An Ocean Latto goal mid-way through the second half looked to have given Torquay Women a precious three points at relegation rivals Southampton on Sunday but the home side netted a late equaliser.
Easter Monday sees United at home to Weston-Super-Mare with a win top of the agenda.
COYY
JOIN HERE - www.tust.co.uk
TUST's Chair, Nick Brodrick's column in this week's Herald Express - updated for the latest news.
DEVON DAY SUCCESS FOR UNITED IN FRONT OF RIVAL FANS
WILL TUST’S FAN LED CONSORTIUM SAVE TORQUAY UNITED?
WILL AN INDEPENDENT REGULATOR BREATHE NEW LIFE INTO FOOTBALL?
On a crisp, sunny but windswept Spring afternoon the Yellow Army, swelled by fans predominantly from Plymouth Argyle and Exeter City, plus a few seen with scarves of Nottingham Forest, Bristol Rovers, Yeovil, Leicester and Carlisle swelled the Plainmoor gate to 3,029 on what was a special Devon Day on the annual Non-League Day.
They witnessed two sides of Torquay United; in the first half an exhibition of possession, fast flowing football which resulted in a 1-0 lead and a backs-to-the wall rearguard display with players putting their bodies on the line to defend that lead in the second half.
And there was a collective sigh of relief as the final whistle blew.
*****
United’s woes off the pitch are well documented as the club goes into a second extension of 10 business days (more when you factor in Easter) to buy more time to find a buyer.
Both Argyle and Grecian fans are well aware of grave situations like this. It was 20 years ago that Exeter City fell into administration with Plymouth suffering a similar fate 12 years ago.
Both went through pain and demotion before making return journeys back through the leagues with Argyle now in the Championship and City in League 1.
Yes, the Gulls might be fighting for their lives to stay in National South but who is not to say that at some point in the future United will be a football league side once again, under the right ownership?
And on Thursday the TUST led consortium was announced as a bidder to take over the club to take the club off life support. But it’s now in the hands of owner Clarke Osborne to decide - unless the club goes into administration.
*****
Saturday was a special day for several reasons for a number of people. Much travelled Neil Warnock, manager of eighteen clubs, including a stint at Torquay, having been in talks with a group of potential investors, made an appearance.
It was also a day to remember for TUST’s 750th member, Stuart Chapman from Essex, who was presented with a book, “Torquay United - A History in 50 Matches” written and signed by its author Steve Harris in a ceremony in Boots & Laces before the game.
And for the one lucky winner of the half-time 50-50 draw who walked away with a whopping £1,900 which included a £750 rollover from an unclaimed draw last home match.
*****
So, after two damaging defeats - Taunton and Tonbridge - what had changed to see such a transformation?
Last week’s column called for no more Mr Nice Guy and maybe Robbie Herrera being drafted in to help Aaron Downes helped. However, Downes’s ‘get out of jail’ card was putting skipper Asa Hall in the middle of defence with Dean Moxey.
This experienced duo gave a master class in defending not bad for 37 and 38 year olds with between them almost 1,200 professional appearances in their careers.
The big question now is can Downes motivate this squad to replicate Saturday’s performance on the away travels? Good Friday’s defeat at Yeovil answered that.
With only six fixtures left, four on the road, and United’s last away success back in November, points on their travels are vital. Saturday’s three points gave the Gulls a cushion of five points away from the danger zone, now down to four.
*****
With new owners one of the hopes is the establishment of a proper academy. Last week I wrote about Ollie Watkins, local lad who ‘got away’ and is now an England international. So, what about another local boy Kieffer Moore? A Wales international. And to these two we can now add Jamie ‘he’s one of our own’ Reid who on his Northern Ireland debut scored inside the first seven minutes. Future talented youngsters living in and around Torbay have to be snapped up in the Torquay model for they are the ones who will generate much needed income.
*****
In the National League it’s congratulations to Chesterfield who clinched promotion back to the EFL with a 3-0 win over Boreham Wood, surprisingly in the relegation drop area. Chesterfield have dominated the division having been top since September.
*****
It’s well known that the Premier League is awash with funds which they keep talking about distributing down through the football pyramid but have yet to agree how. With their recent inability to deliver £900million, the Government announced the Football Governance Bill which has cross-party support in the Commons. With an independent regulator running football with powers to fine clubs, as well as sorting out financial mismanagement, it’s a win for fans who will have a stronger voice in the running of their clubs.
The one disappointing fact is that the regulator’s influence will stop at the National League Premier but that doesn’t mean clubs below that can’t set up their own fan involvement.
*****
Non-League Crowd Watch: Chesterfield 9,907, Southend 7,251, Bromley 3,738, Aldershot 3,501, Torquay 3,029.
An Ocean Latto goal mid-way through the second half looked to have given Torquay Women a precious three points at relegation rivals Southampton on Sunday but the home side netted a late equaliser.
Easter Monday sees United at home to Weston-Super-Mare with a win top of the agenda.
COYY
JOIN HERE - www.tust.co.uk
Official Account of Torquay United Supporters Trust
-
TUST_Official
- Verified by Admin
- Posts: 321
- Joined: 30 Apr 2018, 14:19
- Contact:
A BRIGHT YELLOW FUTURE
TUST is working in partnership with a group of business people who are long-standing supporters on a plan to save and rebuild our football club. This will involve a call to arms to raise further funds with details to follow in due course.
***************************************************************
EASTER MONDAY UPDATE
It may be 1st April but with another huge game at Plainmoor this afternoon it will be no place for fools. Let's get as many of us as possible along to the game and support the team on to a much-needed victory in our relegation battle.
The match will be preceded by Radio Devon coverage from 2pm including interviews with TUST Chairman, Nick Brodrick, and lead investor Michael Westcott. Tune in and hear more about our bid to take over the club and reset it as a fan-friendly, community focused club.
Since the announcement of our bid last Thursday we have seen another surge in TUST membership to well over 800. We simply don't know what other offers the club have received, if any, but many supporters now see this as the most attractive option for the club's future.
Furthermore, since going public with our bid other potential investors have come forward and we have introduced these to the consortium thereby strengthening the funding of the offer.
We have received a number of enquiries about TUST's own fundraising and Community Share Issue. Details of this will follow soon with additional information about our consortium's plans for the club. If you are interested in supporting the bid in this way please wait until these details are released.
These are challenging but exciting times for our football club but the absolute priority today has to be victory and 3 points this afternoon. Let's all get behind Aaron and the boys and hopefully we can take one step closer to NLS safety.
JOIN HERE - www.tust.co.uk
TUST is working in partnership with a group of business people who are long-standing supporters on a plan to save and rebuild our football club. This will involve a call to arms to raise further funds with details to follow in due course.
***************************************************************
EASTER MONDAY UPDATE
It may be 1st April but with another huge game at Plainmoor this afternoon it will be no place for fools. Let's get as many of us as possible along to the game and support the team on to a much-needed victory in our relegation battle.
The match will be preceded by Radio Devon coverage from 2pm including interviews with TUST Chairman, Nick Brodrick, and lead investor Michael Westcott. Tune in and hear more about our bid to take over the club and reset it as a fan-friendly, community focused club.
Since the announcement of our bid last Thursday we have seen another surge in TUST membership to well over 800. We simply don't know what other offers the club have received, if any, but many supporters now see this as the most attractive option for the club's future.
Furthermore, since going public with our bid other potential investors have come forward and we have introduced these to the consortium thereby strengthening the funding of the offer.
We have received a number of enquiries about TUST's own fundraising and Community Share Issue. Details of this will follow soon with additional information about our consortium's plans for the club. If you are interested in supporting the bid in this way please wait until these details are released.
These are challenging but exciting times for our football club but the absolute priority today has to be victory and 3 points this afternoon. Let's all get behind Aaron and the boys and hopefully we can take one step closer to NLS safety.
JOIN HERE - www.tust.co.uk
Official Account of Torquay United Supporters Trust
-
TUST_Official
- Verified by Admin
- Posts: 321
- Joined: 30 Apr 2018, 14:19
- Contact:
A BRIGHT YELLOW FUTURE
CONSORTIUM BID UPDATE
Dear member
Following today’s announcement that the club has gone into administration we are writing to update you on TUST’s position.
We can confirm that a final offer was submitted yesterday (Thursday) by our consortium, which includes a group of six businessmen (all long-standing supporters). We have been advised by the Administrator’s legal representative to expect a decision early next week.
We are pleased that the Club has said in its statement earlier today that it has received at least one offer from other parties – we think this is excellent and encouraging news for the Club and TUFC supporters given that there are options to choose from. We have full confidence in the Administrator to make the best choice for the sustainable future of our beloved football club.
In the event the Administrator indicates that ours is the preferred bid, then we will immediately commence our due diligence workstreams (financial, legal, operational) which we need to be completed to our satisfaction ahead of final confirmation of our offer.
Concurrently during this period, TUST will consult its members on the final bid proposal and the planned launch of a fund-raising campaign, which will include a Community Share Issue.
Together with our consortium partners, we plan to organise an in-person open forum for TUST members, potentially as early as next week (possibly Thursday evening – April 11th), to provide more details of the bid and the wider business plan to members and fans and during which we can address your questions as best we can.
JOIN HERE - www.tust.co.uk
CONSORTIUM BID UPDATE
Dear member
Following today’s announcement that the club has gone into administration we are writing to update you on TUST’s position.
We can confirm that a final offer was submitted yesterday (Thursday) by our consortium, which includes a group of six businessmen (all long-standing supporters). We have been advised by the Administrator’s legal representative to expect a decision early next week.
We are pleased that the Club has said in its statement earlier today that it has received at least one offer from other parties – we think this is excellent and encouraging news for the Club and TUFC supporters given that there are options to choose from. We have full confidence in the Administrator to make the best choice for the sustainable future of our beloved football club.
In the event the Administrator indicates that ours is the preferred bid, then we will immediately commence our due diligence workstreams (financial, legal, operational) which we need to be completed to our satisfaction ahead of final confirmation of our offer.
Concurrently during this period, TUST will consult its members on the final bid proposal and the planned launch of a fund-raising campaign, which will include a Community Share Issue.
Together with our consortium partners, we plan to organise an in-person open forum for TUST members, potentially as early as next week (possibly Thursday evening – April 11th), to provide more details of the bid and the wider business plan to members and fans and during which we can address your questions as best we can.
JOIN HERE - www.tust.co.uk
Official Account of Torquay United Supporters Trust
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