We want our Football Club!
Torquay United fans launch takeover bid
TORQUAY United could be the next football club to be owned by its own fans, if a bid by their Supporters’ Trust is successful.
Torquay United Supporters’ Trust (TUST) have confirmed they have submitted a consortium-led bid to take ownership of the troubled Gulls, which has debts of over £5 million. The fan group will head a consortium along with Michael Westcott, Mark Bowes-Cavanagh, Simon Robinson, Andrew Beaulieu and Tom Allen, all local businessmen and supporters of the club.
Joe Lovell has also joined the working group to help develop the strategic plans to secure the immediate future of the club.
A statement released by TUST read: “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 percent 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 per-cent of their club in 2022, as well as Newport County, who raised £195,000 in under four weeks in 2015.”