Torquay United bidder offers 'exciting, deliverable vision' says fans' trust

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PlainmoorImage source, Rex Features
Image caption,

The freehold of the pitch at Torquay's Plainmoor home is owned by Torbay Council and is listed as an Asset of Community Value

Torquay United Supporters' Trust (TUST) say one of the parties bidding to take over the financially stricken National League South side offers an "exciting, deliverable vision for the future".

TUST have held talks with a number of bidders for the club as well as with Torquay officials and administrators.

Owner Clarke Osborne announced his plan to appoint administrators two weeks ago after financial problems.

The Gulls could face a 10-point deduction as a result of their plight.

"We are ourselves in discussion with a few interested parties to support their applications and one in particular offers an exciting, deliverable vision for the future of a community-based club," a statement from TUST read.

"We have also spoken with a number of the other potential owners with a view to securing supporter involvement in any future running of the club.

"We hope to engage with all shortlisted bidders and to this end the administrators have indicated that they will encourage serious bidders to contact TUST if they have not already done so, as a collegiate approach with TUST moving forward is seen as beneficial in view of the ever-increasing TUST membership and the positive impact TUST can have on the club."

A crowdfund organised by TUST has raised more than £5,000 to help Torquay's cashflow, while they have given more than £3,000 to the club after last week's opponents Weymouth donated £5 to the organisation from every away ticket sold.

Osborn, who took control of Torquay in 2016, said he was unable to meet the financial commitments to keep the club going.

It is thought he has loaned Torquay as much as £5m during his time in charge and he is unlikely to get any of that money back.

TUST says any new owners "are being asked to ensure their bids include demonstrating the financial capacity to support the club over a minimum three-year period."

TUST also has a fund worth £60,000 which it has built up should the Gulls be unable to find a new owner or have to be relaunched as a phoenix club.

"It has never been the intention that such funds would be used to buy the club or meet its running costs, but to facilitate the rescue through consultancy or legal costs etc," TUST stated.

"The board intend to retain these monies for that purpose in the event that a change of ownership is not facilitated and the club does indeed go into liquidation and requires resurrection.

"It is important to note at this stage that your TUST board have gained increasing confidence from the meeting held with the club and officials that this will not be necessary, but we need to remain prudent and ensure that reserves are retained for the purpose for which they were originally intended.

"It is also important to note that our cash reserves are increasing steadily by the day as a result of the influx of new members and donations that have been made directly to the TUST bank account."

TUST unlikely to make bid

Torquay players applaud fansImage source, Rex Features
Image caption,

Torquay's players and coaches applauded a bumper away support after the draw at Weymouth last week

But unlike Devon neighbours Exeter City, TUST say they have no intention of launching their own takeover of the club

Exeter has been owned by the club's supporters' trust since 2003.

"We are keen to be involved in the running of the club moving forward in order to represent fans, but do not feel TUST funds would be best spent on commencing our own ownership bid at this time in view of the indicative capital investment that would be required, the existence of other potential credible owners and the timescale involved," TUST added.

"That is not to say we are completely discounting this option if events change.

"However, it is possible that TUST could form part of a wider ownership structure and discussions are being held with a number of interested parties in this respect.

"We continue to believe fans need to be represented formally and this is something we are keen to push for."

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