Torquay United: Supporters trust-led consortium submits bid to buy club
- Published
Torquay are four points above the drop zone in National League South
Torquay United Supporters Trust (TUST) has submitted a bid to buy the troubled National League South club.
The TUST-led consortium is working with a number of businessmen who are "all long-standing supporters".
The Gulls announced plans to go into administration after owner Clarke Osborne said he could no longer fund them, leading to a 10-point deduction.
In a statement, TUST said they wanted to create "a successful, sustainable fan-owned club".
"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," the statement added.
"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."
The Trust added they would need to raise at least £150,000 over the next few weeks "to stabilise and reset the club".
Life-long fan and season-ticket holder Michael Westcott is leading the business and investor group working alongside TUST.
He is joined by fellow fans Mark Bowes-Cavanagh, Simon Robinson, Andrew Beaulieu and Tom Allen.
"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," TUST's statement added.
"Indeed, they have no expectation of a return on their investment."
'Still a long way to go'
Analysis - Brent Pilnick, BBC Sport
This is the most positive news Gulls fans have had for the past couple of months, but there is still a long way to go.
TUST has to raise the finances and gain control of the club - and there's no guarantee that a rival bidder may not turn up and offer a better price.
Funding going forward will also be crucial. Clarke Osborne spent millions on the club, as did Thea Bristow before him, but with relatively little success.
How the club can get back to where it was in terms of league position, while being more sustainably run, is the toughest task TUST's consortium - or any other prospective owner - faces.