Latest twists in the TUFC ownership saga

The ownership saga at Plainmoor continues to take more twists and turns after Torquay United Supporters Trust announced their plans to form a new consortium to lead the Plainmoor future.

In a statement entitled ‘A Bright Yellow Future’, TUST announced their plans for a fan-owned club, with local businessmen Michael Westcott, Mark Bowes-Cavanagh, Simon Robinson, Andrew Beaulieu and Tom Allen at the helm.

TUST said: “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.”

Former Torquay manager Neil Warnock is thought to be advising the group and was in attendance for Monday’s 3-3 draw with Weston-super-Mare.

However, within an hour of the TUST statement, the club released a ‘supporter update’, which stated “there is more than one interested party in discussions with the Club and its advisors”.

There have been strong rumours that George Edwards, lead advisor to former owner Clarke Osborne, remains interested in putting together an ownership bid for the club.

Edwards and fellow Director Mel Hayman continue to run United on a day-to-day basis, while another name thrown into the mix has been former Truro City owner Peter Masters, who has been seen at Plainmoor on match-days. 

From the TUST-led group, Westcott spoke to BBC Radio Devon on Monday: “I have been standing on these terraces since I was three years-old, going back to the eras of Frank O’Farrell and Mike Green.

“My father was the stadium announcer at Plainmoor for 20 years and became quite close to Mike Bateson during that era. He died a long time ago but his ashes are buried behind the Family Stand goal.

“This is a club that has been close to my heart. I grew up in Torquay and my first job was with the Herald Express. I then went off and spent 16 years in the Asia-Pacific, running various media businesses and building my career. I’ve been back in the UK for the last 20 years, working in the media and business globally. 

“In the business world, companies go into administration to shield themselves from creditors but in the football world, if we want to satisfy our membership to the National league, you have to settle all creditors to the club.

“We have to respect the confidentiality of the process but the first stage should culminate as early as Thursday or Friday of this week. It makes no difference from our perspective whether the club falls into administration or is acquired pre-administration.

“The key word is sustainability and we feel that the club should be of the community, by the community and for the community, and ultimately owned by the fans.

“We feel very strongly that the key principle is that we will eventually put the football club into the hands of the fans.”

Whatever the future, TUFC is still losing £100,000 per month and the debt to Riviera International has increased to £5.3m, which all adds up to a very uncertain future.