Posted on 22nd August 2024
Torquay Trust takes ownership share in club
Torquay United Supporters Trust (TUST) has announced they have secured a minority stake in the Devon club, and taken a step towards significant protections of key club assets.
The club, which came close to relegation after entering administration last season, was eventually taken over by the Bryn Consortium of local businessmen. The trust has been working with the new owners to improve the governance of the club and to ensure a supporter stake within it.
Last week the club announced they had agreed new Articles of Association, which guarantees the trust a seat on the club’s board following its acquisition of £50,000 worth of shares.
The trust will also announce a community share offer, which is aiming to raise £100,000.
If successful they will not only receive a second seat on the board but will also trigger special ‘heritage’ rights which have been enshrined in the club’s articles, giving the trust a veto on any changes to the club’s name, badge, home kit colours and home stadium.
“This is an historic moment in the history of TUST as our relationship with the Bryn Consortium has been consolidated with the implementation of these new Articles of Association,” said TUST chairman Nick Brodrick.
“On behalf of our members this is a landmark occasion which will enshrine certain golden share rights for future generations to come on the proviso that we can successfully achieve the targets of our community share Issue.”
“We are thrilled to formalise the role of the Torquay United Supporters Trust in our governance structure,” said club co-chairman Michael Westcott.
“This move not only strengthens our corporate governance, but also ensures that the voices of our loyal supporters are protected in the future. I encourage everyone to look out for details of the exciting community share Issue which TUST will launch shortly, which offers some really exciting benefits for those able to invest and subscribe to community shares via TUST.”
