Posted on 4th October 2024
Torquay United Trust smash fundraising target
Torquay United Supporters Trust (TUST) have smashed the fundraising target they set as part of their community share offer, and have taken an increased stake in the Devon club as a result.
TUST, which back in August announced it had taken a seat on the board with a minority stake in the club alongside majority owners the Bryn Consortium, had been looking to raise £100,000 in a community share offer to increase their equity in the club.
If they were successful in meeting their target, they would trigger special ‘heritage’ rights which had been enshrined in the club’s articles, giving TUST a veto on any changes to the club’s name, badge, home kit colours and home stadium.
In total, the share offer raised more than twice the target, with £222,201 raised by investors and donations, meaning TUST now have a 28.6% stake in the club securing a second seat on the board along with the new heritage rights.
TUST chair Nick Brodrick said: ‘It’s been an amazing response and we can’t thank our 534 investors enough for helping to raise these fantastic sums.
“It just shows what wonderful fans the club has, and their love for Torquay United.”
