Former EFL club who were slapped with 10-point deduction could be saved from extinction after takeover bid
TORQUAY United Supporters Trust has submitted a bid to buy the troubled National League South club.
The Gulls faced a 10-point deduction last week after they went into administration as owner Clarke Osbourne announced he could no longer fund them.
RexTorquay United Supporters Trust (Tust) have placed a bid to buy the club[/caption]
Torquay have fallen from 12th to 17th in the table due to the penalty.
They are now just three points above the relegation zone and are in danger of falling into the seventh tier.
To save the club, the Tust-led consortium is working with other businessmen who are “all long-standing supporters”.
In a statement, Tust said they wanted to create, “a successful, sustainable fan-owned club”.
They said: “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 per cent fan-owned.”
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The Trust added they would need to raise at least £150,000 over the coming weeks “to stabilise and reset the club”.
Life-long fan and season-ticket holder Michael Westcott is running the business and investor group working alongside Tust.
Fellow supporters Mark Bowes-Cavanagh, Simon Robinson, Andrew Beaulieu and Tom Allen join him.
Tust’s statement added: “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.”
“Indeed, they have no expectation of a return on their investment.”
